Ladies and gentlemen, a very cordial welcome to the annual general meeting of UBS Group AG, which again will be by webcast only, unfortunately. I would like to thank you for your interest. Pursuant to Article 13 of the articles of association of UBS Group AG, I herewith open the annual general meeting and shall chair it. Ralph Hamers, our Group CEO, and Markus Baumann, our Secretary General, are participating in the annual general meeting physically. I herewith appoint Markus Baumann to keep the minutes. Let me welcome BDO AG of Solothurn, which is going to count the votes, and I herewith welcome the independent proxy, ADB Altorfer Duss & Beilstein AG of Zurich, represented by Dr. Urs Zeltner. Furthermore, I would like to welcome the statutory auditors, Ernst & Young AG of Basel, and the notary public
Mr. Roman Sandmeier of the Hottinger Zurich Notary's Office, who is going to publicly authenticate certain resolutions at this AGM. On the 3rd of January, 2022, we published in the Swiss Official Gazette of Commerce and on our web pages announcements to our shareholders, asking them to submit their additional items and motions for additional items by February the 11th, 2022. We have not received any such motions. The invitation for the annual general meeting today was published in the Swiss Official Gazette of Commerce on March the 7th, 2022. I herewith note that the annual general meeting has been duly convened in agreement with the articles of association and the law, as well as the ordinance number 3 by the Swiss government, dated 19th of June, 2020, on measures to fight the coronavirus, and the AGM is thus qualified to pass resolutions.
At the annual general meeting today, we need absolute majorities for any decisions to be taken pursuant to Article 17, paragraph 1 of the articles of UBS Group AG, excluding void and invalid votes.
Ladies and gentlemen, esteemed shareholders. Over the last two years, I've spent a lot of time here talking to you about the COVID-19 pandemic. Today, I have to address the war in Ukraine, a shocking act of violence of a type that we Europeans have long considered unthinkable. Both the war and the pandemic demonstrate very clearly that much of what we consider to be normal cannot be taken for granted. Standing idly by in the face of such unilateral aggression has never been an option for Switzerland, and it certainly isn't now. We are positioned at the very heart of Europe. As a major financial center, we are strongly connected with the outside world, so it's absolutely right that Switzerland has shown its true colors in its response to the invasion. We are a global asset management business, but we only have around seventy staff directly in Russia.
Over the last few weeks, we've been working hard to implement the sanctions imposed by the international community and to systematically reduce our exposure to Russia. I can assure you today that we've done all this quickly and effectively, and that Switzerland can count on UBS on this issue. In light of recent events, our work in 2021 pales rather into insignificance. Nevertheless, the primary purpose of an annual general meeting is to look back at the previous year, and that is what I will do in these remarks. From a commercial standpoint, 2021 was an extremely successful year for UBS. In fact, it was our best for 15 years. As I prepare to step down as Chairman of the Board of Directors after 10 years at the firm, I'm absolutely delighted with these results.
We have evidently managed to keep finding the right solutions for our clients, even during the pandemic. First and foremost, credit for that has to go to our 71,000 staff around the world and to the members of the Executive Board, and it should be accompanied by a big thank you. Our results prove that we are a Swiss bank operating successfully at a global level. Some people have occasionally accused us of being boring, but I've never understood that accusation. Personally, I appreciate our solid, reliable approach to our work and the consistent profits and dividends it delivers. As shareholders, I'm sure you feel the same. Our recipe for success is very simple. The first thing it needs is a clear strategy. That's something we've had for 10 years now. The second ingredient is a consistent approach to implementing that strategy.
Under the leadership first of Sergio Ermotti and then of Ralph Hamers, our approach to business has always been clear and unambiguous. The third element is a solid foundation and, thanks to our strong capital position, highly motivated employees, and sustainable company culture, we definitely have that too. We've concentrated on our asset management business and have become the global market leader in that segment. We're currently managing client assets worth some $4.6 trillion. Last year alone, we attracted more than $150 billion. We've put our investment bank at the service of the other areas of our business and cap the capital allowed to it at a maximum of one-third of our total capital. This self-imposed limit has gone a long way towards protecting us from overly risky commitments, and we will maintain this policy.
We also offer an innovative range of products and services for private customers in our home market. In view of rising property prices, our Swiss private client business continued to take a cautious approach, particularly as far as new mortgages are concerned. All of this has added up to outstanding results for 2021. Our profits before tax was $9.5 billion. Now net profit $7.5 billion. As I said, that's the highest figure for 15 years. As you know, ladies and gentlemen, this is my last annual general meeting at UBS. 10 years ago, I took over the reins from Kaspar Villiger, who had himself taken chairmanship in the wake of the financial crisis. When I arrived, the bank was still struggling.
Back in 2012, as the newly appointed chairman of the board of directors, I stated that UBS had to regain its position as an icon of Swiss business. Today, it gives me considerable satisfaction to see that we have achieved that aim. UBS is now recognized once again as a strong pillar of the Swiss economy. The bank is respected, not just here in Switzerland, but all over the world by our customers, our shareholders, our employees, and by the public at large. It has made me very happy to see this. The way the business has developed shows that we have delivered on the task you set for us when I took office. It really has been a team effort. To succeed, we had to make sure that the board of directors and the executive board were all pulling in the same direction.
That same principle must continue to apply in the future. Everyone needs to keep moving the firm forward, but with greater agility, better sustainability, and more digital systems than ever before. We have grown organically, just as we intended. The positive development of our business in recent years means we're now in a position to consider acquisition opportunities when they are attractive. Our agreement to purchase Wealthfront in the United States in January is just one example of that. To sum up, we are on the right path. We have rebuilt our reputation, created a healthy corporate culture, and established a strong capital position, as well as reliable governance procedures. Our risk management systems are generally sound, too, although I very much regret the fact that they were found wanting when Archegos collapsed.
We've conducted a comprehensive inquiry into that affair and have taken action to improve and strengthen our risk management procedures even further. We've also taken the matter into account in our annual performance assessment and our compensation packages. At the same time, we've finally been able to resolve many of the legal cases which we've been dealing with since I took office, including a number of major ones. In broad terms, we can say that two significant cases remain outstanding. The origins of both can be traced back to before my time as chairman, and regrettably, I will have to hand them over to my successor. The first of these is a pending case in the United States concerning the securitization of mortgage-backed securities from 2002 to 2007.
In 2021, we once again did not see any major development in that case that we can share with you now. The other case is ongoing in France. The appeal court in Paris delivered its ruling on this case last December. We decided to appeal against that ruling in order to defend your interests as valued shareholders in UBS. That decision gives us the opportunity to study the appeal court's verdict in detail and to determine the best course of action to defend the interests of our firm and its investors. To reduce the financial risk to UBS arising from the case even further, we've also made an additional provision, $740 million for last year. Over the last 10 years, I've always stayed focused on the interests of our shareholders.
Especially at the beginning of my time in post, I remember many voices expressing concern about our low share price or our small dividend payments. These voices are much more in the minority now. In terms of total shareholder return, measured as the change in the share price and the dividends added together, our shareholders have more than doubled their capital since 2012. Our approach has always been based on the principle that primarily you, our esteemed shareholders, should be the beneficiaries of our success. That principle is particularly evident this year as we'll be paying dividends of $0.50 per share. We're also increasing share buybacks this year from $2.7 billion to as much as $5 billion, an amount which is equivalent to a dividend of almost $1.50 per share.
We all know, however, that no company can achieve long-term success unless all the right conditions are in place. We've been in a position to exploit developments in the economy and on financial markets to the full in the past year because we had prepared ourselves properly in advance. We're operating in an environment which is shaped strongly by monetary and financial policy, both as far as direct regulation in the financial services industry is concerned, and also in terms of Switzerland's political relations with its neighbors. Switzerland is located at the heart of Europe, of course, and its companies play a key role across Europe and globally. They can only play that role if Switzerland has clearly defined relationships with other countries, and particularly with the EU.
Climate change and global warming have rather been pushed off the front pages by the pandemic and the war in Ukraine. Nevertheless, we cannot afford to forget about the risks and consequences of climate change. They are not hypothetical scenarios somewhere over the horizon. They are with us already, and they're becoming ever more obvious and painful. Last year, flash flooding in Germany, not far from where I hail from, devastated an entire region. Extreme wildfires raged across Southern Europe, the United States, and Canada at the same time. Here in Switzerland, we've been seeing the effects of climate change on the Alps and on our glaciers for years now. That's why we have been committed to sustainability for many years. That commitment has to be the guiding principle behind everything we do at the bank, day in and day out.
This is not a problem we can somehow delegate to a special department somewhere, because we all influence climate change through our actions, for better or for worse, every day. This thought must be central to everything that we do. Because this issue is so critically important, we are giving you, our shareholders, the chance to express your views on our climate action plan in a first advisory vote. We told you that we would draw up this plan last year, and we will continue to develop it as time goes on. It includes a commitment to reduce our greenhouse gas emissions to net zero by 2050. The Group Executive Board will be responsible for the implementation of this, while the Board of Directors will continue to drive forward the climate action plan and monitor its implementation, as well as providing you with regular updates on our progress.
We're going to be holding another advisory vote today on the remuneration package for our staff. We've drawn up a compensation plan for our managerial staff based on the principle of payment only on the basis of performance. We are convinced that we've achieved a good balance here, a balance between the interests of our shareholders, our staff, and the bank as a whole, which is striving to achieve its ambitious objectives in a highly competitive environment. In keeping with the other areas of our business, our remuneration model is designed to be sustainable over the long term. The Board of Directors continues to play a central role in the business, hand in hand with the Executive Board.
Throughout my ten years in office, I've always tried to make sure that the Board of Directors encompasses a wide spectrum of skills and expertise to give us the best possible chance of achieving success. When I began searching for my successor, the most important requirement I set was that they should have major expertise in the financial sector. I'm delighted that we've been able to recruit a vastly experienced industry specialist as our new Chairman in the person of Colm Kelleher. I've known Colm for a long time, and I have no hesitation whatsoever in recommending his appointment. As Vice Chairman, we're proposing Lukas Gähwiler. He's led UBS in Switzerland with considerable success and was Chairman of our Swiss banking division from 2017 right up until yesterday. Both these nominees will be a very good fit for our Board, I'm sure.
Over my 10 years as chairman, the board of directors has always supported me, despite the changes in its composition during that time. Our discussions have been open and sometimes heated, but that's exactly the kind of conversation you need to be having, especially when business is good. As a Swiss bank with a global reach, I'm sure the future will bring challenges large and small for UBS. Resting on our laurels here is certainly not going to be an option. I would like to take this opportunity to extend my heartfelt thanks to my colleagues on the board of directors for their outstanding and unfailingly constructive work and support. As I step down, I would also like to thank all our employees. They've made a huge contribution to the transformation we've undergone in the past 10 years and have always been there for our clients.
I would also like to thank the employee representatives, who've always sought open dialogue to help us find the best possible solutions. Of course, my thanks also go to the Group Executive Board, led by Ralph Hamers, for a great job in the last year. I would like to thank all our customers for the trust and loyalty that they've shown UBS. Of course, thank you to you, our valued shareholders. I've always been able to count on your support, and that support is the most valuable asset a chairman can have. The firm I'm entrusting to Colm Kelleher today is in great shape. It's a firm full of potential, and I call on the new leadership team to make the most of this potential. I wish them the very best of success. Thank you very much.
On that note, I pass the floor to our CEO, Ralph Hamers.
Thank you very much, Axel. Ladies and gentlemen, thank you for tuning in once again to the live broadcast of our annual general meeting. Just a few weeks ago, the idea that there might be war in Europe is inconceivable to us. We have all been deeply shocked by the violence and the human tragedy triggered by the Russian invasion of Ukraine. Our hearts go out to those affected and all those who are suffering. To help provide concrete support for refugees and children fleeing the war, we have set up the UBS Ukraine Relief Fund. We will double all donations made by our staff and clients to the relief fund, and together we will raise around $50 million in total. As a global bank, we are implementing not just the sanctions that legally apply in Switzerland, but all the relevant international sanctions too.
Ladies and gentlemen, as you know, the primary purpose of today's annual general meeting is to take stock of the last year. 2021 was an outstanding year for UBS, and we can look back on plenty of achievements. We drew up a clear definition of our purpose, of why we do what we do. This purpose will guide us in the future. We continued to focus our strategy. We successfully expanded our global ecosystem even further, and we've concentrated even more on our clients to giving them the best possible client experience. Our clients have placed their trust in UBS and the expertise of our firm. Last year provided further evidence of that trust, and that makes me very proud. For instance, we generated more than $150 billion of long-term inflows.
UBS now manages $4.6 trillion of client assets, and we can make a positive contribution to society as a whole while we're doing it, too. The value of assets invested in sustainability and impact strategies rose by 78% last year. The bottom line is that we've delivered our best results for 15 years. Our net annual profit last year was $7.5 billion, and our return on CET1 capital was 17.5%. At the same time, we have also kept our costs under control. Our aim is to deliver around $1 billion cost savings by the end of 2023 to fund our growth initiatives. To sum it up, UBS is in a good position. We are all still a long way from where we want to be. Of course, we want to help our clients.
However, in the modern world, simply helping them is not enough. It's how we help them that makes the difference. Nowadays, clients aren't just comparing us to other banks. They're comparing us to tech companies and asking themselves, "Why can't my bank do that?" The move towards more digitalization has also accelerated as a result of the pandemic. With that in mind, we will restructure the service we provide to our clients to make sure our services are personal, relevant, timely, and seamless. We're embarking on these changes from a position of strength. We're streamlining the organization, simplifying the way we work together, and becoming generally faster and more agile. Some 10,000 UBS staff are already working in agile structures within the firm. By the end of the year, that number will rise to over 20,000.
The firm is well on track, and we still have some big ambitions. We're looking to increase our assets under management to $6 trillion. We want to achieve growth of at least 5% across the cycle in fee-generating assets. We want to secure a rate of return on CET1 capital of 15%-18%. At the same time, we want to make sure our ratio of expenses to income is no higher than 70%-73%. We also want to help our clients to do good in society. We aim to raise $1 billion in donations for charitable projects by 2025. We will need to work as a team if we are to achieve these aims. This team-focused approach will also help us to ensure we remain an attractive employer for current and future staff.
For UBS, working as a team also means less hierarchy and a more inclusive working environment where everyone can contribute. Over the course of this year, many clients, employees, and investors have spoken to me about our purpose. I've been positively surprised by their interest, which has also shown me that all our stakeholders are much more attuned to issues within society than they used to be. That's another reason why the discussions we had about our purpose were so important. To me, reimagining the power of investing, connecting people for a better world, means that we need to offer our clients an ecosystem capable of meeting all their financial needs. When I say that, I'm also mindful that some of our clients can themselves provide services for other clients. We do not assume that we always know best either.
Where we recognize that partners outside the company have more expertise than we do, we will work with them to make the most of that expertise. We want to be the hub for everything to do with investments. Our ecosystem and all the people in it are developing into something really powerful. We're setting ourselves some tough benchmarks on climate change, too. We want to reach our net zero targets by 2050 and help our clients to do likewise.
We believe the greatest potential for growth is in the United States of America and the Asia Pacific region, specifically with high net worth individuals and companies. To unlock that potential, we will continue to expand the services we offer to companies, family offices, and other private investors. These clients have complex requirements, and they need seamless access to our expertise at the interface of wealth management and investment banking. Our new Global Family and Institutional Wealth unit will deliver just that. The EMEIA region, covering Europe, the Middle East, and Africa, will also continue to be important for our global presence. We are looking to increase our profitability in this region and achieve targeted growth. We also have strong roots at home in Switzerland, where we want to cement our position as the digital market leader.
We will use digitalization and all the opportunities it brings to ensure we stand out from our competitors. We will continue to come up with ideas and innovations, all of them geared to serving our clients. We will provide personal advice and use digital technology to tailor that advice to their needs. This is not a question of either/or. Clients decide what they want, and our job is to deliver what they want. As far as you, our shareholders, are concerned, it is important to emphasize that we are investing where we see genuine potential for growth. We're taking a very focused approach and making sure that your investment pays off thanks to our attractive dividend policy. Before I finish, I would like to express my heartfelt thanks to Axel Weber, who is taking charge of the annual general meeting for the last time today.
Two years ago, he placed his trust in me by appointing me CEO of UBS. Axel, thank you for the trust you have placed in me. It's been a pleasure and privilege to work with you. We would all like to wish you every success in all your future endeavors. I would also like to say how much I'm looking forward to working with Colm Kelleher, who is due to be elected as Chairman of the Board of Directors here today. Thank you to all members of the senior management team and to all our staff for their contribution they've made to what has been a very successful year. Thank you to all our clients and of course, thank you to you, our esteemed shareholders, for your support.
I look forward to the next phase of our joint journey, and I'm sure that UBS has an outstanding future ahead of it.
Thank you.
I'd now like to ask Markus Baumann to announce the proxy arrangements, please.
In accordance with Article 689 E, paragraph 2 of the Swiss Code of Obligations, I can announce the following: The independent proxy represents 2,085,438,629 votes today, thereby representing all shareholder votes. Around 14,000 shareholders chose to issue their instructions on the various agenda items using our e-voting platform, and we're really pleased to see that. Since, unfortunately, shareholders can't be present today, it's not possible to table motions here. All of the voting instructions had to be issued to the independent proxy in advance of today's meeting, and that means that we already have the results of the votes and elections.
We refrain from reading out each motion and will instead refer you to the relevant passages in the invitation. The first block comprises motions under agenda items 1, 3, 4 for Climate Action Plan, the total income and dividends, the discharge, capital reduction, and the new shares can be found on offer for inspection at the headquarters of UBS Group AG at Bahnhofstrasse 45 in Zurich, here in Switzerland. Our statutory auditors recommends approval of the consolidated and standalone financials. The auditor's reports can be found in the invitation. The board's Climate Action Plan for a consultative vote in the invitation gives you an insight into our roadmap, whereby we intend to become carbon neutral in 2050. You can also find our sustainability report 2021. That's on our website.
At future annual general meetings, dear shareholders, we will be delighted to keep you informed of our progress with the Climate Action Plan. As we've already explained, we once again have very healthy results to report, from which primarily you, dear shareholders, will benefit. We have adjusted the ratio between dividends and share buybacks in favor of buybacks, as we did last year. We're proposing an ordinary dividend of CHF 0.50 in cash per share. The cap on total dividend payout of CHF 3,400 million is as of today, and with the current exchange rate, not achieved or not reached, and the cap is therefore without effect here. The board of directors also requests that discharge be granted to members of the board of directors and the group executive board for the financial year 2021.
This, as we did last year, leaving aside all matters relating to the cross-border issue pertaining in France.
Now the names of the people who have served in the financial year 2021 on the Board of Directors and in the Group Executive Board at UBS Group AG are being shown on the screen. It is for those people that we request that you grant discharge. The members of the Board of Directors and the Group Executive Board are, of course, not allowed to participate in this vote. As part of the share buyback program 2021, shares bought back with a nominal value of CHF 17.7 million and a purchase price of a total of CHF 2.7 billion will be canceled with today's decision, and our share capital will be reduced accordingly. Now, for the purposes of notarization, I'm going to read out the motion for agenda item 11.
Agenda item 11, the Board of Directors proposes that, firstly, the company share capital be reduced by CHF 17,778,727.30 from CHF 370,242,299.50 to CHF 352,463,572.20 by canceling 177,787,273 registered shares with a nominal value of 0.10 CHF each, all of which are held in treasury. Secondly, it be acknowledged that according to the special audit report prepared by Ernst & Young Ltd, the claims of creditors will be covered even after this proposed capital reduction under agenda item eleven two.
Thirdly, Article 4, Paragraph 1, the Articles of Association will be amended as published in the invitation and as you can now see on the screen. We also recommend that the ongoing share buyback program in 2022 worth up to $6 billion be approved. For all of the shares bought back as part of this program, cancellation by way of capital reduction at one or more future annual general meetings is foreseen. For agenda items 1, 3, 4, 5, 11, and 12, we have not received any questions from registered shareholders, and we can therefore proceed directly to share the results of the votes with you.
Markus, may I ask you please to announce the results?
Thank you. As you can see from the screen, the shareholders have decided as follows.
99.3% of the votes are in favor of the annual report, 77.74% for the UBS Climate Roadmap, 99.8% for total profit and dividend, 93.15% for discharge of the members of the Board of Directors and the Group Executive Board for the financial year 2021, 99.6% in favor of the reduction of the share capital, and 95% approval for the share buyback program 2022. The annual general meeting has therefore approved the motions of the Board of Directors on agenda items one, three, four, five, eleven, and twelve.
Thank you. Now I would ask Mr. Sandmeier to notarize the results of agenda item eleven, and we can proceed to the second block of agenda items which relate to the compensation report and the various other compensation matters.
Those are agenda items 2 and 9.1 to 9.3. Our compensation approach is aligned with our purpose and our strategy.
We've made a few minor improvements, but our compensation structure has remained largely unchanged. We feel it is still very suitable to support us in achieving our ambitions for the group, and it provides us with a strong focus on the interests of our shareholders. In 2021, UBS achieved a very healthy result, achieving the highest pre-tax and net income that we've seen for 15 years. This very strong performance should be reflected in our pay for performance system in the compensation of our staff. Now, at the same time, the Board of Directors and the Group Executive Board are very much aware of the particular market circumstances at the moment, and that has been taken account of in our compensation decisions.
In 2021, we further revised the criteria for the performance assessment of Group Executive Board members. The relationship, the connection between ESG and compensation was additionally enhanced, as we introduced explicit sustainability goals. Sustainability objectives are evaluated for all members of the Group Executive Board and have a direct effect on performance assessment and compensation awards. Let me just highlight a few important points here. The sum that's being proposed for the Board of Directors remains unchanged on the previous year, and compensation for the new Chairman of the Board is going to be reduced by around 8%. The pool foreseen for performance-related awards to the Group Executive Board for 2021 is CHF 79.7 million and is based on our principles for performance-related compensation. This equates to a reduction of 1% per head and 6% overall.
We've taken account in this of the loss of a U.S. client in the prime brokerage business and reflects the responsibility that the Group Executive Board bears there. The proposed aggregate sum for 2023 for fixed compensation of Group Executive Board is unchanged on the previous year, and this reflects the stable basic compensation provided for the Group CEO and the other members of the Group Executive Board. The brochure Say on Pay, which was also sent out or made available with the invitation to today's annual general meeting, provides additional information on the various compensations related motions. For agenda items 2 and 9.1 to 9.3, we have not received any questions, and we can here then share the results of the votes with you directly.
Markus, may I ask you please to announce the results? Thank you.
As you can see from the screen, the shareholders have decided as follows: 85.9% of votes are in favor of the Compensation Report, 92.6% in favor of the compensation of the Board of Directors, 86.1% for variable compensation of Group Executive Board, and 93.1% for fixed compensation of the Group Executive Board. The AGM has therefore approved the proposal of the Board of Directors under agenda items 2, 9.1, 9.2, and 9.3.
Thank you very much. Dear shareholders, I'd like to thank you for this level of approval of the Compensation Report and your votes in favor of the items on compensation.
Your level approval is even higher than the previous year, and I very much value your support for the direction that the Board of Directors has chosen to move in. I take your support as a sign that we should continue to act with this very good sense of proportion and that we should always critically assess our remuneration structure and adapt it when needed. I will now take you to the final block of agenda items which relate to elections and re-elections to the Board of Directors and the Compensation Committee, as well as re-election of the auditors and the independent proxy. These are agenda item six, seven, eight, and 10. Before we come to the annual re-elections, I would like to say goodbye to one colleague. That is Mr.
Reto Francioni, who was elected to the Board of Directors nine years ago and is not standing for re-election now. On behalf of the entire Board of Directors, I would like to thank him most warmly for his work on the Board of Directors and in the Risk and Compensation Committee. I'm delighted that as the future chairman of the Board of Directors of our European unit of UBS, we will still be very much in contact with him. Now, the detailed CVs and details of mandates in stock-listed and non-stock-listed companies of the people standing for re-election to our Board of Directors can be found in the annual report. I would like to introduce you to the two new members of the Board of Directors, Lukas Gähwiler and Colm Kelleher, who are standing for election today.
Lukas Gähwiler has been serving as chairman of the board of UBS Switzerland AG since 2017. He was a member of the Group Executive Board of UBS Group AG and UBS AG and president of UBS Switzerland from 2010 to 2016. Mr. Gähwiler brings a wealth of industry experience and in-depth understanding of UBS to the board of directors. In addition to his leadership and industry expertise across all parts of the banking business, his strong connections and his network in Switzerland, particularly, are instrumental for the bank, and I think they're going to be very important. Colm Kelleher served as president of Morgan Stanley from 2016 until June 2019, overseeing both the institutional securities business and wealth management business there. Mr. Kelleher is a respected leader in the financial services sector with more than 30 years of experience in banking and excellent relationships around the world.
He has a deep understanding of the global banking landscape and brings broad banking experience across all geographic regions and major business areas in which UBS operates. On these agenda items, we've also not received any questions, which means that we can share the results of the votes on agenda item 6, 7, 8, and 10 with you now. Markus, if you could please announce the results for us. Yes, as you can see from the results on the screen, our shareholders have voted in large majority on the items for re-election on the Board of Directors. Now for agenda item 7.1 and 7.2 for the elections, we have 99.2% of votes in favor of Lukas Gähwiler and 99.3% for Mr. Kelleher as Chairman of the Board of Directors.
Our shareholders have also voted in a large majority for the reelections to the Compensation Committee as well as for the reelection of the independent proxy and the auditors. You can see those results on the screen. Thank you. The Annual General Meeting is therefore approved. The motions of the Board of Directors on agenda item 6, 7, 8, and 10, and I most warmly congratulate the reelected and newly elected members of the Board of Directors and the Compensation Committee. They have all assured me in advance of today's meeting that if elected, they would accept their position, and I congratulate them, as I say, most warmly.
I congratulate you to your excellent election results as a new chairman, and I kindly ask you to come to the podium. Well done. Great.
Thank you very much.
Great job. Thank you.
Thank you, sir. Thank you.
Ladies and gentlemen, valued shareholders, thank you. Thank you for electing me to become the next chairman of the board of directors, and thank you for entrusting me together with my fellow board members and management with ensuring the continued success of UBS. Delivering sustainable value for our shareholders, as well as all our other stakeholders, will be my utmost priority. I would like to take the opportunity to thank Axel Weber for handing over the keys to the bank, which is in a very strong position. I'm aware that I will have to fill very big shoes, as Axel's strong track record is widely known and respected across the industry. Yes.
My thanks also go to the members of the Board of Directors, to our new Vice Chairman, Lukas Gähwiler, as well as our Group CEO, Ralph Hamers, and his management team for welcoming me so openly. I very much look forward to working with you all. I've worked in the banking industry for over 30 years across many different business areas and geographical locations. During those decades, I've come to know UBS very well, and in particular, over the past few years as a formidable competitor, as a bank which has done its homework and has become a leading financial services provider. UBS has strong roots in Switzerland and an impressive global franchise with an excellent reputation, a strong culture, and great talents, coupled with an unmatched global client base.
Coming from a small country, Ireland, myself, I look forward to working for a global company which has its roots in a small country, well known and admired for its competitiveness, stability, and its striking nature. I'm also looking forward to living in Switzerland. It is a great privilege to help shape the future of UBS, and I will do my best to live up to the trust you have placed in me. Thank you again for supporting my election, which I hereby accept. I would now like to hand over to Jeremy Anderson, our Senior Independent Director.
Thank you, Colm. Welcome to UBS, and I look forward to working closely with you to build on the already strong foundations of the bank. Speaking of the strong position and foundations of the bank, I would be remiss if I didn't pay tribute to one of its key architects. Ladies and gentlemen, dear shareholders, today marks the end of a chapter in the recent history of UBS. Today is the last annual general meeting for Axel Weber, our Chairman for the last 10 years, and someone who has driven a fundamental transformation of the bank. To truly understand his contributions, we need to go back in time. 10 years ago, UBS and the wider financial services industry were still grappling with the aftermath of the 2008 financial crisis. Many shareholders, clients, and employees had lost trust in banks, including ourselves.
Institutions which had been seen as pillars of stability had caused economic and social turmoil. The damage needed to be repaired. Axel and the incoming CEO, Sergio Ermotti, knew that more needed to be done than mere reconciliation, more than just taking the bank back to its pre-2008 levels. They took the opportunity to fundamentally transform the organization. Together with Sergio, Axel laid out a new strategy for the bank. One where the firm would have a strong emphasis on global wealth management and being the leading universal bank in Switzerland, supported by a focused investment bank and an asset management business. Axel, a former regulator and central banker, played a key role in implementing the strategy and implementing the regulatory overhaul, repositioning UBS and turning it into one of the world's foremost banking institutions.
Axel's focus was to make UBS safe and stable by strengthening the capital base and by changing the culture. Axel's impact has been much wider than UBS. He is someone who's never been afraid to influence the wider industry, to make it face up to issues, and to drive change where needed. He championed full compliance of the Swiss Financial Centre with international standards. He was one of the first people to recognize the responsibility of the banking industry in the fight against climate change. He pointed out to the industry the increasing importance of sustainability, and has been determined to make the bank a leader in sustainability. I could go on. Axel's list of accomplishments over the last 10 years is very long, but the results speak for themselves.
In his speech earlier, Axel reminded us of his objectives when he joined our board to restore UBS as an icon of the Swiss economy. Axel, I'd like to thank you for delivering on your promise and delivering so much more. Today, UBS is once again the leading bank in Switzerland. It's the world's leading wealth manager. It is an institution that its employees are proud to work for. It is a recognized and respected leader in the industry. Last but not least, in 2021, it delivered its best annual results for 15 years. That is a formidable legacy. Thank you for all that you've done for UBS, its shareholders, its clients, its employees, and for the wider industry. You always remind us to remain humble, to be focused and disciplined, and to continuously improve. We will strive to continue to do that.
On behalf of all the board and the employees of UBS, I'd like to wish you the very best for your future.
Thank you, Jeremy. Thank you for your kind words. Let me say, I'm humbled by those praises, but they need to be shared with the 71,000 employees, the men and women who are UBS.
Dear shareholders, I would like to thank you for the trust you have placed in UBS Group AG, and through your approval of the Board's motions in the Board of Directors, and I would like to thank you in particular for the support you have provided to us in the past 10 years. The detailed results and the presentations made today will be placed on our website following the AGM. In the course of the next 2 weeks, you will find there an abridged version of the minutes of the annual general meeting today. The next annual general meeting of UBS Group AG will take place on April 5, 2023, in Basel, St. Jakobshalle. We hope that Colm Kelleher will then be able to welcome you in person on-site.
Ladies and gentlemen, I herewith close my final annual general meeting, the one in 2022, and I would like to thank you very cordially for your support. It's been a pleasure to serve for UBS for ten years. Thank you very much, and all the best to you and the bank.