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Related parties
 12 Months Ended
Dec. 31, 2023
Disclosure Related Parties [Line Items]  
Disclosure Of Related Party Explanatory
Note
31
 
Related parties
 
Related parties of the Group are:
 
–
associates (entities that are under the significant influence
 
of the Group);
 
–
joint ventures (entities in which UBS shares control with another
 
party);
 
–
post-employment benefit plans for the benefit of UBS employees;
 
–
key management personnel and close family members of
 
key management personnel; and
 
–
entities over which key management personnel or their
 
close family members have solely or jointly a direct
 
or indirect
significant influence.
 
Key management personnel are those persons having authority
 
and responsibility for planning, directing, and controlling
the activities of
 
the Group,
 
directly or indirectly.
 
The Group considers
 
the members
 
of the Board
 
of Directors
 
(the BoD)
and the Group Executive Board (the
 
GEB) to constitute key management personnel.
a) Remuneration of key management personnel
The
 
Vice Chairman
 
of the
 
BoD
 
has a
 
specific
 
management
 
employment
 
contract
 
and receives
 
pension
 
benefits
 
upon
retirement. Total
 
remuneration of the
 
Chairman and the
 
Vice Chairman of the
 
BoD and all GEB
 
members is included
 
in
the table below.
 
 
 
 
 
 
 
 
 
 
Remuneration of key management
 
personnel
USD m, except where indicated
31.12.23
31.12.22
31.12.21
Base salaries and other cash payments
1
35
27
31
Incentive awards – cash
2
24
17
17
Annual incentive award under DCCP
36
25
26
Employer’s contributions to retirement benefit plans
3
2
3
Benefits in kind, fringe benefits (at market value)
1
1
1
Share-based compensation
3
63
45
45
Total
162
118
124
Total (CHF m)
4
147
114
113
1 May include role-based allowances in line
 
with market practice and regulatory requirements.
 
2 The cash portion may also include
 
blocked shares in line with regulatory
 
requirements.
 
3 Compensation expense
is based on the
 
share price on grant
 
date taking into account
 
performance conditions. Refer
 
to Note 28 for
 
more information. For
 
GEB members, share-based
 
compensation for 2023, 2022
 
and 2021 was
 
entirely
composed of LTIP awards. For
 
the Chairman of the BoD the share-based compensation for 2023, 2022 and 2021 was entirely composed of UBS shares.
 
4 Swiss franc amounts disclosed represent the respective US
dollar amounts translated at the applicable performance award currency exchange rates (2023: USD /
 
CHF
0.91
; 2022: USD / CHF
0.96
; 2021: USD / CHF
0.92
).
The independent members of the BoD, including the Chairman, do not have
 
employment or service contracts with UBS,
and thus are not entitled to benefits upon
 
termination of their service on the BoD.
 
Payments to these individuals for their
services as independent
 
members of the
 
BoD amounted
 
to USD
11.7
m (CHF
10.6
m) in 2023,
 
USD
11.1
m (CHF
10.7
m)
in 2022 and USD
7.5
m (CHF
6.9
m) in 2021.
b) Equity holdings of key management personnel
 
 
 
Equity holdings of key management personnel
1
31.12.23
31.12.22
Number of UBS Group AG shares held by members of the
 
BoD, GEB and parties closely linked to them
2
5,121,564
3,009,686
1 No options were held in 2023 and 2022 by non-independent members
 
of the BoD and any GEB member or any of its related
 
parties.
 
2 Excludes shares granted under variable
 
compensation plans with forfeiture
provisions.
 
Of the share totals above, no shares were held by close family members of key management personnel on 31 December
2023 and 31 December 2022.
 
No shares were held
 
by entities that
 
are directly or indirectly controlled or
 
jointly controlled
by
 
key
 
management
 
personnel
 
or
 
their
 
close
 
family
 
members
 
on
 
31 December
 
2023
 
and
 
31 December
 
2022.
 
As
 
of
31 December
 
2023, no
 
member
 
of the
 
BoD or
 
GEB was
 
the beneficial
 
owner of
 
more
 
than 1%
 
of the
 
shares
 
in UBS
Group AG.
 
c) Loans, advances, mortgages and deposit balances
 
with key management personnel
The non-independent member
 
s
 
of the BoD
 
and GEB members
 
are granted
 
loans, fixed advances
 
and mortgages in
 
the
ordinary
 
course
 
of
 
business
 
on
 
substantially
 
the
 
same
 
terms
 
and
 
conditions
 
that
 
are
 
available
 
to
 
other
 
employees,
including interest rates and
 
collateral, and neither
 
involve more than the
 
normal risk of
 
collectability nor contain
 
any other
unfavorable features for the firm. Independent BoD members are granted loans and mortgages in the ordinary course of
business at general market conditions.
Outstanding balances with key management personnel
 
were as follows.
 
 
 
 
 
Loans, advances and mortgages to key management
 
personnel
1
USD m, except where indicated
2023
2022
Balance at the beginning of the year
33
34
Balance at the end of the year
2
61
33
Balance at the end of the year (CHF m)
2,3
52
31
1 All loans are secured loans.
 
2 There were USD
14
m (CHF
12
m) unused uncommitted credit facilities as of 31 December 2023 and no unused uncommitted credit facilities as of 31 December 2022.
 
3 Swiss franc
amounts disclosed represent the respective US dollar amounts translated at the relevant year-end
 
closing exchange rate.
In
 
addition,
 
there
 
were
 
USD
24
m
 
(CHF
21
m)
 
outstanding
 
deposit
 
balances
 
with
 
key
 
management
 
personnel
 
as
 
of
31 December 2023.
 
d) Other related-party transactions with entities controlled
 
by key management personnel
In 2023
 
and 2022,
 
UBS did
 
not enter
 
into transactions
 
with entities,
 
over whom
 
UBS’s key
 
management personnel
 
or
their close
 
family members
 
have solely
 
or jointly
 
a direct
 
or indirect
 
significant influence
 
and as
 
of 31 December
 
2023,
31 December
 
2022
 
and
 
31 December
 
2021,
 
there
 
were
 
no
 
outstanding
 
balances
 
related
 
to
 
such
 
transactions.
Furthermore, in
 
2023 and
 
2022, such
 
entities did
 
not sell any
 
goods or
 
provide any
 
services to
 
UBS, and
 
therefore
 
did
not receive
 
any fees from
 
UBS. UBS also
 
did not provide
 
services to such
 
entities in 2023
 
and 2022, and
 
therefore
 
also
received no fees.
e) Transactions with associates and joint ventures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans to and outstanding receivables from associates
 
and joint ventures
USD m
2023
2022
Carrying amount at the beginning of the year
217
251
Additions
824
402
Reductions
(796)
(438)
Foreign currency translation
26
1
Carrying amount at the end of the year
271
217
of which: unsecured loans and receivables
263
209
Other transactions with associates and
 
joint ventures
As of or for the year ended
USD m
31.12.23
31.12.22
Payments to associates and joint ventures for goods and services
 
received
190
138
Fees received for services provided to associates and joint ventures
24
4
Liabilities to associates and joint ventures
106
90
Commitments and contingent liabilities to associates
 
and joint ventures
11
7
Refer to Note 29 for an overview of investments
 
in associates and joint ventures