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Related parties
 12 Months Ended
Dec. 31, 2024
Disclosure Related Parties [Line Items]  
Disclosure Of Related Party Explanatory
Note
30
 
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
31.12.24
31.12.23
31.12.22
Base salaries and other cash payments
1
33
35
27
Incentive awards – cash
2
30
24
17
Annual incentive award under DCCP
39
36
25
Employer’s contributions to retirement benefit plans
3
3
2
Benefits in kind, fringe benefits (at market value)
2
1
1
Share-based compensation
3
65
63
45
Total
172
162
118
Total (CHF m)
4
151
147
114
1 For 2023 and 2022, may include role-based allowances in line with market practice and regulatory
 
requirements. For 2024, role-based allowances for GEB
 
members were eliminated.
 
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 27 for more
 
information.
For GEB members, share-based
 
compensation for 2024, 2023 and
 
2022 was entirely composed of LTIP
 
awards. For the
 
Chairman and the Vice Chairman
 
of the BoD, the share-based
 
compensation for 2024, 2023
and 2022 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
 
(2024: USD /
CHF
0.88
; 2023: USD / CHF
0.91
; 2022: USD / CHF
0.96
).
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
13.1
m (CHF
11.5
m) in 2024,
 
USD
11.7
m (CHF
10.6
m)
in 2023 and USD
11.1
m (CHF
10.7
m) in 2022.
b) Equity holdings of key management personnel
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity holdings of key management personnel
1
31.12.24
31.12.23
Number of UBS Group AG shares held by members of the
 
BoD, GEB and parties closely linked to them
2
5,593,474
5,121,564
1 No options were held in 2024 and 2023 by non-independent members of the BoD or
 
any GEB member or any of their 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
2024
 
and 31 December
 
2023. 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
 
2024
 
and 31 December
 
2023.
 
As of
 
31 December
2024, 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
2024
2023
Balance at the beginning of the year
61
33
Balance at the end of the year
51
61
Balance at the end of the year (CHF m)
2
46
52
1 All loans are secured loans.
 
2 Swiss franc amounts disclosed represent the respective US dollar amounts translated at the relevant
 
year-end closing exchange rate.
In addition,
 
outstanding deposit
 
balances with
 
key management
 
personnel amounted
 
to USD
139
m (CHF
126
m) as
 
of
31 December 2024 and USD
24
m (CHF
21
m) as of 31 December 2023.
 
d) Other related-party transactions with entities controlled
 
by key management personnel
In 2024
 
and 2023, 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
 
2024,
31 December
 
2023
 
and 31 December
 
2022 there were
 
no outstanding
 
balances related
 
to such
 
transactions.
 
Furthermore,
in 2024
 
and 2023,
 
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 2024 and 2023
 
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
2024
2023
Carrying amount at the beginning of the year
271
217
Additions
866
824
Reductions
(440)
(796)
Foreign currency translation
(34)
26
Carrying amount at the end of the year
 
663
271
of which: unsecured loans and receivables
656
263
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other transactions with associates and
 
joint ventures
As of or for the year ended
USD m
31.12.24
31.12.23
Payments to associates and joint ventures for goods and services
 
received
228
190
Fees received for services provided to associates and joint ventures
39
24
Liabilities to associates and joint ventures
312
106
In addition to the items in the table above, transactions with associates and joint ventures
 
also include off-balance sheet
exposures of USD
1.1
bn, which are provided on an arm’s length basis.
›
Refer to Note 28 for an overview of investments
 
in associates and joint ventures