UBS has outlined a string of wide-ranging changes to its staff pay policy after a large minority of shareholders at its annual meeting last May protested about its remuneration policy.

The Swiss bank has revealed it has cut the 2012 bonus pool for staff by 7% to Sfr2.5bn ($2.7bn) while senior executives will receive less of their bonus upfront than in the past - and will have to wait even longer to receive the rest.