Swiss banking major UBS on Monday said it would adopt a new compensation model for the board of directors for next year and its top executives would not receive any bonus for 2008.

"As of 2009, a new compensation model will apply for top executives. It is long-term oriented, rewards realised value creation and takes business risk into account," UBS said in a statement.

Further, top executives of UBS would not receive bonus for 2008, it added.

The chairman of the board, the CEO and the other members of the group executive board would only receive fixed salaries, while all senior management and other employees would have their 2008 variable compensation components reduced.

"Performance-based variable compensation components are foreseen in profitable periods. In difficult times, no variable cash compensation will be paid," the company said. The new compensation model consists of three components -- fixed base salary, variable cash and equity compensations.

The compensation model for 2009 has already been revised for the chairman of the Board and the group executive board, the statement said.

Revision of compensation would occur in a similar manner for the next executive level (potentially lower) and specific employees.

These revisions would be introduced in 2009 and designed to address the areas where the limitations of the previous systems became apparent. However, for the remaining employees, the current system of variable compensation would basically not change, it added.

In October, UBS had repositioned its investment bank and had announced slashing of 2,000 jobs.