Credit Suisse shareholders moved to reject the company’s executive compensation proposal at the Swiss banking group’s final annual meeting before its merger with UBS.

The proposal, which related to the maximum aggregate compensation of the executive board for the period of one term, won only 48.43% support, according to Credit Suisse’s official meeting results, released on April 4. The board said it will determine potential further measures.

Another proposal on the maximum aggregate compensation of the board for the period of one term was passed by a slim margin with 50.42% support. The compensation amount will be pro-rated from the date of the AGM until the date of the closing of the planned merger with UBS, the bank explained.

The meeting marked the first time that board Chairman Axel Lehmann and CEO Ulrich Koerner had publicly addressed shareholders since the merger which the chair explained was the only alternative to bankruptcy, a total loss to shareholders, unpredictable risks for clients, and severe economic consequences.

Lehmann apologized to shareholders, saying, “It is a sad day. For all of you, and for us. The bitterness, anger, and shock of all those who are disappointed, overwhelmed, and affected by the developments of the past few weeks is palpable.”

“It pains me that we didn’t have the time to do so, and that in that fateful week in March our plans were disrupted. For that I am truly sorry. I apologize that we were no longer able to stem the loss of trust that had accumulated over the years, and for disappointing you,” Lehmann added.

Despite heavy opposition, Lehmann was reelected as chairman of the board at the meeting with 55.7% of the vote. Fellow board directors Mirko Bianchi, Iris Bohnet, Clare Brady, Christian Gellerstad, Keyu Jin, and Amanda Norton all faced over 40% opposition to their respective reelections.

In his concluding remarks, Lehmann thanked UBS, stating, “Together with Credit Suisse, the new UBS will be able to significantly expand and strengthen its leading position as a global wealth manager anchored in Switzerland.”