Switzerland's UBS, the world's largest wealth management company in terms of assets, proposed three new candidates to its board of directors on Monday.

They are Michel Demare, a member of the executive committee of power and automation company ABB (ABBN.VX); Ann Godbehere, former chief financial officer of UK mortgage lender Northern Rock; and Axel Lehmann, group executive committee member of Zurich Financial Services (ZURN.VX: Quote, Profile, Research, Stock Buzz).

The three will stand for election at the bank's annual general meeting on April 15.

They have been proposed to replace Ernesto Bertarelli, Gabrielle Kaufmann-Kohler and Joerg Wolle, who will not be standing for re-election.

UBS is struggling to rebuild its once powerful brand after massive investments into risky U.S. assets forced it to make more writedowns than any other European bank and has accepted government backing.

(Reporting by Martin de Sa'Pinto; editing by John Stonestreet)