ZURICH (Bloomberg) - Former UBS AG executives have given back about 70 million Swiss francs ($58.3 million) in bonuses after record losses forced the bank to take aid from the state.

"I would very much like to see more bonuses waived or returned in the interests of the bank," chairman Peter Kurer told a shareholders meeting in Lucerne yesterday, prompting applause from the almost 2,400 investors present. "I am therefore continuing to hold discussions on this topic."

Switzerland's largest bank, which last month got a $59.2 billion aid package from the state and the central bank, has faced calls to reclaim compensation from managers that left the bank in the aftermath of subprime-related losses.

Former Chairman Marcel Ospel and two ex-colleagues on the board offered to forgo 33 million francs in pay this week. Former CEO Peter Wuffli waived his entitlement to 12 million francs.

"A voluntary repayment of a small part of the unjustified bonuses is a positive gesture, but it doesn't suffice," said Roby Tschopp, the head of activist shareholder group Actares, which represented 70 UBS shareholders. Tschopp and other shareholders speaking at the meeting today demanded that lawsuits are filed against former managers to claim damages.

UBS rose 60 centimes, or four percent, to 15.4 francs in Swiss trading, valuing the bank at 45.2 billion francs. The stock has dropped 67 percent this year, compared with a 62 percent slump in the Bloomberg Europe Banks and Financial Services Index.

Mr. Kurer said the bank has not found any evidence that a lawsuit against former or current senior executives would be successful, though it is continuing investigations. Agreements with former executives on repaying bonuses don't preclude the possibility of lawsuits, he added.