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    UCG   IT0005239360

UNICREDIT S.P.A.

(UCG)
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UniCredit S p A : shareholders approve new CEO's pay -la Repubblica

04/15/2021 | 03:17am EDT

MILAN, April 14 (Reuters) - Shareholders of UniCredit have approved the appointment of Andrea Orcel as chief executive and a proposed annual pay package of up to 7.5 million euros ($9 million), Italian daily la Repubblica reported.

Shareholders accounting for around 60% of the bank's ordinary share capital will be represented at the general meeting, which will take place on Thursday, la Repubblica said on its website, citing rumours. UniCredit had no comment.

Due to COVID-19 restrictions shareholders will not be physically present but have already voted through a company-designated proxy holder.

The paper said the remuneration package, which has been criticised by leading shareholder advisory firms, was approved by 55% of shareholders at the meeting.

The slate of directors put forward by the outgoing board, comprising Orcel as CEO and former Economy Minister Pier Carlo Padoan as president, got around 80% of votes, la Repubblica said.

In a recommendation to investors ahead of the meeting, proxy advisers Institutional Shareholder Services and Glass Lewis both backed Orcel's appointment but suggested rejecting the remuneration policy due to the "problematic pay package of the new CEO."

Orcel's pay package, which includes a guaranteed 5-million-euro share bonus for the first year, is more than double the compensation of previous CEO Jean Pierre Mustier, who left in February after falling out with the board over strategy.

($1 = 0.8347 euros) (Reporting by Valentina Za; Editing by Leslie Adler)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADLER GROUP S.A. 2.62% 24.28 Delayed Quote.-18.41%
UNICREDIT S.P.A. 0.90% 10.332 Delayed Quote.33.89%
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Financials
Sales 2021 17 287 M 21 138 M 21 138 M
Net income 2021 2 168 M 2 652 M 2 652 M
Net Debt 2021 - - -
P/E ratio 2021 9,95x
Yield 2021 3,89%
Capitalization 22 974 M 27 915 M 28 092 M
Capi. / Sales 2021 1,33x
Capi. / Sales 2022 1,31x
Nbr of Employees 82 003
Free-Float 87,6%
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Technical analysis trends UNICREDIT S.P.A.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 26
Average target price 10,22 €
Last Close Price 10,24 €
Spread / Highest target 32,8%
Spread / Average Target -0,17%
Spread / Lowest Target -42,2%
EPS Revisions
Managers and Directors
NameTitle
Andrea Orcel Chief Executive Officer
Stefano Porro Group Chief Financial Officer
Pietro Carlo Padoan Chairman
Ranieri de Marchis Co-COO & General Manager
Carlo Vivaldi Co-Chief Operating Officer
Sector and Competitors