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
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
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)