Finance
UniCredit disappointed by proxy advisers’ stance on bank’s pay policy
MILAN, March 17 (Reuters) – UniCredit has advised proxy advisers in a letter that their suggestion to shareholders that they need to reject the financial institution’s new remuneration coverage was “disappointing.”
In a letter despatched to the governance advisers, UniCredit stated that among the components used to assist the rejection argument had been inaccurate.
Particularly, on condition that the rise within the CEO’s mounted wage had been a board’s determination and wouldn’t be voted upon, rejecting the coverage would depart in place outdated, much less difficult monetary targets and truly enhance the remuneration if the older targets are hit, as an alternative of leaving it unchanged if new, more durable objectives are met.
Reporting by Valentina Za, enhancing by Federico Maccioni
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