UniCredit shareholders approve Andrea Orcel’s bumper pay packet
UniCredit shareholders have approved the appointment of Andrea Orcel and a proposed bumper pay packet making him Italy’s highest-paid banker.
Orcel is set to take over from French banker Jean Pierre Mustier who left in February after falling out with the board over its strategy.
Today shareholders, accounting for around 60 per cent of the bank’s ordinary share capital, will be represented at the general meeting later today, according to Italian newspaper La Repubblica.
Due to pandemic restrictions shareholders have already voted through a proxy holder and 55 per cent of shareholders have reportedly approved Orcel’s wage.
The banker is reported to be relinquishing tens of millions in deferred pay from UBS in joining UniCredit and will have no sign-on fee.
Proxy adviser Glass Lewis had previously urged investors to vote against the bank’s pay policy in protest against Orcel’s proposed €7.5m package.
Glass Lewis had questioned why the incoming boss’ pay was higher than his predecessor and criticsied “poor disclosure of key features of the remuneration structure for the CEO, which we believe lags behind market best practice.”
Orcel became one of Europe’s most well-known bankers after his attempts to become chief executive of Santander became mired in controversy. The investment banker was denied the role just four months after being offered the post amid intense scrutiny over pay. He later filed a €112m lawsuit against the bank over the withdrawn job offer.