MILAN (Reuters) – UniCredit has told proxy advisers in a letter that their recommendation to shareholders that they should reject the bank’s new remuneration policy was “disappointing.”
In a letter sent to the governance advisers, UniCredit said that some of the elements used to support the rejection argument were inaccurate.
In particular, given that the increase in the CEO’s fixed salary had been a board’s decision and would not be voted upon, rejecting the policy would leave in place old, less challenging financial targets and actually increase the remuneration if the older targets are hit, instead of leaving it unchanged if new, tougher goals are met.
(Reporting by Valentina Za, editing by Federico Maccioni)
