SniperFx

Archives

  • March 2023
  • February 2023
  • January 2023
  • September 2022
  • August 2022
  • January 2022
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019

Categories

  • Analysis
  • Bonds
  • COVID
  • Crypto
  • Forex
  • Forex Trading
  • Ideas
  • Investing
  • Stocks
  • Uncategorized
  • World
  • Home
  • Forex
  • Crypto
  • Contact
0 Likes
0 Followers
0 Followers
Subscribe
SniperFx
SniperFx
  • Bonds
  • Crypto
  • COVID
  • Forex
    • Forex Trading
  • Ideas
  • Investing
  • Stocks
  • World

UniCredit shareholders urged to reject CEO Orcel’s pay rise

  • admin
  • March 14, 2023
  • 2 minute read
Total
0
Shares
0
0
0

Leading governance adviser Institutional Shareholder Services (ISS) has recommended shareholders at UniCredit reject a proposed new pay package for CEO Andrea Orcel as well as the bank’s new incentive scheme.

After urging UniCredit shareholders to vote against Orcel’s remuneration when he first joined in 2021, ISS last year noted his package, especially a 15 million euro ($16 million) severance payment, remained of concern, stopping short of calling for a rejection.

But two years after hiring the former head of investment banking at UBS, UniCredit is now proposing hiking Orcel’s fixed salary by 30% while a corresponding increase in the variable pay would be tied to the group beating financial targets.

Hitting 2023 goals would leave Orcel with the same overall pay of up to 7.5 million euros as in 2022 thanks to a reduction in the compensation’s variable component, which will be all in shares and spread over a longer period.

“All in all, despite some positive changes, the 2023 group incentive system and the proposed amendments to the executive compensation framework do not warrant support,” ISS wrote in a report, a copy of which was seen by Reuters.

“The 30% fixed pay raise in favour of the CEO and the newly introduced discount on the conversion price of equity awards could lead to an excessive increase in the CEO total pay,” it added.

ISS noted the 2022 pay package did not “seem uncompetitive compared to peers,” with both the fixed-pay and the maximum remuneration well above the median of company-selected peers.

“With the 30% increase, Orcel’s fixed remuneration will be above the top quartile and 55% higher than the median … When looking at ISS-only selected peers, Orcel will remain the CEO with the highest pay opportunity.”

UniCredit’s remuneration committee, whose head Jayne-Anne Gadhia recently quit, engaged extensively with shareholders and proxy advisers in recent months over the pay policy – noting in its annual report that many investors criticised Orcel’s termination package.

“The company has not fully addressed the relatively high level of dissent on the termination payments proposal at the 2021 AGM,” ISS said.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
admin

Previous Article

US Senate Republican leader McConnell discharged from hospital

  • admin
  • March 14, 2023
View Post
Next Article

USDCHF climbs back above mid-0.9100s amid modest USD strength, positive risk tone

  • admin
  • March 15, 2023
View Post
You May Also Like
View Post
  • Stocks

Adidas retracts opposition to Black Lives Matter three-stripe design

  • admin
  • March 29, 2023
View Post
  • Stocks

Starbucks, union at odds over hybrid negotiations

  • admin
  • March 28, 2023
View Post
  • Stocks

Novartis shares surge on positive results from key cancer drug trial

  • admin
  • March 27, 2023
View Post
  • Stocks

Standard Chartered agrees to sell business in Jordan

  • admin
  • March 26, 2023
View Post
  • Stocks

Britain’s John Lewis has lost its soul, says Mary Portas

  • admin
  • March 25, 2023
View Post
  • Stocks

Citigroup CEO declares ‘this is not a credit crisis’ after U.S. bank failures

  • admin
  • March 23, 2023
View Post
  • Stocks

First Republic Bank shares climb amid report of possible government backstop

  • admin
  • March 22, 2023
View Post
  • Stocks

EU court rules Mercedes must pay damages in diesel lawsuit

  • admin
  • March 21, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Taiwan president defiant after China threatens retaliation for US trip
  • Adidas retracts opposition to Black Lives Matter three-stripe design
  • XRP Price Prediction What to Expect in the Next 48 Hours
  • HelenP. I Euro break resistance 1.0800 and can continue to grow
  • Concerns about insufficiently decisive Riksbank would put SEK under downward pressure – Commerzbank

Recent Comments

No comments to show.
Featured Posts
  • 1
    Taiwan president defiant after China threatens retaliation for US trip
    • March 29, 2023
  • 2
    Adidas retracts opposition to Black Lives Matter three-stripe design
    • March 29, 2023
  • 3
    XRP Price Prediction What to Expect in the Next 48 Hours
    • March 29, 2023
  • 4
    HelenP. I Euro break resistance 1.0800 and can continue to grow
    • March 29, 2023
  • 5
    Concerns about insufficiently decisive Riksbank would put SEK under downward pressure – Commerzbank
    • March 29, 2023
Recent Posts
  • EUR/USD comes under pressure near 1.0850
    • March 29, 2023
  • Crypto Trader Firmly Believes ADA’s Next Target Could Be $0.60
    • March 29, 2023
  • Game-Changer Nasal Spray A Universal Shield Against All COVID-19 Variants
    • March 29, 2023
Categories
  • Analysis (12)
  • Bonds (50)
  • COVID (77)
  • Crypto (69)
  • Forex (85)
  • Forex Trading (50)
  • Ideas (50)
  • Investing (50)
  • Stocks (93)
  • Uncategorized (40)
  • World (199)
SniperFx
  • Home
  • Forex
  • Crypto
  • Contact
Forex & Crypto Updates

Input your search keywords and press Enter.