Orcel, that’s who “sabotaged” the maxi-increase in salary
In the end Andrea Orcel got the huge salary increase (up to a maximum of 30% upon reaching certain objectives). Items close to Gae Aulenti Square they point out that it is true that the manager could skim share 10 million euros a year, but only if it will get certain targets that have been raised. Translated: more money but also more obstacles. Also because after the record budget just approved, improving will be really complex. True, the increase in ECB rates which could reach up to 4% is a panacea for bank accounts.
But just before the assembly that gave the go-ahead for salary increases Of Orcel, the proxy advisors – i.e. those individuals appointed to advise the funds on the votes to be cast in the meetings – had advised against a move of this type. And the provision was passed, but with “only” 69% of the capital present. To say, the go-ahead for the budget was approved with 98.7%.
As he points out Milan Finance, among those who voted against Orcel’s salary increase were Fideuram, the private banking division of Intesa Sanpaolo; Lazard, the funds of Goldman Sachs, Invesco, BBVA, Santander (bank with which the CEO of Unicredit has an ongoing legal dispute), Nordea, Ubs Lux Fund e Zurich Life AssurancAnd. On the other hand, the Cassamarca Foundation, Generali Italia and various funds of Allianz, which is also a historical partner of Unicredit, abstained on the remuneration policy. Now Orcel has only one goal: to prove that the “no” to his salary increase was unjustified.
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