UniCredit: “Disappointed by ISS proxy advisor recommendation against salary package”

“We were disappointed by these conclusions, also because in formulating this recommendation it is clear that some elements have not been fully taken into account and some of the points used to motivate the opposition are inaccurate”.

So reads a letter from UniCredit to shareholders.

On Tuesday, the proxy advisor Institutional Shareholder Services (ISS) recommended that UniCredit shareholders reject the new compensation package proposed for CEO Andrea Orcel, pointing the finger, in particular, against the 30% increase in fixed remuneration and the discount on the conversion price of the prizes into shares.