UniCredit (CRDI.MI) will ask shareholders to approve a new pay structure for Chief Executive Andrea Orcel which offers a 30% rise if the Italian bank beats a wide set of targets this year, a document showed on Wednesday.
Orcel’s current pay package of up to 7.5 million euros ($8 million) a year makes the former head of investment banking at Swiss lender UBS (UBSG.S) one of Europe’s best paid bank executives.
UniCredit had said its board would review the CEO’s pay based on 2022 earnings, noting that European Union rules capping variable compensation at up to twice the fixed salary made it impossible to reward outperformance.
Starting from a higher fixed salary of 3.25 million euros versus 2.5 million previously, the new system ties a higher overall pay of up to 9.75 million euros to the bank’s ability to beat targets set for 2023, the document showed, confirming what sources had told Reuters.
This report’s information was first seen on REUTERS; to read more, click this link.
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