UniCredit will reassess the remuneration of CEO Andrea Orcel ahead of its 2023 general meeting to see if the results achieved by Italy's second-biggest bank in 2021-2022 warrant an increase, a document on its website showed.
Andrea Orcel poses with IFR's 'Bank of the Year for 2015' award at the 2016 IFR Awards event in London, Britain in this handout photograph shot January 27, 2016 and provided to Reuters January 22, 2020.
UniCredit's latest remuneration report noted that the CEO's current pay structure and a regulatory ceiling - that caps variable pay at twice the fixed amount - prevented the bank from rewarding over-performance when targets were exceeded. "The board agrees ... and will reassess Orcel's pay ahead of the 2023 general shareholder meeting in light of results and progress made in 2021 and 2022," it concluded.arrived at UniCredit in April 2021, vowing to reverse a phase of "active retrenchment" under the risk-averse previous CEO Jean Pierre Mustier.
Annual pay of up to 7.5 million euros makes Orcel one of Europe's best paid bank executives, analysts say.
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UniCredit to reassess CEO pay ahead of general meetingUniCredit will reassess the remuneration of CEO Andrea Orcel ahead of its 2023 general meeting to see if the results achieved by Italy's second-biggest bank in 2021-2022 warrant an increase, a document on its website showed.
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