UniCredit disappointed by proxy advisers’ stance on bank’s pay policy

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In a letter sent to the governance advisers, UniCredit said that some of the elements used to support the rejection argument were inaccurate.

In particular, given that the increase in the CEO’s fixed salary had been a board’s decision and would not be voted upon, rejecting the policy would leave in place old, less challenging financial targets and actually increase the remuneration if the older targets are hit, instead of leaving it unchanged if new, tougher goals are met.