Unicredit: Ft, resigns head of remuneration committee, move precedes decision on Orcel

MILAN, Italy, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The head of UniCredit's remuneration committee, Jayne-Anne Gadhia, has resigned following unsubstantiated allegations of a leak from the board of directors, just weeks after a new remuneration package for CEO Andrea Orcel was proposed. The Financial Times reported this, pointing out that the move raises questions about the Italian bank's corporate governance. Gadhia, who joined the board in 2021, chose to step down as a non-executive director following the investigation, sources told the Ft. Two people said the charges were eventually dropped. Although the bank eventually withdrew the allegations, Gadhia felt that his position had become untenable and decided to resign as a matter of principle, they added. He remains a senior advisor.

As chairman of the remuneration committee, Gadhia was tasked with overseeing executive pay and seeking investor support ahead of the group's annual general meeting on 31 March. The bank will publish its policy on 1 March for shareholder scrutiny. A source familiar with the board's intentions expects that it will propose a 20-30% increase in Orcel's salary, in light of the bank's performance in 2022.

It is likely that the ECB will decide to hold an exit interview with Gadhia following his resignation, a common practice after a member leaves the board, which allows the ECB to gather information for its general supervision of a bank. It is likely to happen mainly because Gadhia is leaving office suddenly before the end of his three-year term.

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