UniCredit Backs CEO’s $2.7 Million Pay After Proxy Dissent

UniCredit SpA said that Chief Executive Officer Andrea Orcel’s 2.5 million euro ($2.75 million) fixed-pay package is in line with compensation at other comparable banks, and rejected a recommendation by shareholder proxy Glass Lewis to vote against the remuneration policy for top management.

Glass Lewis said they had “severe reservations” about the remuneration policy including over a “lack of an explicit response” to concerns raised last year. UniCredit argued, in a letter to shareholders dated March 25 and seen by Bloomberg, that the arguments made by the proxy firm “are incorrect and may lead to wrong conclusions.”