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Norway wealth fund to vote in favour of UniCredit remuneration plan

Published 26/03/2023, 09:12
Updated 26/03/2023, 09:15
© Reuters. FILE PHOTO: Unicredit logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

© Reuters. FILE PHOTO: Unicredit logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

OSLO (Reuters) - Norway's $1.3 trillion sovereign wealth fund, one of the world's largest investors, will vote in favour of the UniCredit (LON:0RLS) remuneration package, it said on Sunday.

The Italian bank is due to hold its annual meeting of shareholders on March 31.

UniCredit shareholders are asked to approve a new pay structure for CEO Andrea Orcel that offers a 30% rise if the bank beats a wide set of targets this year.

Orcel's current pay package of up to 7.5 million euros ($8.06 million) a year makes the former head of investment banking at Swiss lender UBS one of Europe's best paid bank executives.

© Reuters. FILE PHOTO: Unicredit logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The Norwegian fund owns 2.65% of UniCredit's shares, worth some $728 million, at the end of 2022, according to fund data.

($1 = 0.9301 euros)

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