Parvus Asset Management, which owns about 5% of UniCredit SpA, is supportive of the bank’s new pay package for Chief Executive officer Andrea Orcel, despite opposition from proxy advisers.
UniCredit’s proposed compensation plan for its CEO “aligns with shareholders,” Parvus CEO Edoardo Mercadante said in an interview. The Italian lender is putting its plans for Orcel’s variable pay to a shareholder vote on March 31. If passed, it would take his total remuneration to €9.75 million ($10.5 million) if he exceeds 2023 targets.
Proxy advisers Institutional Shareholder Services and Glass Lewis have called on shareholders to ...