OSLO, March 26 (Reuters) – Norway’s $1.3 trillion sovereign wealth fund, one of many world’s largest buyers, will vote in favour of the UniCredit (CRDI.MI) remuneration package deal, it stated on Sunday.
The Italian financial institution is because of maintain its annual assembly of shareholders on March 31.
UniCredit shareholders are requested to approve a brand new pay construction for CEO Andrea Orcel that gives a 30% rise if the financial institution beats a large set of targets this 12 months.
Orcel’s present pay package deal of as much as 7.5 million euros ($8.06 million) a 12 months makes the previous head of funding banking at Swiss lender UBS (UBSG.S) one among Europe’s greatest paid financial institution executives.
The Norwegian fund owns 2.65% of UniCredit’s shares, value some $728 million, on the finish of 2022, in accordance with fund information.
($1 = 0.9301 euros)
Reporting by Nora Buli, writing by Gwladys Fouche, modifying by Terje Solsvik
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