Norway wealth fund to vote in favour of UniCredit remuneration plan

OSLO (Reuters) – Norway’s $1.3 trillion sovereign wealth fund, one of the world’s largest investors, will vote in favour of the UniCredit 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.

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)