Before Andrea Orcel takes the helm of UniCredit this week he’s already in the midst of controversy on a topic that’s followed him around in recent years: his pay.
“The compensation of the new CEO raises significant concern,” ISS wrote to investors, adding that the package “clashes with the current global context,” recommendations from the European Central Bank and the “sobriety” of the Mustier era. UniCredit’s 2021 remuneration policy to be voted on by shareholders proposes fixed pay for the CEO of €2.5m and bonuses of up to €5m, shifting the compensation into a range that outstrips most peers.
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