Advertisement
Singapore markets open in 8 hours 56 minutes

  • Straits Times Index

    3,287.75
    -5.38 (-0.16%)
     

  • S&P 500

    5,018.93
    -52.70 (-1.04%)
     

  • Dow

    37,907.31
    -553.61 (-1.44%)
     

  • Nasdaq

    15,486.96
    -225.79 (-1.44%)
     

  • Bitcoin USD

    64,211.66
    -518.05 (-0.80%)
     

  • CMC Crypto 200

    1,381.99
    -0.59 (-0.04%)
     

  • FTSE 100

    8,078.86
    +38.48 (+0.48%)
     

  • Gold

    2,342.40
    +4.00 (+0.17%)
     

  • Crude Oil

    82.47
    -0.34 (-0.41%)
     

  • 10-Yr Bond

    4.7080
    +0.0560 (+1.20%)
     

  • Nikkei

    37,628.48
    -831.60 (-2.16%)
     

  • Hang Seng

    17,284.54
    +83.27 (+0.48%)
     

  • FTSE Bursa Malaysia

    1,569.25
    -2.23 (-0.14%)
     

  • Jakarta Composite Index

    7,155.29
    -19.24 (-0.27%)
     

  • PSE Index

    6,574.88
    +2.13 (+0.03%)
     

Norway wealth fund to vote in favour of UniCredit remuneration plan

Reuters
·1-min read
FILE PHOTO: Illustration shows Unicredit logo

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.

ADVERTISEMENT

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)

(Reporting by Nora Buli, writing by Gwladys Fouche, editing by Terje Solsvik)