UBI Banca – AGM 08 April 2020
In item 4, shareholders are called to a binding vote on the 2020-2022 remuneration policy. Overall remuneration amounts are reasonable (the CEO's fixed remuneration is in line with the median of European banks and 108% of large Italian companies, and total variable remuneration is capped at 137% of the base salary). The quality of disclosure is very good: all performance conditions are disclosed and long-term targets are quantified. We regret that the variable remuneration depends more on annual than long-term results (the maximum short-term incentive represents 66% of variable remuneration), but in our opinion it is adequately structured to align the interests of the executives with the creation of sustainable value in the long term. We also appreciate that UBI Banca set the maximum ratio between variable and fixed remuneration of the CEO below the maximum of 200% allowed under CRD IV. Also taking into account that severance payments are in line with our guidelines of 2 years of base salary, we recommend approval.
Unione Di Banche Italiane provides banking and financial products and services to its customers. Co. is involved in the implementation of the Private & Corporate Unity project, the union of the private and corporate banking commercial networks designed to develop synergies between the two customer segments. This service model is able to address financial issues relating to families, businesses, and the relationship between personal and business finance in a unified manner. Commercial operations are primarily focused on existing customers, which are provided by the branch network.
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