Unicredit becomes a public company and kicks off the turnaround on governance. The assembly approved, among other things, three important innovations: faculty of the Board of Directors to present a list of candidates for the renewal of top management,raising to two of the posts attributed to minorities , removal of the 5% limit on voting. A green light expected and already taken into account by the market, but still relevant because it makes Unicredit a giant in step with the major European banking networks also in terms of governance.
Going into the details of the innovations introduced, the recognition to the BoD - already applicable to the one in office - of the right to present its own list of candidates "allows the Group to improve the selection mechanism - specifies a note from the group - and guarantees a greater stability in the corporate governance structure, reducing the risk of non-presentation of lists by shareholders in a context of fragmented shareholding".
"The constant dialogue with all our stakeholders is and must be a constant reference," said the future president of Unicredit, Fabrizio Saccomanni, co-opted to the board of directors in November. “In my professional experience, I have been able to see firsthand how fundamental this dialogue is and how capable it is of promoting the best development not only of individual companies but also of the system as a whole. It is therefore a key element to further strengthen the ability of a large pan-European bank like Unicredit to face the challenges that await us. I intend to devote myself to this objective with the utmost commitment in the spirit of continuing the work done so far in favor of European financial integration”.
The number of directors taken from the list with the second highest number of votes cast was then increased from one to two. The measure will ensure minority shareholders a more stable and secure representation within the board.
Finally, the statutory clause limiting the exercise of voting rights by ordinary shareholders to 5% of the share capital has been eliminated. Thus awarded the principle – which represents a best practice international – for which the voting system is directly proportional to the invested capital, thus aligning economic interests with voting power.
Among the other novelties that emerged from theassembly on Monday – approved with the favorable vote of 98,6% of those present – also the transfer of the registered office from Rome to Milan , mandatory conversion of savings shares into ordinary shares.
It is news on Tuesday instead that Unicredit Bank Hungary and Unicredit Jelzàlogbank will sell without recourse to the Hungarian EOS Factor Zbt a portfolio of non-performing loans from 44,3 million euros gross. These are residential mortgages deriving from contracts governed by Hungarian law.
The sale of non-performing loans therefore continues, after the announcement at the beginning of November of Unicredit Bulbank (Bulgaria) of the sale of a NPL portfolio of 84 million euros to the Norwegian B2 Kapital.
The institute led up to now by Jean Pierre Mustier then launched the 2017 Christmas campaign of awareness and solidarity “One vote, 200.000 concrete aids”, carried out thanks to the Unicredit Carta E Funds. The new edition of the solidarity and awareness campaign "One vote, 200.000 concrete aid" started on 1 December last and will end on 22 January 2018. This year there are 1435 non-profit organizations
participate in the initiative and which are present on the site www.ilMioDono.it, the virtual square created by
UniCredit to facilitate the meeting between Non Profit Organizations and all those who want to support this
sector by contributing with a donation.
