Unicredit prepares for the turning point meeting. After successfully closing the largest capital increase in the history of Italian finance (13 billion euros), Jean Pierre Mustier's bank is renewing itself, focusing on a new governance capable of leading a truly European public company . An objective widely appreciated by Piazza Affari which crowns the Milanese bank as queen of the day (+5%).
The ordinary and extraordinary shareholders' meeting of 20 April will be the first after the recapitalization of last February which, in addition to strengthening the assets of the institute in Piazza Gae Aulenti, has radically changed, dividing it, the shareholding structure which is by now that typical of a public company. The large international funds, led by Aabar (which holds 5,042% of the capital) increased their presence, exceeding 50% of the capital, while foundations decreased their share significantly, falling overall below 5%.
Impossible therefore not risee governance mechanisms with the aim of adapting them to the new corporate governance and above all to the new guise worn by Unicredit, that of a solid international bank open to the market.
Based on the rumors on the eve, there are many changes that will be discussed during the meeting of 20 April, during which the financial results for 2016 will also be approved.
Jean Pierre Mustier has no intention of wasting time. Going into details, the renewal could concern the number of board members, which will drop from 17 to 15, further down on the original 24. Independents will have a large majority while women could represent a third of the total, the requirements that will allow them to become councilors will be tightened, while an upper limit could be established on the number of mandates of individual members of the assembly.
But the most interesting news could come about the vice-presidencies, which will drop from three to just one in order to streamline the whole structure.
After Fabrizio Palenzona's step backwards, due to the downsizing of the foundations, too Luca Cordero di Montezemolo communicated his intention to give up the vice presidency, despite the indication received from Aabar, to align with the new governance rules.
At the same time, it is also worth mentioning the resignation of Marina Natale, who left her position as Unicredit's strategy manager "after having contributed to the implementation of the capital strengthening actions of the strategic plan", reads the note released by Unicredit.
The air of renewal at Unicredit seems to have won the favor of investors. In view of the assembly, the stock of the bank led by Mustier stands out among the other blue chips, gaining 4,98% to 13,49 euros just over an hour after the closing. A performance that clearly beats the Stock Exchange, up by 1,44% after the declines of the last few days.
