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UniCredit: Board resolution on bonuses for UniCredit's Executives

 

For 2012, the Board of Directors of UniCredit, has taken into consideration the evaluations of the Remuneration Committee and the guidelines of the regulatory authorities on variable remuneration.

 

The Board of Directors has confirmed the positive assessment of Top Management performance already expressed by the Remuneration Committee and stressed the full appreciation for the results achieved in 2012 despite a particularly difficult general economic situation.

 

Positive results that led the Group to return to profit, to an adequate capital levels, relevant liquidity available and increased coverage of risk positions, in a framework that emphasizes the sustainability of incentive mechanisms provided by the remuneration policy of the Group, approved and in force.

 

The Board has, however, taken note of the statement received from Top Management (CEO, General Manager, Deputy General Managers, CFO, CRO, Head of Legal & Compliance, Head of Audit and Head of HR) to renounce - considering the general context - to any recognition of bonus linked to the performance conditions achieved.  

 

The Board has therefore expressed, a sincere appreciation for the sensitiveness demonstrated by the Top Management also in this occasion, and decided to recognize only to the remaining employees of the Group bonus payments, that provides for Executives  (the first 115 group managers) a reduction of about 50% in bonus versus overall variable opportunity. In line with compensation systems of UniCredit, more than 80% of such bonuses will be deferred in future years and subject to additional future performance conditions.

 

Milan, April, 11 2013