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UniCredit shareholders OK removal of 5% voting rights cap

UniCredit SpA shareholders largely approved amendments to the company's corporate governance as proposed by the board of directors, including the removal of a provision limiting ordinary shareholders' exercise of voting rights to 5% of the lender's share capital.

UniCredit said the removal aligns the company's governance to the so-called one-share-one-vote principle, which is in line with international best practices and is "generally considered desirable" for shareholders.

Shareholders also approved the transfer of UniCredit's registered office to Milan, where the bank has established its head office, from Rome, in an effort to improve operational efficiency. They also approved the mandatory conversion of outstanding savings shares into ordinary shares at a conversion ratio of 3.82 ordinary shares per savings share, plus a cash payment of €27.25 per share.

Additionally, shareholders approved a proposal granting the board of directors the power to submit its own list of candidates for directors in case of a board renewal, and to increase the number of directors to be selected from the list of candidates that received the second-highest number of votes, to two directors from one.