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Report: Banco BPI shareholders reject proposal to allow CEO's re-election

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Report: Banco BPI shareholders reject proposal to allow CEO's re-election

Banco BPISA's shareholders rejected proposals to allow the re-election of CEOFernando Ulrich and to approve authorization for the board to decide onpotential capital increases of up to €500 million, according to Reuters.

BPI reportedly said 63.6% of shareholders voted in favor ofthe resolutions, short of the required two-thirds majority. Ulrich will stay onfor a further year, along with the rest of the board, Reuters noted, but undercurrent rules, CEOs can only be re-elected if they are under 62. Ulrich is 63.

Chairman Artur Santos Silva reportedly said he was"extremely calm" about the rejections, given that a Portuguese lawremoving caps on shareholder voting rights takes effect July 1. A fresh votewill be held after the law takes effect, Silva added.

CaixaBankSA controls 44.6% of BPI but has its voting rights capped at 20%. Earlierin April it launcheda takeover offer for shares in BPI that it does not own, after failing to reachan agreement with Angolan businesswoman Isabel dos Santos, who owns 18.6% of BPI,over the Portuguese lender's exposure to Angola.