UniCredit proposes giving audit powers to board
Reuters
Published Aug 01, 2023 16:58
MILAN (Reuters) - UniCredit (LON:0RLS) on Tuesday proposed amending its by-laws to give its board audit powers, which would no longer be exercised by a separate body, in a push to make controls more effective, it said.
The changes, which will have to be approved by a shareholder vote, bring UniCredit's governance in line with that of rival domestic heavyweight Intesa Sanpaolo (BIT:ISP), as well as Spanish and French banks.
At present the board of directors exercises management and strategic supervision functions, to which it would add the audit one.
The new system ensures a greater effectiveness of controls by bringing the "the control body within the board, which would fully appreciate the inputs of the members of the control body through their direct participation in decision-making," Unicredit (BIT:CRDI) said.
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Written By: Reuters
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