MILAN: Funds managed by German insurer Allianz (ALVG.DE), the second-biggest shareholder in UniCredit (CRDI.MI), failed to back the Italian bank’s new remuneration policy and pay packages awarded in 2022 at last month’s general meeting, a document showed.

Minutes of the UniCredit annual shareholder meeting showed that Allianz had abstained in both votes.

UniCredit has adopted a new policy which will allow it to award the chief executive and senior managers a 30% pay rise this year if they beat a wide set of financial targets.

The new policy was approved with 69% of votes, cast by shareholders representing 47% of the bank’s capital.

The minutes showed leading global asset managers Fidelity Investments and Charles Schwab had voted against.