The Board of Directors of UniCredit, in its meeting held on 31 July 2023, resolved to adopt the one-tier governance system in lieu of the traditional one.
After having highlighted that the traditional system of UniCredit proved to be overtime efficient, the Board of Directors assessed the transition to a one-tier system as it further enhances the quality of the current governance, ensuring a greater effectiveness of controls through the integration of 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 processes of the Board.
Such governance system was also deemed corresponding to the systems largely adopted abroad.
The one-tier governance system is characterized by the presence of a Board of Directors, which performs the strategic supervision and management function, and an Audit Committee - established within the Board - which performs control functions.
The Board of Directors therefore resolved to submit to the approval of the Shareholders' Meeting the consequent amendments to the Articles of Association and initiate the procedures to receive the necessary authorizations by competent authorities. The documentation containing the description of the amendments above will be made available to Shareholders within the deadlines provided by applicable rules.
Milan, August 1, 2023
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