Reduction in compensation and number of directors for Group companies: Mps Gestioni Crediti, Consorzio Operativo, Biverbanca and Mps Tenimenti
In line with 2012-2015 Business Plan provisions, downsizing is part of a course of action introduced 4 years ago, which has led to an overall reduction of more than 200 directors and auditors
Banca Monte dei Paschi di Siena will, over the Board’s mandate period of three years, obtain savings of EUR 1.5 million from renewal of the corporate bodies of Group subsidiaries, Mps Gestioni Crediti, Consorzio Operativo, Biverbanca and Mps Tenimenti, recently approved by the Board of Directors.
This will be achieved, firstly, by a decrease in the size of governing bodies, which will be reduced by 16, and, secondly, by a reduction in related compensation as well as significantly less reliance on externals.
With this, the Siena-based bank has thus made a step towards one of the goals set out in its 2012-2015 Business Plan, which aims to deliver sustainable levels of profitability through, among other things, cost efficiency and Group rationalization actions.
The downsizing of corporate bodies is part of a course of action, put underway 4 years ago, designed to streamline the organisational structure. So far, it has led to a reduction of over 200 directors and auditors, partly the result of corporate mergers carried out by the Group.
