The UniCredit S.p.A. board of directors recently evaluated the compliance of newly appointed members with requirements from statutory and regulatory provisions.

Jean Pierre Mustier, Sergio Balbinot and Martha Dagmar Böckenfeld were appointed at a shareholders meeting Jan. 12, necessitating assessments of their backgrounds and external connections. At the most recent board of directors meeting, all three were cleared for compliance with integrity and experience requirements.

Böckenfeld and Balbinot were also assessed for compliance with independence requirements. Based on provisions of the Legislative Decree no. 58/98 and, in the case of Böckenfeld, the Corporate Governance Code for Listed Companies and the Articles of Association, the new members’ independence was evaluated based on their disclosures and information available to UniCredit. Böckenfeld’s professional, business and credit relationships were evaluated based on how they might affect her independence, weighted criteria designed to determine the significance of those positions.

All three members were also assessed on their consistency with the board’s qualitative and quantitative profile, with policies concerning the number of offices a board member can hold and with no-interlocking requirements laid out in the Legislative Degree no. 201/2011.