Intesa Sanpaolo approves changes to the management board

Shareholders at Italy’s Intesa Sanpaolo have approved changes to the bank’s statute to increase the number of members of the management board, who will be granted managerial powers.

According to the new rules, the management board will be composed of seven to 11 members and the two deputy chairmen chosen outside the bank will have equal powers to the bank’s internal members.

Until now, Intesa’s management board was made up of nine members and the bank’s chief executive was the only member with managerial powers.

According to Giovanni Bazoli, chairman of the supervisory board, this will produce a leaner structure, which will allow the bank to avoid losses of time, having managers directly in the board.

Before these changes, the management board could count on a number of committees, with a consulting role, made up of both managers and external members.

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