MILAN, April 22 The chairman of the supervisory board of Italy's Banca Popolare di Milano resigned on Monday as the cooperative lender gears up to change its corporate governance structure.
The bank said in a statement that Filippo Annunziata had resigned his position on the board with immediate effect.
In March Popolare di Milano approved a plan to transform the bank into a joint-stock company (JSC) from a cooperative lender.
The change in governance, which still needs to be voted on by shareholders, would include cancelling the rule of "one shareholder, one vote".
Current governance gives significant power to trade unions and some analysts have expressed concern that some union members might oppose the transformation into a JSC.
In a letter attached to Monday's statement, Annunziata said the announcement by three members of the supervisory board to propose a governance reform different to the one approved by the management board was a "dysfunctional episode".
It has "created confusion, opacity, difficulty in relations with the management board, misunderstandings with the regulators and the media", Annunziata said.