The Remuneration Policy sets out the principles and guidelines to determine the remuneration of the members of the Board of Directors, as well as the specific criteria through which the remuneration of the Group’s management is established, in accordance with the Governance model adopted by the Company and the recommendations laid down in the Corporate Governance Code.
The policy is designed to attract and motivate human resources who have the professional qualities required to carry out their duties and fulfil their responsibilities in line with the interests of the management and with the priority objective of creating shareholder value in the medium/long-term.
The remuneration policy of Executive Directors and other managers has been formulated as described below:
Fixed Remuneration - The fixed element of remuneration is such that it adequately remunerates the services provided and is proportioned to the assigned duties and responsibilities, in addition to being sufficient to remunerate the services delivered should the variable component not be paid. For Directors not entrusted with specific duties, the remuneration consists exclusively of a fixed element, to be determined by the Shareholders’ Meeting, and it is in no way linked to the achievement of performance targets.
Variable Remuneration - Variable remuneration for executives is divided into a short-term component (typically annual – the MBO scheme) and a long-term component, reserved exclusively for a key manager population.