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Compensation Reports

On an annual basis, the document illustrates the corporate policies on compensation
of managers and directors with strategic responsibilities, and their implementation

The Compensation Report approved by the Board of Directors meeting of 18 March 2015, the first section of which has been approved, with a non-binding vote, by the Shareholders’ Meeting of 30 April 2015, was provided pursuant to the terms of Art. 123_ter of the TUF and of Art. 84-quater of the Issuer’s Regulations, and was drafted in conformity with Appendix 3A Schema 7-bis and 7-ter of the same regulations.

The Compensation Report is divided into the following sections:

  • Section I illustrates the Company’s policy on compensation of members of the board of directors, the General Managers and Directors with strategic responsibilities, in reference to at least the subsequent fiscal year and the procedures used to adopt and implement this policy;
  • Section II, specifically named for the payments allocated to the Managers and Statutory Auditors, and in aggregate form for the payments allocated to Directors with strategic responsibilities:
  • provides an adequate representation of each of the entries that comprise the compensation, including the fees provided for in case the position or employment relationship is terminated;
  • illustrates analytically the payments made during the referenced fiscal year for any purpose and in any form by the Company and by subsidiaries or affiliates, indicating any components of the aforementioned compensation which refer to activities performed in fiscal years prior to the one referenced and demonstrating, moreover the compensation to be paid  in one or more subsequent years for the activity performed during the referenced fiscal year, potentially indicating an estimated value for the components that are not objectively quantifiable in the referenced fiscal year.

Furthermore, Section II contains information relating to the equity interests held in the Issuer and in the subsidiaries by members of the management and control bodies, the General Directors and by other Directors with strategic responsibilities as well as by non-legally separated spouses and minor children, in conformity with the terms of Art. 84-quarter, Subsection 4 of the Issuer’s Regulations.


19 Apr 2013 Renumeration report