In specifying that directors have the right to be reimbursed for expenses sustained for the purposes of their office, the Board has established that each director is to receive €30,000 per financial year for such purpose. The Board of Directors can also determine additional compensation for directors holding particular office, but only after having consulted the Compensation Committee and the Board of Statutory Auditors. In compliance with the Code’s recommendations, the Company has checked that the compensation of its directors is appropriate – and in line with market rates applied in similar circumstances – and sufficient for attracting, retaining and motivating directors with the professional skills required to manage the Company successfully.
In particular, an important part of the compensation of the Deputy Chairman & Chief Executive Officer (along with that of other executive directors vested with particular duties, that of General Managers and that of key management personnel) is linked to the Company’s performance and the targets set by the Board of Directors, with a large annual and long-term variable component (MBO and LTI, as well as participation in stock option plans), thereby helping align their interests with the priority goal of creating value for shareholders over the medium/long-term.

More details about the compensation awarded to board directors and general managers during 2015 can be found in a specific table contained in the notes to the 2009 financial statements.

Last update: 02/02/2018 - 11:15