All of the components of the remuneration strategy are inspired and developed organically, in line with the strategic vision and the values of the Group, based on the five principles outlined below, in continuity with 2022.
THE GUIDING PRINCIPLES OF THE REWARD STRATEGY
Fairness and moderation
Virtuous conduct to support long-term and sustainable growth can only emerge in a context where merit and individual contribution are rewarded, regardless of gender, age and/or other personal characteristics.
At the same time, and without compromising on competitiveness, the remuneration components are centred around a moderate approach. Pay levels are generally not higher than the market median.
Long-term focus
Among its stakeholders, Poste Italiane is considered a partner in the pursuit of lasting and sustainable value. The adoption of a long-term vision is at the heart of both strategic business choices, also in the ESG sphere, and of the Reward Strategy, which envisages, for long-term variable incentive plans, an almost ten-year time horizon (between performance, deferral and retention periods), guaranteeing the link between incentives and Group results.
Transparency
Compliance with rules, integrity of conduct, loyalty, honesty and clarity are essential values to ensure the proper functioning of organisational processes as well as the reputation and reliability of Poste Italiane. These values are key not only to the achievement of the short-term objectives, but also to the adoption of a virtuous cycle in the long term.
The principles of transparency and compliance with rules represent two cornerstones of Poste Italiane’s internal and external relationships. In this context, the incentive plans clearly and accurately present the performance indicators during both the assignment phase and final assessment.
To summarise, transparency is a shared value that is essential to the development of long-lasting relationships.
Dialogue with investors and other stakeholders
Promoting a constant dialogue with investors and other stakeholders on remuneration matters is one of Poste Italiane’s priorities, because on the one hand it facilitates the implementation of the best market practices and, on the other, represents an active stimulus for continuous improvement with positive effects on shared value creation.
Poste Italiane recognises the importance of ongoing and collaborative dialogue with stakeholders, through which the Company identifies priorities and material topics on which to focus its ESG commitment. In fact, the Multistakeholder Forum, held annually, includes an extensive programme of meetings with customers, associations, investors, suppliers and partners aimed at continuing the discussion process, sharing ideas and projects, and identifying the main lines of the sustainability strategy.
No pay for failure
The remuneration policy is aimed at supporting the implementation of the business strategy, with reference to economic/financial and ESG performance. The key indicators are set at challenging levels, the achievement of which guarantees, in particular, the self-financing of all the incentive systems. It is standard practice in Poste Italiane’s remuneration policy to set the threshold values of profitability indicators equal at least to the budget and Strategic Plan levels. In addition, to ensure financial sustainability over time, the variable incentive schemes are subject to strict malus and clawback clauses and lock-up/deferral/retention periods.
The key remuneration items are the fixed component, variable remuneration (short and long-term) and severance payments on termination of employment.
The pay mix between fixed and variable component, balanced between the monetary and non-monetary component, is linked to the role held and the responsibilities assigned. In this regard, Poste Italiane uses a job evaluation framework for the various roles, certified periodically by an independent consulting firm.
Fixed components
Fixed remuneration reflects technical, professional and managerial skills.
Competitiveness, attractiveness, meritocracy and the assignment of greater responsibilities may lead to the recognition of adjustments to fixed remuneration.
Proposed adjustments to gross annual fixed pay follow a structured process, based on objective, non-discretionary criteria.
Fixed remuneration is also determined taking into account internal equity values and market benchmarks (as noted, the Company’s benchmarking is conducted with reference to market medians).
Certain non-monetary benefits are also provided in accordance with the applicable statutory requirements and in line with market practices.
Variable components
Variable remuneration is the incentive component directly linked to company and individual performance, according to a meritocratic approach that recognises and rewards results reached on the basis of predetermined, transparent, measurable and verifiable objectives.
Incentives linked to variable remuneration are paid at the end of an accurate verification process of the results actually achieved.
Variable remuneration is paid in the form of cash and financial instruments, over an annual and multi-year time horizon.
Variable pay is capped depending on the category of beneficiary.
The CEO-GM and KMP of Poste Italiane may not receive one-off payments or other variable components other than as described in the Report on remuneration policy.
All the incentive schemes are linked to the achievement of predetermined levels of performance and subject to malus and clawback provisions, as described in the Report on remuneration policy.
Other items
In exceptional circumstances, newly hired personnel may receive specific awards, including a signing bonus (also in instalments).
In accordance with the Company’s policies, there are and it is possible to stipulate provisions/agreements governing aspects of termination of employment in line with the Company’s long-term strategies, values and interests (including therein any non-competition agreements).
The pay mix between fixed and variable component, balanced between the monetary and non-monetary component, is linked to the role held and the responsibilities assigned. In this regard, Poste Italiane uses a job evaluation framework for the various roles, certified periodically by an independent consulting firm.
Fixed components
Fixed remuneration reflects technical, professional and managerial skills.
Competitiveness, attractiveness, meritocracy and the assignment of greater responsibilities may lead to the recognition of adjustments to fixed remuneration.
Proposed adjustments to gross annual fixed pay follow a structured process, based on objective, non-discretionary criteria.
Fixed remuneration is also determined taking into account internal equity values and market benchmarks (as noted, the Company’s benchmarking is conducted with reference to market medians).
Certain non-monetary benefits are also provided in accordance with the applicable statutory requirements and in line with market practices.
Variable components
Variable remuneration is the incentive component directly linked to company and individual performance, according to a meritocratic approach that recognises and rewards results reached on the basis of predetermined, transparent, measurable and verifiable objectives.
Incentives linked to variable remuneration are paid at the end of an accurate verification process of the results actually achieved.
Variable remuneration is paid in the form of cash and financial instruments, over an annual and multi-year time horizon.
Variable pay is capped depending on the category of beneficiary.
The CEO-GM and KMP of Poste Italiane may not receive one-off payments or other variable components other than as described in the Report on remuneration policy.
All the incentive schemes are linked to the achievement of predetermined levels of performance and subject to malus and clawback provisions, as described in the Report on remuneration policy.
Other items
In exceptional circumstances, newly hired personnel may receive specific awards, including a signing bonus (also in instalments).
In accordance with the Company’s policies, there are and it is possible to stipulate provisions/agreements governing aspects of termination of employment in line with the Company’s long-term strategies, values and interests (including therein any non-competition agreements).
It should be noted that the Shareholders’ Meeting of May 8, 2023, in accordance with the decision procedure, shall determine the compensation pursuant to art. 2389, paragraph 1 of the Italian Civil Code. Furthermore, it should be noted that the Board of Directors appointed for the 2023-2025 term shall determine, in accordance with the decision procedure, the compensation pursuant to art. 2389, paragraph 3 of the Italian Civil Code, for the office of Chair of the Board of Directors.
Remuneration of the Chief Executive Officer and General Manager includes a fixed component, a short-term variable component and a long-term variable component.
From 2021, as resolved by the Shareholders’ Meeting of May 28, 2021, the maximum ratio of variable remuneration to fixed remuneration is 2:1, which is also expected to be maintained for 2023.
Note that the gross annual fixed remuneration for the 2020-2022 term is €1,255,000 and the total value of the incentives receivable under the schemes (both short and long-term) cannot exceed double the same fixed amount (maximum ratio 2:1).
The Board of Directors appointed for the 2023-2025 term shall determine, in accordance with the decision procedure, the compensation pursuant to art. 2389, paragraph 3 of the Italian Civil Code, for the office of Chief Executive Officer. Also on the recommendation of the Remuneration Committee, the Board of Directors shall resolve on the remuneration envisaged for the General Manager. It is understood that the Board of Directors may modify the compensation, if necessary, with respect to what was decided for the 2020-2022 term, also in consideration of specific market benchmarking.
Certain benefits are provided in accordance with the applicable statutory requirements and in line with market practices.
In light of these elements, the following chart shows the CEO-GM Pay Mix for 2023, assuming over-achievement of results. It also illustrates the mix between the short-term and long-term variable component, a specific focus on the timing of variable remuneration and a breakdown between the monetary and equity components:
From 2021, as resolved by the Shareholders’ Meeting of May 28, 2021, the maximum ratio of variable remuneration to fixed remuneration is 2:1, which is also expected to be maintained for 2023.
Note that the gross annual fixed remuneration for the 2020-2022 term is €1,255,000 and the total value of the incentives receivable under the schemes (both short and long-term) cannot exceed double the same fixed amount (maximum ratio 2:1).
The Board of Directors appointed for the 2023-2025 term shall determine, in accordance with the decision procedure, the compensation pursuant to art. 2389, paragraph 3 of the Italian Civil Code, for the office of Chief Executive Officer. Also on the recommendation of the Remuneration Committee, the Board of Directors shall resolve on the remuneration envisaged for the General Manager. It is understood that the Board of Directors may modify the compensation, if necessary, with respect to what was decided for the 2020-2022 term, also in consideration of specific market benchmarking.
Certain benefits are provided in accordance with the applicable statutory requirements and in line with market practices.
In light of these elements, the following chart shows the CEO-GM Pay Mix for 2023, assuming over-achievement of results. It also illustrates the mix between the short-term and long-term variable component, a specific focus on the timing of variable remuneration and a breakdown between the monetary and equity components:
CEO-GM PAY MIX IN CASE OF OVER-ACHIEVEMENT
This Pay Mix has been calculated on the basis of awards under the short and long-term incentive schemes thus, in the event of over-achievement, considering the entire value of the “2023-2025 Performance Share LTIP”.
The mix between the short-term and long-term variable component, assuming over-achievement of results, foresees prevalence of the latter over the short-term.
With respect to the timing of recognition of the newly defined variable remuneration for 2023, less than 10% may be paid in 2024 in the case of over-achievement performance, while more than 90% may be paid between 2025 and 2032.
Also with reference to variable remuneration, as shown in the last chart and again in case of over-achievement, almost 85% may be paid in the form of shares. It should be noted that, for prudential reasons, the BancoPosta’s RORAC was also included as a qualifying condition for the 2023 MBO short-term incentive scheme.
The mix between the short-term and long-term variable component, assuming over-achievement of results, foresees prevalence of the latter over the short-term.
With respect to the timing of recognition of the newly defined variable remuneration for 2023, less than 10% may be paid in 2024 in the case of over-achievement performance, while more than 90% may be paid between 2025 and 2032.
Also with reference to variable remuneration, as shown in the last chart and again in case of over-achievement, almost 85% may be paid in the form of shares. It should be noted that, for prudential reasons, the BancoPosta’s RORAC was also included as a qualifying condition for the 2023 MBO short-term incentive scheme.
VARIABLE REMUNERATION PAY-OUT FOR THE CEO-GM
The structure of the payout over time involves the award of variable remuneration over a total period through to 2032, including performance, deferral and retention periods. Each payment is subject to verification of BancoPosta RFC’s capital adequacy, liquidity and risk-adjusted profitability parameters.
It should be noted that, with reference to the five-year Deliver 2022 LTIP, whose performance period ended on December 31, 2022, following the proposal to convert a portion of the bonus vested in rights to receive Poste Italiane’s ordinary shares, in line with what is described in the Information Circular prepared pursuant to Article 114-bis of the CLF, submitted to the Shareholders’ Meeting of May 8, 2023, a retention period of up to two years is envisaged.
Furthermore, the Chief Executive Officer and General Manager receives the Share Ownership Guidelines.
It should be noted that, with reference to the five-year Deliver 2022 LTIP, whose performance period ended on December 31, 2022, following the proposal to convert a portion of the bonus vested in rights to receive Poste Italiane’s ordinary shares, in line with what is described in the Information Circular prepared pursuant to Article 114-bis of the CLF, submitted to the Shareholders’ Meeting of May 8, 2023, a retention period of up to two years is envisaged.
Furthermore, the Chief Executive Officer and General Manager receives the Share Ownership Guidelines.
CONDITIONS AND PERFORMANCE TARGETS OF VARIABLE REMUNERATION FOR THE CEO-GM
Application of Malus and Clawback mechanisms is envisaged for the up-front and deferred portions
On a general basis and for all the members of the Board of Directors, the Shareholders’ Meeting held on May 15, 2020 determined - based on a proposal submitted by the Ministry of the Economy and Finance - the compensation payable pursuant to art. 2389, paragraph 1 of the Italian Civil Code to members of the Board of Directors in office in the period 2020-2022. The 2023 Shareholders’ Meeting shall resolve, for the 2023-2025 term, the compensation pursuant to art. 2389 paragraph 1 of the Italian Civil Code, on the proposal of the reference shareholder.
The Board of Directors appointed for the 2023-2025 term shall determine, in accordance with the decision procedure, the compensation for participation by the Directors in the internal board Committees, as Chair or Member. It is understood that the Board of Directors may modify the compensation, if necessary, with respect to what was decided for the 2020-2022 term, also in consideration of specific market benchmarking.
The Board of Directors appointed for the 2023-2025 term shall determine, in accordance with the decision procedure, the compensation for participation by the Directors in the internal board Committees, as Chair or Member. It is understood that the Board of Directors may modify the compensation, if necessary, with respect to what was decided for the 2020-2022 term, also in consideration of specific market benchmarking.
The Statutory Auditors’ remuneration is in no way linked to Poste Italiane’s performance. The fees paid to Statutory Auditors consist solely of a fixed component, determined on the basis of the commitment required in order to carry out their duties.
The Shareholders’ Meeting held on May 27, 2022 appointed the Board of Statutory Auditors for the term of three years, with expiry as at the date of the meeting to be held to approve the financial statements for the year ended December 31, 2024. In the same meeting, the fees payable to the Chairperson and each standing Auditor of the Board were determined for each year in office, respectively equal to €80,000 and €70,000 respectively, in continuity with the previous term of office.
No attendance fees are payable for participation in meetings.
The Shareholders’ Meeting held on May 27, 2022 appointed the Board of Statutory Auditors for the term of three years, with expiry as at the date of the meeting to be held to approve the financial statements for the year ended December 31, 2024. In the same meeting, the fees payable to the Chairperson and each standing Auditor of the Board were determined for each year in office, respectively equal to €80,000 and €70,000 respectively, in continuity with the previous term of office.
No attendance fees are payable for participation in meetings.
The term Key Management Personnel, within the context of the Company, refers, in general, to the heads of the various functions reporting directly to the CEO-GM, as well as the Manager Responsible for Financial Reporting.
KMP with particular responsibilities are subject to remuneration policies in line with the related statutory requirements and the provisions of the Group’s Corporate Governance processes.
With reference to short-term incentives, payment is entirely up-front and in cash; for KMP subject to specific supervisory regulations on remuneration, bonus payments are deferred over 3-5 years partly in cash and partly in financial instruments.
With reference to long-term incentives, the payment is entirely in financial instruments and is subject to lock-up or deferral and retention periods consistent with the specific arrangements for regulated sectors.
The pay-out arrangements for BancoPosta RFC’s Material Risk Takers are described in detail in the “Guidelines for BancoPosta RFC’s remuneration and incentive policy for 2023”.
The incentive schemes for Key Management Personnel operating in regulated sectors are subject to specific regulatory requirements applicable to those sectors.
The performance targets for 2023 are linked to the objectives set in the Strategic Plan. As regards the variable short-term incentive “MBO”, the function-specific targets are intended to enhance the contribution of each function to the effective implementation of the Plan and may be planning, economic-financial, organisational and management efficiency targets.
The ESG targets represent objectives differentiated by function to be identified within the KPIs of the Group’s ESG strategy, summarised in 8 pillars, also on the basis of the results of the materiality analysis.
KMP with particular responsibilities are subject to remuneration policies in line with the related statutory requirements and the provisions of the Group’s Corporate Governance processes.
With reference to short-term incentives, payment is entirely up-front and in cash; for KMP subject to specific supervisory regulations on remuneration, bonus payments are deferred over 3-5 years partly in cash and partly in financial instruments.
With reference to long-term incentives, the payment is entirely in financial instruments and is subject to lock-up or deferral and retention periods consistent with the specific arrangements for regulated sectors.
The pay-out arrangements for BancoPosta RFC’s Material Risk Takers are described in detail in the “Guidelines for BancoPosta RFC’s remuneration and incentive policy for 2023”.
The incentive schemes for Key Management Personnel operating in regulated sectors are subject to specific regulatory requirements applicable to those sectors.
The performance targets for 2023 are linked to the objectives set in the Strategic Plan. As regards the variable short-term incentive “MBO”, the function-specific targets are intended to enhance the contribution of each function to the effective implementation of the Plan and may be planning, economic-financial, organisational and management efficiency targets.
The ESG targets represent objectives differentiated by function to be identified within the KPIs of the Group’s ESG strategy, summarised in 8 pillars, also on the basis of the results of the materiality analysis.
SUMMARY OF PERFORMANCE TARGETS OF THE SHORT-TERM AND LONG-TERM INCENTIVE SCHEMES 2023
Application of Clawback mechanism is envisaged.
BOARD OF DIRECTORS
|
Name and surname or |
Position |
Period |
Expiry |
Fixed |
Fee for |
Variable non-equity payments |
Benefits |
Other |
Total |
Fair Value |
Severance indemnity |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Bonus
|
Profit sharing |
|||||||||||
| (A) | (B) | (C) | (D) | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
| Maria Bianca Farina |
Chairwoman |
01/01/2022 - 12/31/2022 |
appr. 2022 fnancial statements | |||||||||
| (I) Remuneration from company preparing financial statements |
€480,000 | €7,555 | €487,555 | |||||||||
| (II) Remuneration from subsidiaries and associates |
||||||||||||
| (llI) Total | €480,000 | €7,555 | €487,555 | |||||||||
| Matteo Del Fante |
Chief Executive Offcer and General Manager |
01/01/2022 - 12/31/2022 |
appr. 2022 fnancial statements | |||||||||
| (I) Remuneration from company preparing financial statements |
€1,255,0001 | €344,250 |
€8,382 |
€1,607,632 |
€876,736 |
|||||||
| (II) Remuneration from subsidiaries and associates |
||||||||||||
| (llI) Total | €1,255,000 | €344,250 | €8,382 | €1,607,632 | €876,736 | |||||||
| Notes: 1 Of which €490,000 as Chief Executive Officer (consisting of €40,000 in remuneration determined by the General Meeting of shareholders in accordance with art. 2389, paragraph 1 of the Italian Civil Code and €450,000 in remuneration in accordance with art. 2389, paragraph 3 of the Italian Civil Code) and €765,000 as General Manager. | ||||||||||||
| 3. Giovanni Azzone |
Director |
01/01/2022 - 12/31/2022 |
appr. 2022 fnancial statements | |||||||||
| (I) Remuneration from company preparing financial statements |
€40,000 | €49,4961 | €513 | €90,009 | ||||||||
| (II) Remuneration from subsidiaries and associates |
||||||||||||
| (llI) Total | €40,000 | €49,496 | €513 | €90,009 | ||||||||
| Notes: 1 Of which € 25,000 for the office of Chairman of the Remuneration Committee, €24,496 as member (from 01/01/2022 to 01/26/2022) and then as Chairperson (from 01/27/2022 to 12/31/22) of the Appointments and Corporate Governance Committee. | ||||||||||||
| 4. Bernardo De Stasio | Director |
01/01/2022 - 12/31/2022 |
appr. 2022 fnancial statements | |||||||||
| (I) Remuneration from company preparing financial statements |
€40,000 | €70,5341 | €110,534 | |||||||||
| (II) Remuneration from subsidiaries and associates |
||||||||||||
| (llI) Total | €40,000 | €70,534 | €110,534 | |||||||||
| Notes: 1 Of which: €35,000 as Chairperson of the Control and Risk Committee, €17,500 for participation in the Related and Connected Parties Committee and €18,034 as Chairperson (from 01/01/2022 to 01/26/2022) and then member (from 01/27/2022 to 12/31/22) of the Appointments and Corporate Governance Committee. | ||||||||||||
| 5. Daniela Favrin | Director |
01/01/2022 - 12/31/2022
|
appr. 2022 fnancial statements | |||||||||
| (I) Remuneration from company preparing financial statements |
€40,000 | €42,5001 | €513 | €83,013 | ||||||||
| (II) Remuneration from subsidiaries and associates |
||||||||||||
| (llI) Total | €40,000 | €42,500 | €513 | €83,013 | ||||||||
| Notes: 1 Of which € 25,000 for the office of Chairman of the Sustainability Committee and € 17,500 for membership in the Remuneration Committee. | ||||||||||||
| 6. Davide Iacovoni | Director | 01/01/2022 - 12/31/2022 |
appr. 2022 fnancial statements | |||||||||
| (I) Remuneration from company preparing financial statements |
€40,000 | €42,5001 | €82,5002 | |||||||||
| (II) Remuneration from subsidiaries and associates |
||||||||||||
| (llI) Total | €40,000 | €42,500 | €82,500 | |||||||||
| Notes: 1 Of which €25,000 for membership in the Control and Risk Committee and €17,500 for membership in the Sustainability Committee. 2 Paid to employer |
||||||||||||
| 7. Mimi Kung |
Director | 01/01/2022 - 12/31/2022 |
appr. 2022 fnancial statements | |||||||||
| (I) Remuneration from company preparing financial statements |
€40,000 | €35,0001 | €513 | €75,513 | ||||||||
| (II) Remuneration from subsidiaries and associates |
||||||||||||
| (llI) Total | €40,000 | €35,000 | €513 | €75,513 | ||||||||
| Notes: 1 Of which €17,500 for membership in the Appointments and Corporate Governance Committee and €17,500 for membership in the Related and Connected Parties Committee. | ||||||||||||
| 8. Elisabetta Lunati | Director | 01/01/2022 - 12/31/2022 |
appr. 2022 fnancial statements | |||||||||
| (I) Remuneration from company preparing financial statements |
€40,000 | €42,5001 | €82,500 | |||||||||
| (II) Remuneration from subsidiaries and associates |
||||||||||||
| (llI) Total | €40,000 | €42,500 | €82,500 | |||||||||
| Notes: 1 Of which €25,000 for the offce of Chairperson of the Related and Connected Parties Committee and €17,500 for membership in the Remuneration Committee. | ||||||||||||
| 9. Roberto Rossi |
Director | 01/01/2022 - 12/31/2022 |
appr. 2022 fnancial statements | |||||||||
| (I) Remuneration from company preparing financial statements |
€40,000 | €42,5001 | €82,500 | |||||||||
| (II) Remuneration from subsidiaries and associates |
||||||||||||
| (llI) Total | €40,000 | €42,500 | €82,500 | |||||||||
| Notes: 1 Of which €25,000 for membership in the Control and Risk Committee and €17,500 for membership in the Sustainability Committee. | ||||||||||||
BOARD OF STATUTORY AUDITORS
|
Name and surname or |
Position |
Period |
Expiry |
Fixed |
Fee for |
Variable non-equity payments |
Benefits |
Other |
Total |
Fair Value |
Severance indemnity |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Bonus
|
Profit sharing |
|||||||||||
| (A) | (B) | (C) | (D) | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
| 1. Mauro Lonardo |
Chairperson of the Board of Statutory Auditors |
01/01/2022 - 12/31/2022 |
appr. 2024 financial statements |
|||||||||
| (I) Remuneration from company preparing financial tatements |
€80,000 | €80,000 | ||||||||||
| (II) Remuneration from subsidiaries and associates |
||||||||||||
| (llI) Total | €80,000 | €80,000 | ||||||||||
| 2. Anna Rosa Adiutori |
Standing Auditor |
01/01/2022 - 05/27/2022 |
appr. 2021 financial statements |
|||||||||
| (I) Remuneration from company preparing financial tatements |
€28,192 | €28,192 | ||||||||||
| (II) Remuneration from subsidiaries and associates |
||||||||||||
| (llI) Total | €28,192 | €28,192 | ||||||||||
| 3. Luigi Borrè |
Standing Auditor |
01/01/2022 - 05/27/2022 |
appr. 2021 financial statements |
|||||||||
| (I) Remuneration from company preparing financial tatements |
€28,192 | €28,192 | ||||||||||
| (II) Remuneration from subsidiaries and associates |
||||||||||||
| (llI) Total | €28,192 | €28,192 | ||||||||||
| 4. Gianluigi Fiorendi |
Standing Auditor |
05/28/2022 - 12/31/2022 |
appr. 2024 financial statements |
|||||||||
| (I) Remuneration from company preparing financial tatements |
€41,600 | €41,600 | ||||||||||
| (II) Remuneration from subsidiaries and associates |
||||||||||||
| (llI) Total | €41,600 | €41,600 | ||||||||||
| 5. Serena Gatteschi |
Standing Auditor |
05/28/2022 - 12/31/2022 |
appr. 2024 financial statements |
|||||||||
| (I) Remuneration from company preparing financial tatements |
€41,600 | €41,600 | ||||||||||
| (II) Remuneration from subsidiaries and associates |
||||||||||||
| (llI) Total | €41,600 | €41,600 | ||||||||||
KEY MANAGEMENT PERSONNEL
|
Name and surname or |
Position |
Period |
Expiry |
Fixed |
Fee for |
Variable non-equity payments |
Benefits |
Other |
Total |
Fair Value |
Severance indemnity |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Bonus
|
Profit sharing |
|||||||||||
| (A) | (B) | (C) | (D) | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
| Key management personnel (13 resources1) |
||||||||||||
| (I) Remuneration from company preparing financial statements |
€5,072,909
|
€3,433,426
|
€150,084
|
€8,656,418
|
€1,798,904
|
|||||||
| (II) Remuneration from subsidiaries and associates | 2 | 3 | 4 | |||||||||
| (llI) Total |
€5,072,909
|
€3,433,426
|
€150,084
|
€8,656,418
|
€1,798,904
|
|||||||
| Notes: 1 There is no requirement, under existing regulations, for disclosure on an individual basis, given that in 2022, none of the Key Management Personnel received higher total compensation than the CEO-GM. 2 Remuneration payable for the role of Director and for specific positions held in Group companies, approved in accordance with art. 2389 of the Italian Civil Code, amounting to a total of €837,449, is paid entirely to Poste Italiane SpA. 3 Remuneration payable for participation in the Board committees of the Group companies, amounting to a total of €11,860, is paid entirely to Poste Italiane SpA. 4 Remuneration payable for the role of Director and for specific positions held in Group companies, approved in accordance with art. 2389 of the Italian Civil Code, amounting to a total of €326,657, is paid entirely to Poste Italiane SpA. |
||||||||||||
The amounts included in the tables are computed on an accruals basis in respect of fixed remuneration and the short-term incentive scheme (“MBO”). The variable pay shown in the tables is based on an estimate of the amount payable at the time of preparing this document, whilst awaiting approval of the Company’s financial statements by the Shareholders’ Meeting.
Last update: May 8, 2023
- Remuneration Highlights 2023
- Report on the 2023 remuneration policy and on the amounts paid in 2022
- Equity-based incentive plans
- Remuneration Highlights 2022
- Report on the 2022 remuneration policy and on the amounts paid in 2021
- Equity-based incentive plans
- Remuneration Highlights 2021
- Report on the 2021 remuneration policy and on the amounts paid in 2020
- Equity-based incentive plans
- Remuneration Highlights 2020
- Report on the 2020 remuneration policy and on the amounts paid in 2019
- Information document on Equity-based incentive plan
- Remuneration report 2019
- Information circular 2019 on Equity-based incentive plans
- Remuneration report 2018
- Incentive plan, based upon financial instruments, addressed to the material Risk Takers of BancoPosta’s Ring-Fenced Capital
- Remuneration report 2017
- Remuneration report 2016
- Information document related to the LTI plan 2016-2018
- Information Circular related to the STI plan 2017 for BancoPosta’s MRT
