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General Remuneration Policy In accordance with regulation on remuneration, the Board of Directors approved the “General Remuneration Policy” on 22 December 2011, and subsequently updated it on 20 March 2013 and 4 August 2015. This Policy, applied from the date of approval by the Board, was fully implemented from 2012 following the appointment of the new management bodies.
Purpose attracts, motivates and increases the loyalty of
The policy defines the criteria and guidelines to fix the remuneration of: (i) members of the Board of Directors, (ii) members of the Board of Statutory Auditors, (iii) executives with strategic responsibilities. For more details on the above policy, see the complete text on the Company’s website.
aligns the interests of management and
SHAREHOLDERS
PERSONS
with appropriate professional expertise
See also the Remuneration Report for specific information on remuneration earned and paid out in 2015.
favours, in the medium/long term, the creation of
SUSTAINABLE VALUE for shareholders
BODIES INVOLVED IN THE APPROVAL PROCESS Fixed component On the proposal of the Board of Directors and having heard the opinion of the Remuneration and Nomination Committee, the Shareholders’ Meeting determines a total maximum amount including a fixed amount and attendance fees, for:
On the proposal of the Remuneration and Nomination Committee and subject to the opinion of the Board of Statutory Auditors, the Board of Directors determines, within the amount indicated above, additional remuneration for:
• All members of the Board of Directors
• Directors vested with special powers
Board of Directors
Remuneration and Nomination Committee
Remuneration and Nomination Committee
Board of Statutory Auditors
BoD
Share holders’ Meeting
Key
Decision-making body
proposing body
advisory body