5.8 Staff commitment, engagement and satisfaction

by the company. The pension schemes are external to and legally independent from the Group. The performance of the pension scheme depends on the management results of the amounts paid in and the investment product chosen, where possible, based on the beneficiary’s risk appetite. No discretionary pension benefits are provided.

Healthcare scheme: this scheme covers healthcare, dental and preventative medicine expenses for staff members and their family. An extensive network of doctors and dentists who are part of the scheme enables beneficiaries to have direct access to services without having to pay in advance and providing significant financial benefits.

Accident insurance policy, Policy covering permanent disability as a result of illness, Life insurance

policy, and Long-term care insurance policy: the former two of these guarantee coverage to staff in the event of their having accidents, either work- or non-work-related, and/or in the case of invalidity deriving from illness; while the latter two entitle claimants to a guaranteed capital sum in the event of an employee’s death, and pay out an annuity in the event of permanent incapacitation. The performances are defined by the terms and conditions entered into with the insurer when the contract is.

Company welfare/flexible benefit systems: these have been instituted for all staff or like-for-like categories of staff, as provided by the applicable tax legislation28 and regulations in force. Such systems involve the provision of non-cash services and instruments (e.g. training activities, study and education courses, welfare services, etc.), which Group companies make available to their staff and families, with the possibility of paying any amounts unused to the complementary pension scheme. Production and/or result bonuses provided for under complementary company contracts may be used to this end, or other amounts earmarked for the welfare of similar categories of employee and according to marginality criteria relative to the capacity to pay principle. The objective is to: expand the range of welfare initiatives offered contractually, in order to provide increased benefit to staff members and their families by enabling them to access specific products and services which can be tailored to their specific requirements; offer increased protection for public welfare provision; and obtain improved purchasing power for overall remuneration, through relief on tax and social security contributions permitted by law.

Company cars: these are assigned only to the highest professional figures or those with commercial roles. The range of cars available is notable for the number of hybrid and/or electric vehicles on offer, continuously updated, in accordance with environmental sustainability criteria.

5.8 Staff commitment, engagement and satisfaction

[GRI 102-43], [GRI 102-44]

In FY 2021-22 the Group, with the support of a leading market research company, conducted its third staff engagement analysis with the main objective of gauging staff satisfaction levels.29

Some changes were made to the methods for engagement compared to previous versions of the

28. In Italy the applicable regulations are provided in Article 51, paragraphs 2 and 3 of the Italian Income Tax Act, as amended by the 2016 Stability Law as amended.

Changes have been made to the taxation of income earned from employment, by increasing the options and instances of sums and value items that do not go to make up income, and for this reason were considered by the Italian legislator to require protection. These changes have made it easier for companies to introduce their own welfare schemes, i.e. plans which make a basket of solutions available to beneficiaries out of those which meet their own needs and those of their family most closely. 29. The two previous surveys were conducted in 2017 and 2019.

exercise:

Scope of reference: the survey was carried out simultaneously in Mediobanca, Compass, CheBanca!, MIS and MBCredit Solutions, with the aim of providing an overview of the bill of health of staff working for the main Group legal entities;

Questions: some questions were revised to factor in changes in the company’s ownership structure, post-pandemic effects on the emotional as well as physical welfare of our staff, changes in the corporate population’s needs as a result of the new ways of working, and gender issues within the Group as a whole.

The response rate was once again good, at 76% (compared with 77% in 2019), with a total of 859 respondents out of a population of 1,132 employees (versus 765 respondents in 2019 out of a population of 991 employees).

The level of staff satisfaction, which serves as the baseline indicator, increased from 83% in 2019 to 85% in 2021, positioning Mediobanca among the highest levels recorded on the market.

Once again our staff’s view of their employer was very positive in terms of brand reputation and opinion of senior management.

Of the respondents, 70% said they felt they worked in a collaborative environment where staff welfare and engagement were promoted; the most enthusiastic were those working in investment banking, who said they felt fully satisfied in all aspects concerning their profession, and that working for Mediobanca is an excellent opportunity to build a better life for themselves.

The exercise was also useful for identifying areas for further work in the course of the next two years, foremost among which is the issue of gender diversity. Although the Group is perceived as an open workplace where discrimination is not tolerated and where people feel they are valued (as emerged from a survey on inclusion carried out in March 2021), the most recent engagement analysis revealed significant differences in how men and women perceive Mediobanca, which is why measures have been introduced to raise awareness and develop female talent, which is one of the priority objectives of the toDEI programme.