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Remuneration

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Our compensation approach is consolidated over time under the group governance, to be compliant with the most recent national and international regulatory requirements. Our approach is connected to performance, market awareness and to be aligned with business strategy and shareholders' interests.

 

Our Remuneration Policy is a key element to attract, retain and motivate a highly qualified global workforce capable of creating a competitive advantage and to reward those who reflect our ethical standards in conducting business in a sustainable way.

 

Our set of values is based on ethics and respect as sustainable conditions to transform profit into value for our stakeholders. A simple guiding principle ensures we live these values every day: do the right thing!

 

In this context, the compensation strategy represents a key enabler to enhance and protect our reputation and to create value, favoring long-term sustainable results over short-term solutions.

 

Through appropriate compensation mechanisms, we aim to create a best in class and inclusive work environment, fostering and unlocking individual potential.  

 

 

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Key Pillars

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Compensation approach and framework

 

Our total compensation approach provides for a balanced package of fixed and variable, monetary and non-monetary elements, each designed to impact in a specific manner the motivation and retention of employees. In line with the applicable regulations, particular attention is paid to avoid incentive elements in variable compensation which may induce behaviors not aligned with the company's sustainable business results and risk appetite.

 

Ratio between variable and fixed compensation

 

In compliance with applicable regulations, for the personnel belonging to the business functions, a maximum ratio between variable and fixed remuneration of 2:1 is adopted.

Positions entitled to a variable to fixed ratio of potentially up to a maximum of 2:1 are:

  • Group Chief Executive Officer;
  • Group Heads and Deputies of Commercial Banking, Corporate and Investment Banking, Chief Operating Office function, Finance & Controls function;
  • CEO and General Managers of Group Legal Entities;
  • Personnel belonging to Business Divisions (e.g. Commercial Banking, Corporate and Investment Banking), excluding control or support roles.

 

For the rest of the staff a maximum ratio between the components of remuneration equal to 1:1 is usually adopted, except for the staff of the Corporate Control Functions, for Human Resources and the Manager in Charge of Drafting the Company Financial Reports for which it is expected that fixed remuneration is a predominant component of total remuneration.

 

 

Updated on 24 August 2020.