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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 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.


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.  

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;
  • Heads of Italy, Germany, Central Europe, Eastern Europe and Client Solutions, Digital & Information Officer and Group Operating Officer;
  • CEO and General Managers of Group Legal Entities;
  • Personnel belonging to Business Divisions (e.g. Client Solutions, Commercial 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.


It is proposed to the 2023 Annual General Meeting to restore, from 2023 onwards, the wider application of the 2:1 ratio between variable and fixed compensation to the whole population, excluding the Corporate Control Functions and other Functions for which a more stringent regulatory cap applies.



Updated on 01 March 2023.