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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, the adoption of a maximum ratio between variable and fixed remuneration of 2:1 as approved by the Shareholders' Meeting held on March 31, 2023, also applies in 2024 for the whole population, excluding Corporate Control Functions (Audit, Risk, Complaince), People & Culture and Manager in charge of drafting financial reports as per Bank of Italy provisions (Bank of Italy Circular 285).


The Executives with Strategic Responsibilities entitled to a variable to fixed ratio of potentially up to a maximum of 2:1 are:

  • Group Chief Executive Officer;
  • Head of Italy, Head of Germany, Group Head of Central Europe and Eastern Europe, Head of Client Solutions, Digital & Information Officer, Group Chief Operating Officer, Chief Finance Officer, Group Legal Officer.

For the rest of the staff belonging to the Corporate Control Functions, People & Culture and Manager in charge of drafting financial reports for which it is expected that fixed remuneration is a predominant component of total remuneration, a stricter regulatory cap applies.



Updated on 12 March 2024.