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Directors and Auditors compensation
Compensation to non-executive directors and statutory auditors
The remuneration of non-executive directors and members of the Board of Statutory Auditors of UniCredit:
- is represented only by a fixed component
- determined on the basis of the importance of the position and the time required for the performance of the tasks assigned.
The compensation paid to non-Executive Directors and Statutory Auditors is not linked to the economic results achieved by the Group and they do not take part in any incentive plans based on stock options or, generally, based on financial instruments.
Chief Executive Officer compensation
The Chief Executive Officer is the only executive director on the Board and an employee of the company.
Fixed compensation
With reference to 2020, the Chief Executive Officer proposed to reduce his salary by 25 per cent, equivalent to 300,000 Euro. The fixed remuneration of the Chief Executive Officer, including the remuneration from employment as General Manager and net of the attendance fees for the participation to Committee meetings, in 2020 was equal to 885,000 Euro.
Variable compensation
The CEO variable remuneration in 2020 was impacted by his decisions linked to the pandemic as well as by the year-end events regarding his continuation in the role.
In particular, the CEO decided to waive his full variable 2020 LTIP, equivalent to a maximum of 2.4 million Euro to sustain the health emergency.
Later in the year, on November 30, 2020, Jean Pierre Mustier announced that he would have retired from his role as Chief Executive Officer at the end of his mandate. While defining the exit conditions, it was agreed that he will maintain the variable remuneration deriving from the 2017-2019 Long Term Incentive Plan, corresponding to 486,391 UniCredit shares and subject to malus and claw-back conditions, as legally enforceable. With regards instead to the 2020-2023 Long Term Incentive Plan, Mr. Mustier does not maintain any entitlement.
Compensation paid for the year 2020
The Annex 1 to 2021 Group Remuneration Policy and Report contains the compensation paid to members of the administrative and auditing bodies.