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Incentive systems

Variable incentives aim to remunerate achievements by directly linking pay to performance outcomes in the short and long term.


To strengthen the alignment of shareholders' interest and the interests of management and employees, performance measurement reflects the actual results of the Company overall, the business unit of reference and, of course, the individual.

Incentive System for Group Identified Staff

Group Incentive Systems are considered critical components of the 'sustainable pay for sustainable performance' approach that supports our business mission over time and maintains full alignment with the latest national and international regulatory requirements.
With particular reference to the Identified Staff, common and homogeneous compensation guidelines are defined at Group level. Recognizing the accountability of our leaders for Group business performance, incentives take into account overall risk and value-added capital allocation, do not induce risk-taking in excess of the Group risk appetite, and reflect the impact of business units' returns on the overall value of related business groups, the organization as a whole.
The Group Incentive System is offered to the Group Identified Staff and is based on a bonus pool approach which takes into consideration most recent national and international regulatory requirements and directly links bonuses with company results at Group and Country/Division level, further ensuring link between profitability, risk and reward. Performance indicators and risk metrics are selected to reflect our Group Risk Appetite and define comprehensive risk-adjusted performance conditions. The system provides for a balanced structure of upfront (following the moment of performance evaluation) and deferred payments, in cash and/or shares, to be paid over a period of up to 6 years.

In the Group Compensation Policy you can find further reference to the features of the Incentive Systems for Group Identified Staff, including details for Identified Staff belonging to Company Control Functions. The Policy also provides the catalogue of goals and guidelines used for performance measurement and evaluation (so-called "KPI Bluebook") and makes reference to incentive systems designed for the general employee population considering market local practices. 

Consob Disclosure Documents

Information on the assignment of financial instruments to corporate officers, employees and collaborators pursuant to the provisions set forth in Article 114-bis of Legislative Decree no. 58 of February 24,1998, as well as to the provisions of the Issuer Regulation adopted by Consob with resolution no. 11971 of May 14, 1999.

Updated on 09 March 2020.