Policy for the compensation of executive company officers
On proposal of the Board of Directors, the shareholders of the General Meeting of June 13th 2017 approved:
- the discontinuation of the variable component of compensation for the Chairman without altering the amount of his total compensation package: €500,000 per year.
- taking into account both internal and external comparatives, a raise of the fixed component of the Chief Executive Officer’s compensation to €500,000, effective 1 January 2017.
- an effect a shift in the balance between the fixed and variable components of the Chief Executive Officer’s compensation. The Chief Executive Officer’s variable compensation will be raised to 60% of his annual fixed compensation should the objectives be met and its upper limit to 100% in the event of particularly remarkable performance.
- the granting of annual variable compensation is based:
- on two-thirds of its amount on the achievement of the quantifiable objectives
- on one-third on the achievement of one or more qualitative objectives.
The Policy for the 2017 compensation of executive company officers is presented in detail in Chapter 2 of the Registration Document (pages 78 and 79).