The Group's mission is to create constant value for our stakeholders over time; this is possible thanks to a careful system of governance and its remuneration policy which is one of the levers that, when used responsibly, contributes to the improvement of business performance in the medium-long term.
To enable this, it was considered essential to establish a remuneration policy designed to attract, motivate and retain the resources qualified in helping to achieve the objectives of the Group by aligning the interests of management with those of shareholders. Human resources is the core capital of the Group and is precisely the reason why, over the years, in line with its mission and by attention to its corporate values, the management of this wealth has acquired an increasingly strategic role.
With this in mind the remuneration policy wants to push every manager to align himself with the corporate objectives with a view to the medium-long term, discouraging short-term results which involve excessive risk-taking at the detriment of a long-term vision.
The reference principles underlying the performance evaluation system for managers are contained in an annual incentive plan based on the balanced scorecard system (reserved for executives and managers, department managers) which is reviewed annually. The establishment of a coherently managed merit system which adheres to evaluation parameters enables you to give clear and effective feedback on individual contributions as well as providing a significant motivational tool. The system is based on three levers:
- The enhancement of the contribution of the individual and of his professionalism, while recognising his experience and appreciating his skills, but always in line with that of the team which he is part of, and evaluating his improvement, which must be constant and incremental over time.
- The empowerment of employees on individual and team results;
- An evaluation system alongside qualitative criteria built on objective parameters, as these are reliable indicators during (half-yearly) reviews.
Evaluation of remuneration policies
As for the remuneration of directors and top executives, the Board of Directors has established a Remuneration Committee to which It has entrusted, in accordance with the provisions of the Code, the task of formulating proposals and recommendations on the remuneration of CEOs, other directors who hold particular offices and key management personnel and to periodically assess the adequacy, overall consistency and concrete application of the general policy adopted for remuneration.