Remuneration

Directors’ fees are fixed by the Board of Directors, upon the proposal of the Remuneration Committee and following the opinion of the Board of Auditors, in compliance with the resolutions reached by the Shareholders’ Meeting at the moment of their appointment.

The Shareholders’ Meeting held on 24 April 2015, which appointed the Board of Directors in office, fixed the directors’ fees for a total amount up to a maximum limit of Euro 4,000,000.00 for each single financial year of their office, including the executive directors’ fees and the fees of any further director having any particular offices, excluding the calculation of the variable component of the executive directors’ fees, requested to the Board of Directors.

 

Statutory Auditors’ fees are fixed by the Shareholders’ Meeting at the moment of their appointment.  For the Board of Statutory Auditors in office, there is a Euro 64,000.00 fixed annual fee for the Chairperson and a Euro 48,000.00 fixed annual fee for each single standing statutory auditor.