Directors' remuneration

Directors' remuneration is determined, for each financial year, by the Ordinary General Shareholders'Meeting called to approve year-end financial statements. The Shareholders' Meeting also determines the fee for the independent directors called to serve on the Nominations and Remuneration Committee or of the Control and Risk Committee.
2020 Remuneration Report
Pursuant to Article 123-ter of Legislative Decree no. 58 dated 24 February 1998
(published on March 30, 2020)
2020 Ordinary and extraordinary Shareholders' meeting

2020 Remuneration Policy Guidelines


Fixed Remuneration
Enhances the responsibilities, the skills and the contribution demanded by the position. Ensures attraction and retention through continuous market benchmarking.
Remunerates the activity carried out in the event that the variable component is not paid out.
 

Executive Deputy Chairman
 		 Chief Financial Officer

Both roles receive an annual compensation, as members of the Board of Directors, and an annual remuneration for their role as
Executive Directors.

The amount of remuneration is determined through a benchmark of the posts held by them within a peer group consisting of FTSE
MIB and MID CAP companies in the industrial sector comparable to ERG in terms of capitalisation, shareholder structure, distribution of powers and complexity.
 
General Manager 
Other Executives with Strategic Responsibilities
 

Annual earnings, from employment.
The benchmark is carried out on the basis of a sample made up
of companies that operate on the Italian market in non-financial
markets.
 		 Annual earnings, from employment.
The benchmark is carried out on the basis of salary surveys for
executive roles in companies that operate on the Italian market.

Short-term variable remuneration (MBO)
Aimed at the achievement of economic, financial and strategic targets, predetermined, measurable and in line with the budget.
 

Executive Deputy Chairman
 		 Chief Executive Officer
Not envisaged

Not envisaged
General Manager
Other Executives with Strategic Responsibilities
 

MBO System: 100% cash
Sustainability Clause2: ON/OFF Company target
Clawback Clause: exercisabile within 3 years

Company Target 30% EBT
Target score <50% nothing is owed
Target score >150% 150% of the target bonus is owed

Personal Target 70% targets (Economic, Operational,
Financial, Business development and/or specific projects)
Target score <80% nothing is owed
Target score >120% 120% of the target
bonus is owed
 		 MBO System: 100% cash
Sustainability Clause2: ON/OFF Company target
Clawback Clause: exercisabile within 3 years

Company Target 30% EBT
Target score <50% nothing is owed
Target score >150% 150% of the target bonus is owed

Personal Target 70% targets (Economic, Operational,
Financial, Business development and/or specific projects)
Target score <80% nothing is owed
Target score >120% 120% of the target
bonus is owed

Long-Term Variable Remuneration (LTI)

Aimed at aligning the interests of the beneficiaries with the pursuit of the priority objective of the creation of sustainable value for the shareholders over the medium/long term. Contributes to the strategy of ensuring the Company's sustainability over time, incentivising management to achieve strategic results, consistent with the specific objectives of the 2018-2022 Business Plan, with the prospect of sustainable success.
 

Executive Deputy Chairman3
 		 Chief Executive Officer3 General Manager  Other Executives with strategic
responsibilities

2018–2020 Performance Share System
Performance indicator ON/OFF: 90% expected cumulated EBITDA for three-year period 2018-20204
Clawback clause: exercisable within 3 years
Single awarding at plan inception, with three-year vesting.

At the end of the plan
p/sh ERG < EUR 16 p/sh ("Target Price"): Shares assigned = 100% Shares allocated
p/sh ERG > EUR 21 p/sh ("Cap Price"): Shares assigned = 200% Shares allocated
p/sh ERG <> between Target Price and Cap Price: Shares allocated following a linear incentive strategy.
 
1 The variable component assigned to the Chief Audit Officer is linked to objectives that do not depend on financial performance indicators. These objectives are formalised in the annual audit plan and are linked to the degree of efficiency and effectiveness of the audit activities.
2 The variable remuneration referred to the company target will not be paid out, for the reference year, regardless of the corporate performances recorded, if there is a fatal accident involving a Group employee or an accident causing a level of permanent disability greater or equal to 46%.
3 As Executive Directors with a strategic importance for the purposes of the achievement of the 2018-2022 Business Plan.
4 Press release issued on 8 March 2018 in the context of the presentation to the Market of the 2018-2022 Business Plan.
 
5 The weight of the total variable component, made up of the short-term incentive (MBO System) and the long-term incentive (LTI System) for remuneration, on an annual basis, may vary between 45% and 50% of the target total remuneration depending on the strategic relevance of the role for the purposes of achieving the 2018-2022 Business Plan.

Non-monetary benefits
In a Total Reward approach, the compensation package is integrated with benefits, mainly in the form of pension and social security.
 
Executive Deputy Chairman Chief Executive Officer General Manager
Other Executives with strategic
responsibilities
 

Medical assistance and insurance coverage against the
risk of death and disability (which are subtracted from the
annual compensation)
Company car for mixed use
 		 Medical assistance
Insurance policies for the risk of death and disability
Company car for mixed use


SUSTAINABILITY INDICATORS

ERG believes that the full compatibility of its activities with the health and safety of the workers and the safeguard of communities, natural resources and the environment is an essential requirement to make its plants and operations acceptable and to achieve its growth objectives.

Therefore, ERG is committed to ensuring that all Companies of the ERG Group operate with the highest respect for the health and safety of employees and third parties, as well as for the environment, defined in its broadest sense6.
Consistently with the provisions of the Code of Ethics of the ERG Group, a sustainability clause based on workplace accidents has been added to the MBO System.

Sustainability clause

In the MBO System, the variable remuneration referred to the company target will not be paid out, for the reference year, regardless of the corporate performance recorded, if there is a fatal accident involving a Group employee or an accident causing a level of permanent disability greater or equal to 46%.

2019: ON
The accidents occurred in 2019 resulted in a residual disability level equal to or less than 3%.

Sustainability Clause_ENG
 
6 Code of Ethics of the ERG Group, 2018 version.
7 No. accidents*1,000,000/worked hours.
8 No. days lost*1,000/worked hours.
PAY FOR PERFORMANCE

In the last two years, ERG has rewarded its shareholders with total dividends of approximately EUR 284 million (including a non-recurring component of approx. EUR 60 million) and a share performance of 27.5%, almost 22 points higher than the FTSE All Share average.
 
Source: ERG 2020 Report on the policy regarding remuneration and fees paid
  • Compensation paid in 2019
    The following tables set out details of the remuneration paid during the year in question, at any title and in any form, by the Company and by subsidiary and associated companies.

    Table 1. Fees paid to the members of the Board of Directors, general managers and other executives with strategic responsibilities
     

    (A)

    (B)

    (C)

    (D)

    (1)

    		  

    (2)

    		  

    (3)

    (4)

    (5)

    (6)

    (7)

    (8)

    		  

    Name and surname

    Office

    Period for which office was held

    Termination of office

    Fixed fees

    Fees for participation in committees

    Variable non-equity fees

    Non-monetary benefits

    Other fees

    Total

    Fair Value of equity fees*

    Severance indemnities for end of office or termination of employment

    Bonus and other incentives

    Share of profit
                                     

    Edoardo Garrone

    Chairman

    01.01.2019 - 31.12.2019

    04.2021

    		                          

    (I) Fees in the company preparing
    the financial statements (ERG S.p.A.)

     846,478  

    		  

    -

    		  

    -

    		  

    -

     13,522  

    -

     860,000  

    -

    -

    		  

    (II) Fees from subsidiaries
    and associated companies

     -  

    		  

    -

    		  

    -

    		  

    -

     -  

    -

     -  

    -

    -

    		  

    (III) Total

     846,478  

    		  

    -

    		  

    -

    		  

    -

     13,522  

    -

     860,000  

    -

    -

    		  
                   

    -

    		                

    Alessandro Garrone

    Executive Deputy Chairman

    01.01.2019 - 31.12.2019

    04.2021

    		                          

    (I) Fees in the company
    preparing the financial statements (ERG S.p.A.)

    1,186,600  

    		  

    -

     

    -

    		  

    -

    16,716  

    -

    1,203,316  

    432,628

    -

    		  

    (II) Fees from subsidiaries and associated companies

    -  

     

    -

     

    -

    		  

    -

    -  

    -

    -  

    -

    -

    		  

    (III) Total

    1,186,600  

    		  

    -

     

    -

    		  

    -

    16,716  

    -

    1,203,316  

    432,628

    -

    		  
                                     

    Giovanni Mondini

    Deputy Chairman

    01.01.2019 - 31.12.2019

    04.2021

    		                          

    (I) Fees in the company
    preparing the financial statements (ERG S.p.A.)

    348,231  

    		  

    -

     

    -

     

    -

    15,590  

    -

    363,821  

    -

    -

    		  

    (II) Fees from subsidiaries and associated companies

    -  

    		  

    -

     

    -

     

    -

    -  

    -

    -  

    -

    -

    		  

    (III) Total

    348,231  

    		  

    -

     

    -

     

    -

    15,590  

    -

    363,821  

    -

    -

    		  
                                     

    Luca

    Bettonte

    Chief Executive Officer

    01.01.2019 - 31.12.2019

    04.2021

    		                          

    (I) Fees in the company
    preparing the financial statements (ERG S.p.A.)

    1,488,162  

    		  

    -

     

    -

     

    -

    33,736  

    -

    1,521,899  

    1,175,198

    525,000

    (1)

    (II) Fees from subsidiaries and associated companies

    -  

    		  

    -

     

    -

     

    -

    -  

    -

    -  

    -

    -

    		  

    (III) Total

    1,488,162  

    		  

    -

     

    -

     

    -

    33,736  

    -

    1,521,899  

    1,175,198

    525,000

    		  
                                     

    Massimo Belcredi

    Director

    01.01.2019 - 31.12.2019

    04.2021

    		                          

    (I) Fees in the company
    preparing the financial statements (ERG S.p.A.)

    65,010  

    		  

    45,000  

    (2)

    -

     

    -

    4,990  

    -  

    115,000  

    -

    -

    		  

    (II) Fees from subsidiaries and associated companies

    -  

     

    -  

     

    -

     

    -

    -  

    -  

    -  

    -

    -

    		  

    (III) Total

    65,010  

    		  

    45,000  

    		  

    -

     

    -

    4,990  

    -  

    115,000  

    -

    -

    		  
                                     

    Mara Anna Rita Caverni

    Director

    01.01.2019 - 31.12.2019

    04.2021

    		                          

    (I) Fees in the company
    preparing the financial statements (ERG S.p.A.)

    70,000  

    		  

    45,000  

    (3)

    -

     

    -

    -

    -

    115,000  

    -

    -

    		  

    (II) Fees from subsidiaries and associated companies

    -  

    		  

    -  

    		  

    -

     

    -

    -

    -

    -  

    -

    -

    		  

    (III) Total

    70,000  

    		  

    45,000  

    		  

    -

     

    -

    -

    -

    115,000  

    -

    -

    		  

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (A)

    (B)

    (C)

    (D)

    (1)

    		  

    (2)

    		  

    (3)

    (4)

    (5)

    (6)

    (7)

    (8)

    		  

    Name and surname

    Office

    Period for which office was held

    Termination of office

    Fixed fees

    Fees for participation in committees

    Variable non-equity fees

    Non-monetary benefits

    Other fees

    Total

    Fair Value of equity fees*

    Severance indemnities for end of office or termination of employment

    Bonus and other incentives

    Share of profit
                                     

    Barbara Cominelli

    Director

    01.01.2019 - 31.12.2019

    04.2021

    		                          

    (I) Fees in the company
    preparing the financial statements (ERG S.p.A.)

    70,000

    		  

    35,000

    (4)

    -

     

    -

    -

    -

    105,000

    -

    -

    		  

    (II) Fees from subsidiaries and associated companies

    -

    		  

    -

    		  

    -

     

    -

    -

    -

    -

    -

    -

    		  

    (III) Total

    70,000

    		  

    35,000

    		  

    -

     

    -

    -

    -

    105,000

    -

    -

    		  

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Marco

    Costaguta

    Director

    01.01.2019 - 31.12.2019

    04.2021

    		                          

    (I) Fees in the company
    preparing the financial statements (ERG S.p.A.)

    70,000

    		  

    60,000

    (5)

    -

     

    -

    -

    -

    130,000

    -

    -

    		  

    (II) Fees from subsidiaries and associated companies

    -

    		  

    -

     

    -

     

    -

    -

    -

    -

    -

    -

    		  

    (III) Total

    70,000

    		  

    60,000

     

    -

     

    -

    -

    -

    130,000

    -

    -

    		  
                                     

    Paolo Francesco Lanzoni

    Director

    01.01.2019 - 31.12.2019

    04.2021

    		                          

    (I) Fees in the company
    preparing the financial statements (ERG S.p.A.)

    65,010  

    		  

    35,000

    (6)

    -

     

    -

    4,990

    -

    105,000

    -

    -

    		  

    (II) Fees from subsidiaries and associated companies

    -  

    		  

    30,000

    (7)

    -

     

    -

    -

    -

    30,000

    -

    -

    		  

    (III) Total

    65,010  

    		  

    65,000

    		  

    -

     

    -

    -

    -

    135,000

    -

    -

    		  
                                     

    Silvia

    Merlo

    Director

    01.01.2019 - 31.12.2019

    04.2021

    		                          

    (I) Fees in the company
    preparing the financial statements (ERG S.p.A.)

    70,000

    		  

    35,000

    (8)

    -

     

    -

    -

    -

    105,000

    -

    -

    		  

    (II) Fees from subsidiaries and associated companies

    -

     

    -

    		  

    -

     

    -

    -

    -

    -

    -

    -

    		  

    (III) Total

    70,000

    		  

    35,000

    		  

    -

     

    -

    -

    -

    105,000

    -

    -

    		  
                                     

    Elisabetta Oliveri

    Director

    01.01.2019 - 31.12.2019

    04.2021

    		                          

    (I) Fees in the company
    preparing the financial statements (ERG S.p.A.)

    70,000

    		  

    105,000

    (9)

    -

     

    -

    -

    -

    175,000

    -

    -

    		  

    (II) Fees from subsidiaries and associated companies

    -

    		  

    -

     

    -

     

    -

    -

    -

    -

    -

    -

    		  

    (III) Total

    70,000

    		  

    105,000

    		  

    -

     

    -

    -

    -

    175000

    -

    -

    		  
                                     

    Mario

    Paterlini

    Director

    01.01.2019 - 31.12.2019

    04.2021

    		                          

    (I) Fees in the company
    preparing the financial statements (ERG S.p.A.)

    70,000

    		  

    -

    		  

    -

     

    -

    -

    -

    70,000

    -

    -

    		  

    (II) Fees from subsidiaries and associated companies

    -

    		  

    -

    		  

    -

     

    -

    -

    -

    -

    -

    -

    		  

    (III) Total

    70,000

    		  

    -

    		  

    -

     

    -

    -

    -

    70,000

    -

    -

    		  
                                     

    Elena

    Spagnol

    Chairman Board of Statutory Auditors

    01.01.2019 - 31.12.2019

    04.2022

    		                          

    (I) Fees in the company
    preparing the financial statements (ERG S.p.A.)

    60,000

    		  

    -

    		  

    -

     

    -

    -

    -

    60,000

    -

    -

    		  

    (II) Fees from subsidiaries and associated companies

    -

    		  

    -

    		  

    -

     

    -

    -

    -

    -

    -

    -

    		  

    (III) Total

    60,000

    		  

    -

    		  

    -

     

    -

    -

    -

    60,000

    -

    -

    		  

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (A)

    (B)

    (C)

    (D)

    (1)

    		  

    (2)

    		  

    (3)

    (4)

    (5)

    (6)

    (7)

    (8)

    		  

    Name and surname

    Office

    Period for which office was held

    Termination of office

    Fixed fees

    Fees for participation in committees

    Variable non-equity fees

    Non-monetary benefits

    Other fees

    Total

    Fair Value of equity fees*

    Severance indemnities for end of office or termination of employment

    Bonus and other incentives

    Share of profit
                                     

    Lelio

    Fornabaio

    Standing Auditor

    01.01.2019-31.12.2019

    04.2022

    		                          

    (I) Fees in the company
    preparing the financial statements (ERG S.p.A.)

    40,000

    		  

    30,000

    (10)

    -

     

    -

    -

    -

    70,000

    -

    -

    		  

    (II) Fees from subsidiaries and associated companies

    24,000

    (11)

    -

     

    -

     

    -

    -

    -

    24,000

    -

    -

    		  

    (III) Total

    64,000

    		  

    30,000

     

    -

     

    -

    -

    -

    94,000

    -

    -

    		  
                                     

    Fabrizio

    Cavalli

    Standing Auditor

    01.01.2019-31.12.2019

    04.2022

    		                          

    (I) Fees in the company
    preparing the financial statements (ERG S.p.A.)

    26,667

    		  

    -

     

    -

     

    -

    -

    -

    26,667

    -

    -

    		  

    (II) Fees from subsidiaries and associated companies

    -

    		  

    -

     

    -

     

    -

    -

    -

    -

    -

    -

    		  

    (III) Total

    26,667

    		  

    -

     

    -

     

    -

    -

    -

    26,667

    -

    -

    		  
                                     

    Stefano Remondini

    Standing Auditor

    01.01.2019-17.04.2019

    04.2019

    		                          

    (I) Fees in the company
    preparing the financial statements (ERG S.p.A.)

    13,333

    		  

    -

     

    -

     

    -

    -

    -

    13,333

    -

    -

    		  

    (II) Fees from subsidiaries and associated companies

    -

     

    -

     

    -

     

    -

    -

    -

    -

    -

    -

    		  

    (III) Total

    13,333

    		  

    -

     

    -

     

    -

    -

    -

    13,333

    -

    -

    		  
                                     

    Paolo Luigi

    Merli

    General Manager

     

     

    		                          

    (I) Fees in the company
    preparing the financial statements (ERG S.p.A.)

    321,429

    		  

    -

     

    200,000

    (12)

    -

    7,841

    -

    529,269

    180,800

    -

    		  

    (II) Fees from subsidiaries and associated companies

    -

    		  

    -

     

    -

     

    -

    -

    -

    -

    -

    -

    		  

    (III) Total

    321,429

    		  

    -

     

    200,000

     

    -

    7,841

    -

    529,269

    180,800

    -

    		  
                                     

    Executives with strategic responsibilities(13)

    Directors in subsidiaries and division managers

     

     

    		                          

    (I) Fees in the company
    preparing the financial statements (ERG S.p.A.)

    530,000

    		  

    -

    		  

    190,000

    (14)

    -

    16,950

    -

    736,950

    238,914

    -

    		  

    (II) Fees from subsidiaries and associated companies

    -

    		  

    -

    		  

    -

    		  

    -

    -

    -

    -

    -

    -

    		  

    (III) Total

    530,000

    		  

    -

    		  

    190,000

    		  

    -

    16,950

    -

    736,950

    238,914

    -

    		  


    Note Table 1
    (1) Portion accrued in the year of the termination indemnity, which will accrue according to the duration of the office. For further details see paragraph6.1.2 under "Termination indemnity"
    (2) Fee as Member of the Control and Risk Committee
    (3) Fee as Chairman of the Control and Risk Committee
    (4) Fee as Member of the Nominations and Remuneration Committee
    (5) Fee as Member of the Strategic Committee
    (6) Fee as Member of the Nominations and Remuneration Committee
    (7) Fee as Chairman of the Supervisory Committee of ERG Power Generation S.p.A.
    (8) Fee as Chairman of the Nominations and Remuneration Committee
    (9) Fee as Member of the Control and Risk Committee and Member of the Strategic Committee
    (10) Fee as Chairman of the Supervisory Committee of ERG S.p.A.
    (11) Fee as Chairman of the Board of Statutory Auditors in ERG Power Generation S.p.A. and ERG Hydro S.r.l.
    (12) Short-term variable component - MBO.
    (13) Includes two Executives with Strategic Responsibilities (14) Short-term variable component - MBO.
    * Annual portion of Fair value at the assignment date indicated in the financial statements (column 5 table 3A)
     
  • Monetary Incentive Plans
    Table 3B: Monetary incentive plans for members of the board of directors, general managers and other executives with strategic responsibilities

     

    A

    B

    (1)

    (2)

    		      

    (3)

    		      

    (4)

    		  

    Name and surname

    Office

    Plan

    Bonus for the year

     

    Bonus for previous years

    Other Bonuses

    (A)

    (B)

    (C)

    		  

    (A)

    		  

    (B)

    		  

    (C)

    		  

    Payable/Paid

    Deferred

    Deferment period

     

    No longer payable

     

    Payable/

    Paid

     

    Still deferred

     

    		  

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (I) Fees in the company preparing the financial statements

    		                          

     

    Paolo Luigi

    Merli

    General Manager

    MBO System 

    200,000

    -

    2019

    (1)

    -

    		  

    -

    		  

    -

    		  

    -

    -

    Executives with strategic responsibilities

    Directors in subsidiaries
    and division managers

    MBO System 

    190,000

    -

    2019

    (1)

     

     

     

     

     

     

     

     

    (I) Total

    390,000

    -

    		    

    -

    		  

    -

    		  

    -

     

    -

     

    No fees from subsidiaries and associated companies are provided for 
    Notes Table 3B
    (1) Variable component of the remuneration accrued in 2019 related to the MBO System, which will be paid out in May 2020
  • Share Incentive Plans
    Table 3A: Incentive plans based on financial instruments, other than stock options, for members of the Board of Directors, general managers and other executives with strategic responsibilities
     

    A

    B

    (1)

    (2)

    (3)

    (4)

    (5)

    (6)

    (7)

    (8)

    (9)

    (10)

    (11)

    (12)

     

     

     

    Financial instruments

    assigned in previous years

    not vested during the year

    Financial instruments assigned during the year

    Financial instruments vested during the year and not assigned

    Financial instruments vested during the year and assigned

    Financial instruments accrued during the year

    Name Surname

    Office

    Plan

    No. and Type

    Vesting period

    No. and Type

    Fair value at allocation date

    Vesting Period

    Assignment date

    Market

    price on assignment

    No. and Type

    No. and Type

    Value at vesting date

    Fair Value

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Alessandro Garrone

    Executive Deputy Chairman

    Performance Share 2018-2020

    BoD 14/05/2018

    N/A

    N/A

    67,000

    1,297,884

    three years

    21/05/2018

    18.4551

    N/A

    N/A

    N/A

    432,628

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Luca

    Bettonte

    Chief Executive Officer

    Performance Share 2018-2020

    BoD 14/05/2018

    N/A

    N/A

    182,000

    3,525,595

    three years

    21/05/2018

    18.4551

    N/A

    N/A

    N/A

    1,175,198

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Paolo Luigi

    Merli

    General Manager

    Performance Share 2018-2020

    BoD 14/05/2018

    N/A

    N/A

    28,000

    542,399

    three years

    21/05/2018

    18.4551

    N/A

    N/A

    N/A

    180,800

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Executives with strategic responsibilities

    No. 1

    Performance Share 2018-2020

    BoD 14/05/2018

    N/A

    N/A

    37,000

    716,742

    three years

    21/05/2018

    18.4551

    N/A

    N/A

    N/A

    238,914

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other Executives(1)

    No. 4

    Performance Share 2018-2020

    BoD 14/05/2018

    N/A

    N/A

    56,000

    1,084,799

    three years

    21/05/2018

    18.4551

    N/A

    N/A

    N/A

    361,600

    Notes Table 3A
    (1) Note that within the meaning of the Plan Regulations, on 28 February 2019 the Nominations and Remuneration Committee resolved upon the participation of a new beneficiary, allocating 6,000 shares, and that in 2019, as a result of voluntary resignation, one participant was removed from the incentive system, thereby losing all rights to participation in the 2018-2020 Performance Share System (21,000 shares)
     
  • Compensation plans based on financial instruments
    Table 1 of scheme 7 of Annex 3A, Regulation No. 11971/1999

    With regard to the Performance Share System approved by the Ordinary Shareholders' Meeting on 23 April 2018, to the conditions and explanatory purpose of the information document, made available to the public on the website of the Company (www.erg.eu), the following table provides, pursuant to Article 84-bis (Annex 3, Table 3A) of the CONSOB Issuers' Regulations, details of the instruments awarded under the system.
     
       

    BOX 1
       

    FINANCIAL INSTRUMENTS OTHER THAN STOCK OPTIONS
       

    Section 2

    Name and surname 
    or Category

    Office

    Newly awarded instruments based on the decision of the body responsible for the implementation of Shareholders' resolution

    Date of Shareholders' resolution

    Type of
    financial instruments

    No.
    financial instruments

    Award date

    Purchase
    price of instruments,
    if any

    Market price
    on award

    Vesting
    period

     

     

     

     

     

     

     

     

     

    Alessandro Garrone

    Executive Deputy Chairman

    23/04/2018

    Shares

    67,000

    21/05/2018

     Treasury
    Shares

     18.4551

    3 years

    Luca Bettonte

    Chief Executive Officer

    23/04/2018

    Shares

    182,000

    21/05/2018

     Treasury
    Shares

    18.4551

    3 years

    Paolo Luigi Merli

    General Manager

    23/04/2018

    Shares

    28,000

    21/05/2018

     Treasury
    Shares

    18.4551

    3 years

    Executives with
    strategic responsibilities

    No. 1

    23/04/2018

    Shares

    37,000

    21/05/2018

     Treasury
    Shares

    18.4551

    3 years

    Other Executives(1)

    No. 4

    23/04/2018

    Shares

    56,000

    21/05/2018

     Treasury
    Shares

    18.4551

    3 years

    Notes to the Table (1)
    Note that within the meaning of the Plan Regulations, on 28 February 2019 the Nominations and Remuneration Committee resolved upon the participation of a new beneficiary, allocating 6,000 shares, and that in 2019, as a result of voluntary resignation, one participant was removed from the incentive system, thereby losing all rights to participation in the 2018-2020 Performance Share System (21,000 shares)
     
  • Equity investments held in 2019
    Table 7-ter: Table with information on the equity investments of members of the board of directors and statutory auditors, general managers and other executives with strategic responsibilities
     

    Name and surname

    Office

    Investee Company

    Number of shares held at the end of the previous year

    Number of shares bought

    Number of shares sold

    Number of shares held at the end of the current year

     

     

     

     

     

     

     

    Alessandro Garrone (1)

    Executive Deputy Chairman

    ERG S.p.A.

    2,000

    -

    -

    2,000

     

     

     

     

     

     

     

    Marco Costaguta (1)

    Director

    ERG S.p.A.

    45,000

    -

    5,000

    40,000

     

     

     

     

     

     

     

    Elisabetta Oliveri (1)

    Director

    ERG S.p.A.

    1,000

    -

    -

    1,000

     

     

     

     

     

     

     

    Paolo Luigi Merli (1)

    General Manager

    ERG S.p.A.

    20,000

    20,000

    -

    40.080(2)

    Executives with strategic responsibilities (1)

     

    ERG S.p.A.

    -

    -

    -

    160(3)

    (1) Direct shareholders - holding title: ownership
    (2) 80 shares subject to free assignment on 14/01/2019 (3)
    80 shares subject to free assignment on 14/01/2019 for each Executive with strategic responsibilities (2)
Source: 2020 Report on the remuneration policy and the amounts paid 
2020 Remuneration Report - Tables
Table 1. Fees paid to the members of the Board of Directors, general managers and other executives with strategic responsibilities

Table 3B:  Monetary incentive plans for members of the board of directors, general managers and other executives with strategic responsibilities

Table 3A: Incentive plans based on financial instruments, other than stock options, for members of the Board of Directors, general managers and other executives with strategic responsibilities

Table 1: of scheme 7 of Annex 3A, Regulation No. 11971/1999

Table 7-ter: Table with information on the equity investments of members of the board of directors and statutory auditors, general managers and other executives with strategic responsibilities
Page updated at 12 Aug 2020