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Remuneration

We have adopted a remuneration system that can attract, retain and motivate highly qualified resources, in compliance with the principles of financial sustainability and sound and prudent risk management.

Principles and purposes

In order to attain challenging targets and continue to be a competitive player in the financial market, we must avail ourselves of highly qualified and motivated personnel who act in accordance with the ethical principles for sustainable business.

The remuneration and incentive policy is defined by the Parent Company in order to attract, motivate and retain people holding the professional qualities required to profitably pursue, in accordance with corporate values and according to a policy of prudent risk management, the short and/or medium-long term objectives, related to the Group’s strategic objectives, thus contributing to achieving results aimed at strengthening the operational, economic and financial solidity of the Company in the long term and safeguarding the sustainability of the Banca Ifis Group.

Banca Ifis Group’s remuneration and incentive system is based on the following principles:

  • Promote sound, effective risk management, which does not encourage the assumption of risks exceeding the tolerated risk level;
  • Promote the Group’s competitiveness and good governance of the Group, attract and retain individuals with professionalism and skills appropriate to the needs of the Group, in particular if they hold relevant roles in the company organization;
  • Promote compliance with all legal and regulatory provisions, as well as transparency and fairness in relations with customers, discouraging any violation and/or unfair commercial practice;
  • Make corporate objectives consistent with the Group’s sustainable growth objectives;
  • Search for the best alignment between the interests of the various stakeholders;
  • Focus attention on risk containment policies;
  • Avoid altering or undermining the risk alignment effects inherent in remuneration mechanisms;
  • Avoid creating conflict of interest situations.

Governance of remuneration

The corporate bodies that prepare and approve the remuneration and incentive policies are:

  • The ordinary Shareholders’ Meeting in addition to establishing the remuneration due to the bodies it has appointed, approves:
    • The remuneration and incentive policies for corporate bodies and other personnel;
    • Any remuneration plans based on financial instruments;
    • The criteria for calculating the remuneration to be agreed in the event of early termination of the employment relationship or early termination of office, including the limits established for remuneration in terms of annual instalments of fixed remuneration and the maximum amount that may result from their application.
  • The Board of Directors has sole jurisdiction over the remuneration and incentive policies to be submitted to the Shareholders’ Meeting. The Board of Directors reviews these policies at least once a year and is responsible for their correct implementation.
  • The Remuneration Committee assists the Board of Directors with defining the remuneration and incentive policies.
  • The Head of Human Resources prepares the remuneration policies mainly with the support of Compliance and Risk Management.

Updating the remuneration policies

The remuneration policies were approved by the Shareholders’ Meeting of 20 April 2023. In light of the positive outcome of the vote of last year’s shareholders’ meeting, Banca Ifis decided to put to the vote at the shareholders’ meeting a remuneration policy for the year 2023 substantially in line with that of the previous year. Among the main changes introduced by the Group’s remuneration and incentive policies for 2023, the following should be noted:

  • Updating and amending of the Long Term Incentive Plan to provide for the possibility for beneficiaries, each time a window opens for the exercise of options, to delay the exercise of all or part of the options in that window until the next ‘exercise window’;
  • The modification of certain levels and weights related to the KPIs of the Chief Executive Officer and Joint General Managers;
  • For employees falling into the category of ‘most relevant personnel’, it is envisaged that any interventions on fixed remuneration (for the same role) exceeding 20% compared to the previous year’s gross annual remuneration may only be carried out upon decision of the Board of Directors, after consulting the Remuneration Committee (also on the basis of appropriate evidence in terms of market benchmarking).
31/03/2022
10:27
Report on remuneration 2022
02/04/2021
14:58
Report on remuneration 2021
27/03/2020
12:51
REPORT ON REMUNERATION
SDIR: REGEM
28/03/2019
18:02
Report on Remuneration 2019