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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 Sustainability Committee as the Steering Committee that assesses the Group’s remuneration and incentive policies as set out in the Report on Remuneration Policy and Remuneration Paid, with reference to issues related to ESG objectives.
  • The Head of Human Resources prepares the remuneration policies mainly with the support of Compliance and Risk Management.

Updating the remuneration policies

In light of the positive outcome of the shareholders’ meeting vote on the remuneration and incentive policies approved last year, Banca Ifis decided to submit to the Shareholders’ Meeting a remuneration policy for FY 2024 essentially in line with that of the previous year. The main changes compared to the remuneration policy resolved by the Shareholders’ Meeting on 20 April 2023 include, in particular:

  • modification of the access gate for RORAC: the indicator is adjusted for comparison with the respective Tolerance threshold defined in the RAF, as per the other indicators, in order to use a consolidated threshold calculation and monitoring process for the RAF and to strengthen the threshold definition, monitoring, reporting and escalation process;
  • the extension of ESG objectives to all roles of responsibility in the corporate organisation, considering all three areas, namely Environmental, Social and Governance, consistent with the 17 United Nations Sustainable Development Goals, confirming the Bank’s commitment to the path towards sustainable development;
  • increased percentage weighting of ESG targets for all identified staff;
  • inclusion of Social Banking ESG KPIs for the Npl segment;
  • involvement of the Sustainability Committee, to the extent of its competence with respect to ESG issues, in the preparation of the remuneration policy.
Report on remuneration 2022
Report on remuneration 2021