In order to obtain challenging results while maintaining a competitive profile within the financial market, an organization must avail itself of highly qualified and motivated staff: a staff who acts in accordance with ethical principles in conducting sustainable business practices.
For this reason, Bank Ifis S.p.a. has established a compensation system capable of attracting, retaining and motivating resources with strong professional skills, capable of supporting the dynamism of the business and its continued expansion, while respecting the principles of economic sustainability, coupled with sound and prudent risk management.
To maintain the confidence and trust placed in us by our shareholders, by our clients and by our resources, we have articulated a compensation system, whose objectives are:
To attract talent and to retain professionalism while respecting the Group's sustainable growth goals;
To promote sound and effective risk management that does not encourage the taking of risks beyond tolerable risk levels;
To foster the Group’s competitiveness and good governance by making business performance consistent with its sustainable growth goals;
To foster compliance with all legal and regulatory provisions, as well as to promote transparency and fairness in customer relations, disincentivizing potential violations and / or unfair commercial practices;
To seek the best alignment of interests between the various stakeholders;
To avoid altering or influencing the risk alignment effects inherent in compensation mechanisms;
To avoid creating situations of conflict of interest.
GUIDING PRINCIPLESEvaluation of skills and performance related to sound and prudent risk management
Fixed compensation based on role and skills.
Variable compensation recognized only upon fulfillment of preset economic and capitalgoals. Performance and compliance with the rules of good professional conduct will be taken into account, with the possibility, if necessary, of corrective action
(malus condition and claw back).
Strong linkage between participation in strategic projects and goal achievement, for key
staff members.
Governance e Compliance
Clear and transparent distribution of roles and responsibilities between corporate bodies that contribute to the preparation and approval of compensation and incentive policies, as set out in the company's by-laws and regulations.
Compliance and rigorous application of relevant legislation, with the appropriate adaptation according to compensation policies and practices in effect in specific markets, as applied by the main players at corresponding national and international levels.
COMPENSATION SYSTEM COMPONENTS
Basic fixed compensation is provided to all employees and calculated to reflect professional experience and organizational responsibilities (the role), the market value of that specific role, and the corresponding National Worker’s Contract (CCNL.) This component is sufficient to let the variable compensation part to either diminish considerably, or for it to not be distributed at all.
For key staff members, compensation increases may not exceed an established threshold and any award granted based on participation in strategic projects are subject to approval by the Board of Directors with concurrence of the Compensation Committee.
Variable compensation is subordinate to the achievement of preset economic parameters linked to performance and to compliance with the rules of good professional conduct.
Non-monetary benefits are given to employees, with varying degrees of distribution, in relation to one’s role in the company and / or for specific service reasons.
COMPENSATION REPORT
The compensation report describes:
the compensation policy and the procedures used for adoption and implementation
compensation paid during the previous financial year.
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