Remuneration

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 PRINCIPLES Evaluation 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.

RELATED DOCUMENT

Report on remuneration 2018(468kb - PDF) REMUNERATION PAID TO MEMBERS OF THE ADMINISTRATION AND AUDIT BODIES, TO THE GENERAL MANAGERS AND TO THE OTHER EXECUTIVES WITH STRATEGIC RESPONSIBILITIES (FIGURES IN THOUSANDS OF EURO)

Full name	Position	Time in office	Total fixed compensation and termination benefits	Total variable compensation	Total
Sebastien Egon Fürstenberg	Chairman of the Board of Directors	from 1/1/2017 to 31/12/2017	675	-	675
Alessandro Csillaghy De Pacser	Vice Chairman of the Board of Directors	from 1/1/2017 to 31/12/2017	525	-	525
Giovanni Bossi	C.E.O.	from 1/1/2017 to 31/12/2017	675	650	1325
Giuseppe Benini	Member of the Board of Directors - Banca IFIS	from 1/1/2017 to 31/12/2017	65	-	65
	Member of the Board of Directors - Subsidiary Companies	from 1/1/2017 to 31/12/2017	23	-	23
	Chairman of the Risk Management and Control Committee	from 1/1/2017 to 31/12/2017	75	-	75
	Member of the Nomination Committee	from 1/1/2017 to 31/12/2017	5	-	5
	Member of the Supervisory Body	from 1/1/2017 to 31/12/2017	10	-	10
Francesca Maderna	Member of the Board of Directors	from 1/1/2017 to 31/12/2017	52	-	52
	Member of the Risk Management and Control Committee	from 1/1/2017 to 31/12/2017	45	-	45
	Chairman of the Remuneration Committee	from 1/1/2017 to 31/12/2017	5	-	5
Antonella Malinconico	Member of the Board of Directors	from 1/1/2017 to 31/12/2017	63	-	63
Antonella Malinconico	Member of the Risk Management and Control Committee	from 1/1/2017 to 31/12/2017	45	-	45
Riccardo Preve	Member of the Board of Directors	from 1/1/2017 to 31/12/2017	65	-	65
	Member of the Nomination Committee	from 1/1/2017 to 31/12/2017	5	-	5
	Member of the Remuneration Committee	from 1/1/2017 to 31/12/2017	5	-	5
Marina Salamon	Member of the Board of Directors	from 1/1/2017 to 31/12/2017	48	-	48
Daniele Santosuosso	Member of the Board of Directors	from 1/1/2017 to 31/12/2017	61	-	61
	Member of the Risk Management and Control Committee	from 1/1/2017 to 31/12/2017	45	-	45
	Chairman of the Nomination Committee	from 1/1/2017 to 31/12/2017	5	-	5
	Member of the Remuneration Committee	from 1/1/2017 to 31/12/2017	5	-	5
	Member of the Supervisory Body	from 1/1/2017 to 31/12/2017	10	-	10
Alessandro De Nicola	Member of the Supervisory Body - Subsidiary Companies	from 1/1/2017 to 31/12/2017	80	-	80
Giacomo Bugna	Chairman of the Board of Statutory Auditors - Banca IFIS S.p.A.	from 1/1/2017 to 31/12/2017	124	-	124
Giacomo Bugna	Chairman of the Board of Statutory Auditors - Subsidiary Companies	from 1/1/2017 to 31/12/2017	126	-	126
Giovanna Ciriotto	Standing Auditor - Banca IFIS S.p.A.	from 1/1/2017 to 31/12/2017	89	-	89
Giovanna Ciriotto	Standing Auditor - Subsidiary Companies	from 1/1/2017 to 31/12/2017	85	-	85
Piera Vitali	Standing Auditor - Subsidiary Companies	from 1/12/2017 to 31/12/2017	85	-	85
Massimo Miani	Standing Auditor	from 1/1/2017 to 31/12/2017	86	-	86
Andrea Martin	Chairman of the Supervisory Body	from 1/1/2017 to 31/12/2017	25	-	25
Alberto Staccione	General Manager	from 1/1/2017 to 31/12/2017	334	209	543
Other managers with strategic responsibilities (3 people at 31/12/2017 + 2 people for part of the year)			711	173	884