SNAM Report on Corporate Governance and Ownership Structure 2015

Remuneration

Remuneration policy*

Short-term incentive system
No	Yes
Existence of a short-term incentive system	x


Short-term indicator parameters for the CEO	Weight
Free Cash Flow	30%
Investments	30%
Operating efficiency	30%
Employee and contractor accident frequency index	10%

Long-term incentive system

There are two medium- and long-term incentive systems (both cash)


Deferred monetary incentive
Parameter	Weight
EBITDA	100%


Long-term monetary incentive
Parameters	Peso
Adjusted net profit	60%
Total Shareholder Return	40%

* The information on remuneration can be found in the 2016 Remuneration Report

Enlarge image
Theoretical pay mix for the CEO, General Manager and executives with strategic responsibilities – Chief Executive Officer (bar chart)

Other components of the pay policy
	Yes/No
Does the company use a peer group?	Yes
Provision of a one-off bonus for the CEO and executives with strategic responsibilities	n.a.

Indemnification and non-compete agreements *

Yes/No

*	In accordance with the reference markets, an indemnification is provided for the CEO for the termination of the directorship and executive position. For more information, including on non-compete agreements, please see the Remuneration Report.

Severance pay

Yes

Non-compete agreements

Yes

to pagetop