Fixed remuneration

In 2014, non-executive Directors were paid fixed remuneration that was approved by the Shareholders’ Meeting of 26 March 2013. With regard to the Chairman, remuneration was paid as approved by the Board of Directors on 26 October 2012 according to the delegated responsibilities assigned in the field of international relations.

Fixed remuneration approved by the Board of Directors on 27 February 2013 for the powers and offices assigned was paid to the CEO, including compensation as a director approved by the Shareholders’ Meeting. As part of the annual salary review process provided for all executives, in 2014 selective adjustments were made for managers with strategic responsibilities to fixed remuneration in cases of promotion to higher levels or where it was necessary to adjust remuneration levels in line with the market benchmarks identified.

The amounts for fixed remuneration are indicated under the respective item in Table 1 in Compensation paid in 2014.

Any indemnities with regard to salaries provided for by the relevant National Collective Labour Agreement and supplementary company agreements are set out in the notes to this table.