Section II – Compensation and other information
Implementation of 2015 remuneration policies
A description of the remuneration measures implemented in 2015 for the Chairman of the Board of Directors, non-executive directors, the Chief Executive Officer and managers with strategic responsibilities is set out below.
Implementation of the 2015 Remuneration Policy, as approved by the Remuneration Committee during the periodic assessment required by the Code of Corporate Governance, remained in line with the general principles referred to in the resolutions passed by the Board of Directors. On the basis of the Committee’s assessment, the 2015 Policy was essentially in line with the market benchmarks identified, in terms of both overall positioning and pay mix. The graph below compares (for the Chairman, Chief Executive Officer and managers with strategic responsibilities) the pay mix of any amount paid in 2015 (Actual) with the pay mix projected for targeted results (Target) as indicated in the first section of the 2015 Remuneration Report.
Although the actual and projected levels were essentially the same, the graph also shows the impact of the incomplete achievement of the target of objectives defined for the Long-Term Monetary Incentive Plan (IMLT).
Target vs actual
Comparison Target 2015 – Actual 2015
The analysis includes a comparison between any amounts paid in 2015 and any amounts paid in 2014. There was a 3.8% decrease in the amount paid to the Chief Executive Officer, the amount paid to the Chairman remained unchanged, and the amount paid to managers with strategic responsibilities increased.
Based on the assessment of the Remuneration Committee, the Chief Executive Officer’s remuneration fell short of average market practices.