Fixed pay

In 2016, Non-executive directors received, pro-rata, the fixed payments approved by the Shareholders’ Meetings of 26 March 2013 and 27 April 2016.

As far as the Chairman is concerned, the payments approved by the Board of Directors at the meetings of 26 October 2012 and 31 May 2016 were delivered.

The CEO received the fixed payment approved by the Board of Directors at the meetings of 27 February 2013 and 31 May 2016 for the powers and tasks conferred, which includes the payments as a director approved by the Shareholders’ Meeting. For Managers with Strategic Responsibilities, under the scope of the annual salary review for all Senior Management, selective adjustments were made in 2016 to the fixed remuneration, in cases of promotion to more senior positions, or with regard to the need for adjustments of remuneration levels in relation to market benchmarks.

The amounts relating to fixed pay are specified in the respective item in Table 1 in Compensation paid in 2016.

In the notes to this table, as far as remuneration for employees is concerned, any compensation required by the national collective agreement and supplementary company agreements is specified.