Enel's remuneration policy is consistent with the recommendations of the Corporate Governance Code. Such policy is aimed at attracting, keeping, and motivating people with the skills to manage the Company successfully, aligning their remuneration with market standards, in order to ensure an adequate level of competitiveness on the labor market.
The remuneration policy was set by the Company in such a way that it would incentivize the Chief Executive Officer/General Manager and the Executives to operate in the interest of Enel's sustainability and to align their interests with the priority objective of creating value for shareholders over the medium/long-term. All of this while also ensuring that the remuneration itself is based on the results actually achieved by the persons in question and by the Group as a whole.
The remuneration policy is therefore aimed at enhancing sustainable performance. Such policy is also structured so as to guarantee an adequate balance between fixed and variable components and, with regard to variable components, between short-term and medium/long-term components. In doing so, it can ensure a balance between such components and the implementation of conducts in line with the sustainable performance of the Group.
In accordance with the recommendations of the Corporate Governance Code, the remuneration of non-Executive Directors is linked to the commitment required of each of them, also taking into account their respective participation on one or more committees established within the Board of Directors.
The policy is described in the first section of the report on the remuneration policy and compensations paid approved by the Enel’s Board of Directors, upon proposal of the Remuneration Committee, and made available to the public pursuant to article 123-ter of Legislative Decree No. 58/1998. The first section of this report is submitted to the Shareholders' Meeting for a binding vote according to the combined provisions of paragraphs 3-bis and 3-ter of Article 123-ter of Legislative Decree no. 58 of February 24, 1998.
The second section of the report (submitted to the Shareholders' Meeting for a non-binding vote pursuant to the paragraph 6 of Article 123-ter of Legislative Decree no. 58 of February 24, 1998) also provides information on the compensation paid to Directors, to the General Manager, to Executives with strategic responsibilities, and to regular Auditors.
Last update: May 2, 2020