Enel's remuneration policy is consistent with the recommendations set forth under the Italian 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 promote Enel’s sustainable success, which consists in the creation of long-term value to the benefit of the Shareholders, and to align their interests with the business strategy. 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.
Such policy is also structured so as to guarantee an adequate balance between the fixed component and the variable component and, within the latter, between the short-term and the 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 Italian Corporate Governance Code, the remuneration of non-Executive Directors is related to the expertise, professionalism and efforts requested by the tasks assigned to the latter within the Board of Directors and Board Committees; furthermore, such remuneration is not linked to the achievement of performance objectives.
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, after a preliminary analysis and upon proposal of the Nomination and Compensation 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: April 20, 2021