The Remuneration Policy is defined in compliance with Fincantieri's governance model to promote the Company's mission and its corporate values, to attract, motivate and retain people with high-level professional skills with the primary objective of creating value for shareholders over the medium-long term.
The structure of management remuneration, as defined in the Remuneration Report, consists of a pay mix with a fixed component, a variable component - linked to predetermined and measurable short and medium/long-term performance objectives - and non-monetary benefits.
The remuneration of employees, whether manual workers or office staff, is defined in relation to the relevant labour market and in accordance with the provisions under the National Collective Bargaining Agreement and company level contracts. In this case too, remuneration consists of a fixed component, aimed at fairly rewarding the work performed, a variable component, linked to predetermined and measurable performance objectives, mostly in the form of welfare, and non-monetary benefits.
In general, the fixed component remunerates the role and responsibilities assigned to each employee, taking account of the level of experience, the quality of the contribution that the employee brings to the attainment of the business results, as well as the level of excellence with respect to the duties assigned.
This component is sufficient to remunerate the services performed, including in the event of no payment or only partial payment of the variable components, where envisaged.
The fixed component is also such as to ensure a suitably competitive position with respect to the level of salary paid by the market for the specific position.
The variable component, on the other hand, remunerates the results achieved in the short and long term and is aimed at translating company strategies into a series of individual and Group objectives, capable of decisively influencing the performance of the people involved.
The variable component also focuses people's attention and commitment on strategic objectives, though not necessarily economic ones, such as those related to sustainability, in line with the Plan approved in December 2018, which also includes objectives on quality, safety and anti-corruption, among others.
See, for example, the Long-Term Incentive Plan 2019-2021 which includes a specific objective linked to a Sustainability Index.
All the above provides yet further substance to the Company's commitment to share, support and promote ethical and transparent behaviour, strengthening its reputation with its stakeholders.