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Mediobanca, here are the salaries of Nagel and Pagliaro rejected by Del Vecchio

Mediobanca, here are the salaries of Nagel and Pagliaro rejected by Del Vecchio

All the emoluments of Mediobanca's top management criticized by Del Vecchio. The article by Emanuela Rossi

After the board of directors has been renewed , in Piazzetta Cuccia, however, we cannot sleep peacefully as Mediobanca's largest shareholder, Leonardo Del Vecchio's Delfin, sided with Assogestioni, which led one of the two lists rivaling the one orchestrated by the top management 'institute.

One of the criticisms addressed by the owner of Essilor-Luxottica to the top of the credit institution led by Alberto Nagel, shortly after crossing the threshold of Palazzo Visconti-Ajmi, concerns the board itself and has to do with an issue that is not confidential. but personal yes: the salary.

Del Vecchio voted against the compensation given in 2020 to the top, approving instead the 2021 incentives, well mitigated, the news reports told.

An issue, moreover, also highlighted by one of the proxies called to give voting indications to institutional investors in view of the meeting on 28 October last. In his note Frontis , sided in favor of the other outsider, Bluebell, in fact highlighted that although "the quality of the information" is "good (all terms and conditions are disclosed and the long-term objectives are quantified)" and the variable remuneration is “structured effectively to align the interests of managers and shareholders in the long term”, however “we are perplexed about the possibility of paying extraordinary variable remuneration to the non-executive chairman and we consider the CEO's basic salary excessive (1,900. 000 euros), which is used to define the amount of the variable remuneration ".

But how much do Mediobanca's top management actually earn?


According to what emerges from the report on remuneration for last year, the managing director Alberto Nagel took home a total remuneration of 3 million and 208,804 euros consisting of 100 thousand for the position, from 1.8 million of fixed remuneration, from 854 thousand euros for bonuses and other incentives and 454,804 euros for non-monetary benefits.

Lower income, as expected, for the president Renato Pagliaro who stopped at 2 million and 250,336 euros, a figure made up also in this case of 100 thousand euros of compensation for the office and 1.8 million of fixed salary to which 350,336 euros are added of non-monetary benefits (of which 346,413 euros to the supplementary pension fund).

It goes up a little, however, for another operational position, that of the general manager Francesco Saverio Vinci who in 2019 received 2 million and 597,445 euros divided as follows: 100 thousand euros of compensation for the position, 1.5 million of fixed remuneration , 628,400 euros of bonuses and other incentives, 369,045 euros of non-monetary benefits (of which 362,517 euros to the supplementary pension fund).

Mediobanca's three heavyweights are also paid for with shares of the bank. As of 30 June 2019 Nagel had 2,786,050 shares in his pocket, Pagliaro 2.1 million and Vinci 1 million and 65 thousand.

The 2019 remuneration report shows that shares are also owned by three directors: at 30 June last year Maurizio Carfagna (61,000), Alberto Pecci (4,677,500), Vittorio Pignatti-Morano (90,000) had them.

It must be said that this is not a sudden exploit given that in 2015 , when the then CEO of FCA, Sergio Marchionne, earned over 54 million, Nagel, Pagliaro and Vinci earned not much less than today: respectively 2,789 Nagel million, 2.25 million Pagliaro and just over 2.35 million Vinci.


And what is happening this year ? In reality, the pandemic also made itself felt in Piazzetta Cuccia which, precisely because of the Covid-19 emergency, decided to lower the salaries of top managers. And so Nagel will have to settle, so to speak, with over 3.01 million (3.017.534 euros) and Pagliaro with over 2.15 million (2.155.475 euros). The remuneration for the office was cut for both, which is equal to 100 thousand euros as we have seen. Same goes for Vinci whose salary drops to 2 million and 605,537 euros.

In detail, Nagel's salary will consist of 1.8 million fixed remuneration, 828.380 euros of bonuses and 389.154 euros of non-monetary benefits, of which 384.205 to the supplementary pension fund, and that of Pagliaro with 1.8 million component fixed income and 355,475 euros of non-monetary benefits, of which 351,569 to the supplementary pension fund. As for Vinci, his salary will be divided into 1.5 million of fixed part, in 763.900 euros of bonuses and other incentives and in 341.637 euros of which 334.383 euros to the supplementary pension fund.

In the Mediobanca report, he recalls that the remuneration for the office is reduced by 20% for directors. In total, this is a cut of 540 thousand euros which was donated to institutions and non-profit organizations; furthermore, it is stated that the CEO, president and dg undertake to reduce the fixed remuneration for the period May-December 2020 by 30% and to donate resources for initiatives related to the fight against the pandemic.

This is a machine translation from Italian language of a post published on Start Magazine at the URL on Mon, 02 Nov 2020 06:34:04 +0000.