Rcs, here is Urbano Cairo’s salary
How much is Urbano Cairo's salary as president of the RCS group. What emerges from the report on the remuneration policy in the RCS Mediagroup group.
Over 3.2 million euros in salary for Urbano Cairo in 2022. In fact, the president of the RCS group and Cairo Communication is entitled to 2 million and 646 thousand euros for the first position and 600 thousand euros for the second. And for 2023 substantial stability is expected. But let's see in detail.
RCS REMUNERATION FOR THE 2022 FINANCIAL YEAR
Going to read the Report on the remuneration policy, we learn that last May the RCS board of directors, after obtaining a favorable opinion from the Board of Statutory Auditors and the Remuneration and Appointments Committee, resolved for Cairo, as chairman of the group , a salary with a gross annual fixed component of 1.5 million.
In July the board – "in accordance with the provisions of the remuneration policy approved by the shareholders' meeting of 3 May 2022" – had resolved on the objectives for obtaining the variable remuneration which could reach a maximum of 1.2 million and which it then established , a few weeks ago, having to settle at 1 million and 146 thousand euros. The total compensation given in Cairo for the 2022 financial year – which will be disbursed this year after approval of the financial statements as at 31 December by the assembly – is therefore 2 million and 646 thousand euros with the fixed compensation representing 56 .6% of the remuneration and variable remuneration 43.31%.
RCS REMUNERATION FOR THE 2023 FINANCIAL YEAR
Also for 2023, the fixed component for Cairo has been set at €1.5 million and the variable component may reach a maximum of €1.2 million.
The document specifies that the variable remuneration can only be paid following the achievement of objectives linked to economic and financial parameters (e.g. EBITDA, Net Result, Net Financial Position) "consistently with the company's annual planning or with non-financial parameters linked to achievement of the group's sustainability objectives”. It should be recalled that the amount of the variable remuneration must be approved by the shareholders' meeting and by the board on the proposal of the Remuneration and Appointments Committee, "taking into account the annual planning and strategic objectives (with the aim of also including sustainability objectives) of the Group".
As for the 2022 financial year, a medium-long term variable component (LTI) is not envisaged "also in consideration of the uncertainty deriving from the profound changes that the publishing sector and the general economic context are undergoing". At the moment, no non-monetary benefits are even envisaged for the chairman, the chief executive officer and the executive directors.
The Report also states that for the 2023 financial year, the board of directors "in consideration of the dynamics of the Group's labor costs, the objective of maintaining employment levels and the persistence of a situation of uncertainty on the reference markets, agreed to maintain a substantial block on increases in the fixed remuneration component".
CAIRO COMMUNICATION REMUNERATION FOR THE YEARS 2022 AND 2023
As we said, Urbano Cairo's salary is also given by his position as president of the Cairo Communication group. For the 2022 financial year, he had a gross annual salary of 600 thousand euros, without a variable component, in line with the remuneration policy approved by the shareholders' meeting of 30 April 2021 with the favorable vote of 96.06% of the votes.
For the current financial year, the line – and the compensation – of 2022 has been reaffirmed.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/urbano-cairo-stipendio-rcs/ on Fri, 21 Apr 2023 06:04:39 +0000.