Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca
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Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

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d. Correl<strong>at</strong>ion between remuner<strong>at</strong>ion, risks <strong>and</strong> performanceThe correl<strong>at</strong>ion between remuner<strong>at</strong>ion, risks <strong>and</strong> performance is achieved bya system which:1. benchmarks the variable remuner<strong>at</strong>ion to risk-adjusted performanceindic<strong>at</strong>ors over several years; variable remuner<strong>at</strong>ion is determined on theb<strong>as</strong>is of indic<strong>at</strong>ors recorded <strong>at</strong> Group, CIB division <strong>and</strong> individual businessarea level;2. ensures th<strong>at</strong> the award of variable compens<strong>at</strong>ion is subject to the conditions ofcapital solidity, liquidity <strong>and</strong> risk-adjusted profitability being metcontinuously;3. makes payment of the deferred bonus subject to maintaining: the conditions ofcapital solidity, liquidity <strong>and</strong> risk-adjusted profitability <strong>at</strong> Group <strong>and</strong> possiblyalso business area level; adequ<strong>at</strong>e levels of individual performance; <strong>and</strong>appropri<strong>at</strong>e individual behaviour (compliance breaches);4. reflects a discretionary <strong>as</strong>sessment of individual results (see point h. below).In particular:1. The bonus pool pays the variable component to be awarded annually to thosestaff, in Italy <strong>and</strong> elsewhere, who because of the size of their compens<strong>at</strong>ion,management of business activities, <strong>as</strong>sumption of specific risks <strong>and</strong>/ororganiz<strong>at</strong>ional role, are strongly linked to the Bank’s results – th<strong>at</strong> is, thosewho qualify <strong>as</strong> the “most relevant staff”. Distribution of the bonus pool, apartfrom in c<strong>as</strong>es of pre-existing contractual oblig<strong>at</strong>ions in respect of certainindividuals, only takes place provided a series of conditions, or g<strong>at</strong>es, areovercome, i.e. if the following indic<strong>at</strong>ors are met:– positive economic profit earned by the CIB division;– consolid<strong>at</strong>ed financial st<strong>at</strong>ements reflecting a profit;– core tier 1 r<strong>at</strong>io above regul<strong>at</strong>ory threshold;– compliance with adequ<strong>at</strong>e liquidity coverage r<strong>at</strong>io level.2. Variable remuner<strong>at</strong>ion (the bonus pool) is established annually by the ChiefExecutive Officer, by applying:a) the quantit<strong>at</strong>ive metric represented by the economic profit earned by theCorpor<strong>at</strong>e <strong>and</strong> investment banking division, plusb) other quantit<strong>at</strong>ive <strong>as</strong>pects:– comparison with budget objectives;– performance compared to historical precedents;c) qualit<strong>at</strong>ive consider<strong>at</strong>ions:– Group profit in comparison with the previous year;– possibility of distributing a dividend;– <strong>Mediobanca</strong>’s positioning <strong>and</strong> market share;498 –

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