The Board of Directors has established the functions of the Compensation Committee, making them fully compliant with the Code, specifically laying down that:
The Committee met 5 times in 2007. Committee meetings are always attended by the Board of Statutory Auditors, and – if considered appropriate – by other company representatives, who may be invited to participate for the purposes of making a useful or necessary contribution to the discussion.
- it presents proposals to the Board regarding the remuneration of Chief Executive Officers and directors holding particular office, in order to ensure that this matches the goal of medium/long-term creation of value for the shareholders, evaluating its application in practice;
- t periodically evaluates the criteria adopted for the remuneration of the Company’s top management and, at the request of the Deputy Chairman & Chief Executive Officer, presents proposals and recommendations accordingly, with particular reference to the adoption of stock option or stock granting plans, evaluating their application in practice;
- it monitors the application of decisions taken by the competent bodies and of company policies relating to top management remuneration.
- it is allowed to have access to the information and company functions needed for it to perform its duties;
- it is allowed to request the Board of Directors to engage the services of outside consultants in order to carry out its activities;
- it meets every time its Chairman decides or at the request of any of its members or a chief executive officer, giving notice of such at least one day in advance of such meeting.
The Committee met 5 times in 2007. Committee meetings are always attended by the Board of Statutory Auditors, and – if considered appropriate – by other company representatives, who may be invited to participate for the purposes of making a useful or necessary contribution to the discussion.