Remuneration

In addition to reimbursement for expenses incurred in performing their duties, Directors receive annual fees determined by the Shareholders' Meeting.

The Shareholders' Meeting held on 21 April 2011 decided - pursuant to Art. 2389, subsection 1, of the Civil Code - to establish a maximum of 1,700,000 euros as the total annual remuneration of the Board of Directors.

The Board of Directors established the distribution of the remuneration as follows:

  • each members of the Board of Directors: 50,000 euros per annum;
  • the Chairman of the Committee for Internal Control for Risk and Corporate Governance: 40,000 euros per annum;
  • for the other members of the Committee for Internal Control for Risk and Corporate Governance: 30,000 euros per annum;
  • the Chairman of the Remuneration Committee: 25,000 euros per annum;
  • the other members of the Remuneration Committee: 20,000 euros per annum;
  • each members of the Strategic Committee: 25,000 euros per annum, with the exception of the Chairman and the managers of the Company for which there is no compensation;
  • each members of the Nomination and Succession Committee: 20,000 euros per annum, with the exception of the Chairman for which there is no compensation.

A fee of 25,000 euros per annum is also stated for the Board member called on to be a member of the Self-Regulatory Body pursuant to legislative decree no. 231/2001.

The Board of Directors adopted a "General Remuneration Policy" which was submitted to the Shareholders' Meeting.
The "General Remuneration Policy" contains the guidelines for the remuneration of executive directors and managers.

Investments Held by Directors, Statutory Auditors and General Managers See the General Remuneration Policy

The Remuneration Statement for the year 2010 illustrates the policy that the Pirelli Group implemented during the year 2010 in connection with the remuneration and provides a final statement of it in connection with the different types of beneficiary parties, without prejudice to the obligations of transparency provided by other applicable provisions of law or regulations.

More information in the following document:
"Remuneration Statement for the year 2010"
Last Revised: 15 2011