The chairman only receives fixed remuneration. 

Executive directors receive:

• A fixed remuneration which reflects their technical, professional and managerial capabilities
• An annual variable component (short-term incentive) This is only awarded if the conditions set by the remuneration policy are met, and it is linked to the achievement of the quantitative and qualitative performance indicators contained in an individual scorecard
  
  The scorecards contain performance objectives identified within the scope of responsibility of each individual executive: for example, these may relate to risk-adjusted profitability or revenues (either group-wide or for specific divisions), operating profit of individual areas of responsibility, or other objectives consistent with the strategic plan guidelines on capital strength, liquidity or new business initiatives. These performance objectives are weighted based on the importance given by the board and by the actual level of decision-making autonomy.
  
  Achievement of these objectives results in variable remuneration being paid that ranges from 50% (or a lower percentage) of annual gross salary when minimum targets (usually those set by the budget) are reached up to a maximum of 200% for particularly outstanding performances.
  
  Of the variable component, 50% is paid in cash and 50% in equity, with 60% deferred over a five-year period. All the deferred items are subject to the performance and malus conditions established in these policies.
• Upon the approval of a long-term Group strategic plan, the Board of Directors may choose to adopt a long-term incentivization scheme conditional upon the objectives set out in the plan itself being reached (long-term incentives). In such cases, the short-term scheme described under the previous point will be linked to the provisions of the long-term scheme, without prejudice to the 200% cap on variable remuneration, which must be complied with in each financial year.  The bonus will be paid according to the terms and conditions and in the manner established for the variable component.
• Fees and benefits. The group’s executive directors also receive fees for their positions as director, but not for their participation in committees. The remuneration for positions held on behalf of Mediobanca in subsidiaries or investee companies is paid to Mediobanca because it relates to executives acting as employees of the bank. The directors are covered by an insurance policy for third-party liability, and they also have access to the supplementary pension scheme and other benefits for the executive staff of the Mediobanca group.

The fee for non-executive directors is set by the shareholders in general meeting and there are no incentives linked to the bank’s performance. These directors are covered by an insurance policy for third-party liability.

GROUP	#	2017-2020 PAY	TOTAL
Directors	15	100,000	1,500,000
Deputy Chairman	2	35,000	70,000
Executive committee	2	90,000	180,000
Remuneration committee	5	30,000	120,000
Appointments committee	4	20,000	80,000
Control and risks committee	5	80,000	400,000
TOTAL			2,350,000