No severance is paid to Directors whose term of office has ended for any reason.
The maximum severance pay for employees of the Mediobanca group companies (including group managers who serve as Directors, such as the CEO and General manager, all key personnel, comprising key managers) is equal to 24 months of remuneration, capped at €5 million, pre-tax.
The shareholders approved these criteria during the general meeting on 28 October 2019, as envisaged by legislation and the Articles of Association.
The amount of the severance package:
- is determined on the basis of legislation, collective and individual bargaining agreements and market practices;
- considers the bank’s long-term performance and cannot be paid to employees whose conduct has resulted in damage to the integrity of the bank’s assets, its profitability, performance, financial position or reputation, regardless of wilful misconduct or gross negligence;
- should be considered part of the processes to minimize present and future economic and reputational risks, which could arise as the result of potential litigation.