In particular, our Remuneration Policy - consistent with the Group's long-term strategy and objectives - is based on the following guiding principles and is defined in accordance with the following criteria:
appropriate balance between the fixed and variable components according to the strategic objectives and the risk management policy of the Company, taking account of the sector in which the F.I.L.A. Group companies operate and the operations carried out, in order to avoid conduct which does not serve the creation of sustainable value over the short and medium/long term, while providing that the variable component represents a significant part of the overall remuneration;
definition of limits for the payment of variable components;
determination of performance targets, to which the payment of variable components is linked, predetermined, measurable and linked in significant part to a long-term horizon. They must be consistent with the strategic objectives of the company and/or the companies of the F.I.L.A. Group and are aimed at promoting its sustainable success, including, where relevant, non-financial parameters;
creation of a direct link between remuneration and performance, through mechanisms which provide for the issue of differing levels of bonuses linked to the partial or total achievement of the objectives;
establishment of overall remuneration levels which recognise the professional value of individuals and their contribution to the creation of sustainable value over the short and medium/long-term period;
provision of an adequate deferral period - with respect to the time of maturity - for the payment of a significant part of the variable component, consistent with the underlying business activity and the related risk profiles.
To this end, the Remuneration Committee annually assesses F.I.LA.'s Remuneration Policy, taking into consideration the different elements that constitute its pillars.