As described in the Remuneration Report, the total remuneration of the CEO, the Group Head of Finance, Procurement and IT Systems and the Key management personnel is defined by focusing on a number of items including – in addition to the business volume, the capacity to contribute to results, the work performance and the comparability with internal remuneration levels – also the ratio with regard to known compensation levels on the market for companies of similar size.

The remuneration package assigned to them generally consists of the following elements:

  • annual base pay
  • annual variable pay (MBO)
  • medium-to-long-term variable pay (LTI).

The base pay may be made up of the base salary and other forms of remuneration of a non-variable nature. Its weight may not exceed 70% of total compensation.

The annual variable pay (MBO) is attainable by reaching yearly quantitative objectives. These are set beforehand and are linked to performance indicators, both on a consolidated level and on an individual level regarding the business areas or corporate functions.

The medium-to-long-term variable pay (LTI) is a special cash bonus which is only payable at the end of a multi-year period, and only after medium- and long-term economic and financial objectives have been achieved at both the Group level and at the level of individual business areas and corporate functions.

The combination of the annual variable pay and the medium-to-long-term variable pay is itself a variable percentage, which is generally not less than 30% of the total annual remuneration.

The weight of variable pay linked to medium- and long-term performance is not less than 25% of total variable pay on an annual basis.

The Remuneration Policy is approved and defined by the Board of Directors upon proposal by the Remuneration and Appointments Committee.
The Policy sets forth principles and guidelines that must be respected in its definition and implementation. This is the responsibility of the following figures:

  • the Board of Directors, for the remuneration of Executive Directors and other Directors who have been appointed to key positions,
  • the Chief Executive Officer, who is supported by the Department of Human Resources and Organisation, for the remuneration of Key Management Personnel.

The Policy sets forth principles and guidelines that must be respected in its definition and implementation. This is the responsibility of the following figures:

  • the Board of Directors, for the remuneration of Executive Directors and other Directors who have been appointed to key positions,
  • the Chief Executive Officer, who is supported by the Department of Human Resources and Organisation, for the remuneration of Key Management Personnel.

Remuneration paid to management in 2016

Name and surnameOfficeBase payBonuses and other incentivesNon-monetary benefitsOther compensationTotalSeverance pay for termination of office or employment
Ernesto MauriChief Executive Officer10,000 a)
1,100,000 b)
576,000350,000 f)2,036,000
Oddone PozziDirector10,000 a)
420,000 c)
626,600 d)7,9971,064,597
Mario RescaDirector


Mondadori Retail S.p.A Chairman
10,000 a)

120,000 a)
40,000 c)
10,000

120,000
40,000
Key management personnel6*2,036,441 c)1,834,130 d)22,464 e)3,915,841260,000 g)

KEY
* number of key management personnel in office as at 31/12/2016 including the manager who resigned on 31/10/2016
a) emoluments approved by the competent bodies
b) compensation for the performance of key roles
c) base salary and/or fixed employee or associate remuneration
d) the amount includes the one-off amount paid as a bonus for the successful outcome of the acquisition of 99.99% of Rizzoli Libri S.p.A. and 100% of Banzai Media Holding S.r.l.
e) amount including the value of an apartment provided to one member of the key management personnel residing abroad
f) non-compete agreement for 2016
g) referring to severance pay of one member of the key management personnel