Directors' remuneration

Directors’ remuneration is determined, for each financial year, by the Ordinary General Shareholders’Meeting called to approve year-end financial statements.

The Shareholders’Meeting also fixes the remuneration of the Directors serving on committees within the Board.
The emoluments of the Chairman, Deputy Chairmen, and Chief ExecutiveOfficer are determined by the Board of Directors on the basis of a recommendation made by the Nominations and Remuneration Committee.

 

Shareholdings owned by Directors, Statutory Auditors, General Managers and strategically accountable Managers, in 2010.

Pursuant to applicable CONSOB Resolutions,the following table illustrates the equity investments owned by the Directors, Statutory Auditors,General Managers and Executives with strategic responsibilities at the company and its subsidiaries.

Name and Surname Company in which shares are owned  No. of shares owned at the end of the previous year No. of Shares owned  No. of Shares sold  No. of  Shares owned at the end of the year
Alessandro Garrone ERG S.p.A.  2,000  -  -  2,000
Fabrizia Giordano(1) ERG S.p.A. 12,725 - - 12,725
Riccardo Giordano(1) ERG S.p.A. 12,725 - 7,700   5,025
Senior Managers with strategic responsibilities ERG S.p.A. 11,350 - 3,300   8,350
Senior Managers with strategic responsibilities ERG Renew S.p.A. 10,000 - 10,000     -

 (1) sons of Pietro Giordano

Document mime-type: application/pdf Stakes held by Directors, Statutory Auditors, General Managers and Managers with strategic responsibilities

(From the 2010 Management Report)

Stock options assigned to Directors, General Managers and key executives

 

Options held at the start of the year

Options assigned during the year

Options exercised during the year

Options exercised during the year

Options held

at the end of the year

Full
Name

Office Held

N. Opt.

Av. Exerc. Price

Av.
Expir.

N. Opt.

Av.
Exerc. Price

Av.
Expir.

N. Opt.

Av.
Exerc. Price

Av. Market Exerc.
Price

N. Opt.

N. Opt.

Av. Exerc.
Price

Av.
Expir.

Edoardo Garrone

 Chairman

 156,182

 15.88

  4/2/
2011

           

 78,091

 78,091

 16.14

10/1/
2011 

Pietro Giordano

 Deputy Chairman

 195,228

 15.87

  4/2/
2011

 

 

 

 

 

 

 97,614

 97,614

 16.14

 10/1/
2011

Giovanni Mondini

 Deputy Chairman

   26,030

 15.88

  4/2/
2011

 

 

 

 

 

 

 13,015

 13,015

 16.14

 10/1/
2011

Alessandro Garrone

 CEO

 262,689

 15.78

  2/2/
2011

 

 

 

 

 

 

 173,536

 89,153

 14.13

 10/1/
2011

Luca Bettonte

 Director

   43,384

 14.13

 11/20/
2011

 

 

 

 

 

 

       -

 43,384

 16.14

 11/20/
2011

Aldo Garozzo

 Director

   65,076

 15.88

  4/2/
2011

 

 

 

 

 

 

 32,538

 32,538

 16.14

 10/1/
2011

Giuseppe Gatti

 Director

   84,599

 15.81

 2/17/
2011

 

 

 

 

 

 

 52,061

 32,538

 16.14

 10/1/
2011

Dirigenti Strategici

Man.Dir./
Division Head

  203,905

 16.26

 5/10/
2011

           

 138,829

 65,076

16.14 

 10/1/
2011

 

Document mime-type: application/pdf Stock options granted to Directors, General Managers and Managers with strategic responsibilities

Table 2 from the 2010 Financial Statements

Person

Description of Office

Compensation

Full Name            

Office Held

Period in office

Expiration of term in office 

Emoluments for the office

Non monetary Benefits

Bonus and other incentives


 Other Fees                         

 

Edoardo Garrone

Chairman

1/1/10 -12/31/10

April 30, 2012

791,086.89

 8,913.11

 125,000.00 (1)          

 -

Pietro Giordano

Deputy Chairman

1/1/10 -12/31/10

April 30, 2012

604,158.75

15,847.58

 3,300,000.00(1)(2)

 291,666.67(3)

Giovanni Mondini

Deputy Chairman

1/1/10 -12/31/10

April 30, 2012

110,833.84

 9,311.04

     30,000.00(1)

 259,233.00(4)

Alessandro Garrone

CEO

1/1/10 -12/31/10

April 30, 2012

992,313.90

 13,547.86

   200,000.00(1)

    8,330.48(5)

Massimo Belcredi

Director

Internal Control Committee Chairman

Nominations and Remuneration Committee Member

1/1/10 -12/31/10

April 30, 2012

47,416.00

40,000.00

25,000.00

  2,584.00

          -   -

Luca Bettonte

Director

1/1/10 -12/31/10

April 30, 2012

50,000.00

14,756.78

    75,000.00(1)

 1,011,639.0(4)(14)

Lino Cardarelli

Director Nominations and Remuneration Committee Member

1/1/10 -12/31/10

April 30, 2012

50,000.00

25,000.00

   -       -    -

Aldo Garozzo

Director

1/1/10 -12/31/10

April 30, 2012

 43,907.00

 7,072.20

      -    -

Giuseppe Gatti

Director

1/1/10 -12/31/10

April 30, 2012

100,000.00

 3,290.40

      -

      7,843.33(5)

Antonio Guastoni

Director Internal Control Committee Member

1/1/10 -12/31/10

April 30, 2012

 50,000.00
 40,000.00

  -      -     -

Paolo Francesco Lanzoni

Director Nominations and Remuneration Committee Member

Internal Control Committee Member

1/1/10 -12/31/10

April 30, 2012

 44,782.07
 25,000.00
 40,000.00

5,217.93

     -

     37,250.00(7)

Graziella Merello

Director

1/1/10 -12/31/10

April 30, 2012

293,072.00

6,928.00

     -    -

Mario Pacciani

Chairman of Board of Auditors

1/1/10 -12/31/10

April 30, 2013

 60,000.00

 -      -

      50,205.16(8)

Lelio Fornabaio

Auditor

4/15/10 -12/31/10

April 30, 2013

 28,646.84

 -      -

      96,332.67(9)

Paolo Fasce

Auditor

1/1/10 -12/31/10

April 30, 2013

 40,000.00

 -      -

     18,706.23(10)

Andrea Manzitti

Auditor

1/1/10 -4/14/10

   -

11,353.16

 -      -

     45,000.00(11)

Key Executives(13)

Managing Directors and Division Heads

 -

   -

-

25,843.70

142,000.00(1)

   2,121,659.00(12)

 Notes to the table

(1) Bonus accrued in 2010, to be paid out in May 2011 by ERG S.p.A.
(2) Extraordinary bonus of EUR 3,000,000.00, paid in 2010 for extraordinary transactions;
(3) Compensation as Chairman of ERG Petroli S.p.A. and ERG Renew S.p.A.;
(4) Employment wages from ERG S.p.A.;
(5) Fees as director in I-Faber S.p.A.;
(6) Fees as director ERG Nuove Centrali S.p.A. and Isab Energy Services S.r.l.;
(7) Fees as Chairman of the Supervisory Committee in ERG S.p.A., ERG Petroli S.p.A., ERG Raffinerie Mediterranee S.p.A., ERG Power & Gas S.p.A. and ERG Renew S.p.A.;
(8) Fees as Chairman of the Board of Statutory Auditors in ERG Petroli S.p.A., ERG Power & Gas S.p.A., TotalErg S.p.A. and as Auditor in ERG Oil Sicilia S.p.A., ISAB Energy S.r.l. and Raffineria di Roma S.p.A.;
(9) Fees as Chairman of the Board of Statutory Auditors in ERG Renew S.p.A., ERG Nuove Centrali S.p.A., ERG Power S.r.l. and as Auditor in Ionio Gas S.r.l., ISAB S.r.l., ERG Eolica Italia S.r.l., ERG Power & Gas S.p.A. and ERG Raffinerie Mediterranee S.p.A.;
(10) Fees as Chairman of the Board of Statutory Auditors in I-Faber S.p.A. and as Auditor in ERG Power & Gas S.p.A. and Ionio Gas S.r.l.;
(11) Fees as Auditor in ERG Renew S.p.A. and ISAB S.r.l.;
(12) Employment wages from ERG S.p.A. and fees as managing directors in subsidiaries, net of emoluments collected directly from the company by which they are employed. Includes extraordinary bonus of Euro 320,000.00 disbursed in 2010 for extraordinary operations;
(13) Includes 5 executives;
(14) Includes extraordinary bonus of Euro 450,000.00 disbursed in 2010 for extraordinary operations

 

Document mime-type: application/pdf Emoluments paid by ERG S.p.A. and subsidiaries in 2010 to Directors, Statutory Auditors. General Managers and key executives

(Table 1 from the 2010 Financial Statements)