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Remuneration policy

05/26/2020 - 11:48 AM

The Nomination and Remuneration Committee's work took place with the planning of activities, implementation of instruments in support of the 2019 Remuneration Policy and the definition of guidelines to the 2020 Remuneration Policy.

Scheduling of the activities

For 2020, the Committee has planned its activities as follows:

  • Design of the new Long-term Incentive Plan 2020-2022 and launch of the Plan
  • Design, definition and launch of a new Share Ownership Plan
  • Succession plan: updating and monitoring the process
  • Gender gap: analy,sis„and monitoring over time
  • Design and constant monitoring
  • Board Evaluation: selecting the advisor
  • Engagement process with leading institutional investors and Proxy advisor
  • Preparing the Report on Remuneration and starting the process of preparing next year's remuneration policy
  • Determining the short-term variable incentive policies for the current year
  • Finalizing the results of the performance objectives for the previous year

2020 remuneration policy tools and guidelines

The Telecom Italia Group’s remuneration policy is aimed at ensuring the company’s competitiveness in the labor

market, as well as its ability to attract, retain and motivate people, in the face of sustainable performance.

The guidelines defined take into account the remuneration policies implemented in the past, the remuneration instruments already in use and the assessments made by analysts and investors at the Shareholders’ Meeting of March 29, 2019. In view of this, the 2020 remuneration policy is designed to pursue:

• the achievement of the Company’s strategic and ESG objectives in the long term

• the competitiveness of the company on the labor market

• engagement by people

• the protection of the principles of internal equity, including gender equality

• the alignment of management’s interests with the creation of value for shareholders as well as the long-term sustainability of results

• the safeguarding of consistency at Group level, while taking into account the diversity of the reference markets.

The definition of policies is supported by an analysis of market practices both in terms of remuneration levels and the composition of remuneration packages, with a panel of companies in the Telco and Media sector at international level (peer Group Industry) and Italian companies comparable in terms of size and/or market capitalization (FTSE MIB peer Group).

The components of individual remuneration are:

• Fixed Remuneration (the only form of remuneration envisaged for Directors without particular offices, i.e.,

other than the Chairman and the Chief Executive Officer, and for Statutory Auditors)

• Short-Term Variable Remuneration

• Long-Term Variable Remuneration

• Benefits and Welfare.

The integration of the different remuneration components makes it possible to balance monetary and nonmonetary instruments appropriately, with the aim of raising recipients’ satisfaction at a sustainable cost.

Go in depth on all the components regarding remuneration in the specific sections of the Remuneration Report.