A ceiling on bankers' bonuses. This is the main change contained in the document sent by Bank of Italy to credit institutions on the "provisions on remuneration and incentive policies and practices". The observations of the banks must reach Via Nazionale by 12 January.
The goal is to transpose by the end of 2014 the new directive approved at EU level on 26 June. Basically, a ratio of 1 to 1 is imposed on the ratio between the variable and fixed component of remuneration. The shareholders' meeting (with a qualified majority and on the basis of information provided by the board on the reasons justifying the increase) will have the power to approve a higher ceiling, in any case not higher than 200%.
On this terrain, in truth, Italy is already one of the most balanced countries among the major economies of the European Union. In our country, the average ratio between bonuses and bankers' salaries is 90%. A percentage that rises to 370 in France, 3446 in Great Britain and 260 in Germany.
