How much do the managers of the main Italian companies earn? The answer comes from a study by the Centro Studi Mediobanca which calculates one for a managing director average salary of 849.300 euros gross in 2018, a figure equal to 14,4 times the average labor cost of listed companies even if, in extreme cases, a CEO's paycheck can be up to 114 times heavier than that of one of his employees. A president instead earns about 8,5 times more than a normal worker, but it reaches up to 97 times. It is interesting to note that the more the company's capitalization increases, the more the pay gap between top management and employees increases.
Lo study «Features of the boards of listed companies based in Italy» by Mediobanca it concerns the compensation campaign of the year 2018 of 230 companies based in Italy listed on the MTA, the main list of Borsa Italiana. Overall, information was collected on 3.543 directors, general managers and statutory auditors.
MEDIOBANCA: SALARIES OF TOP MANAGERS
The report shows that overall, last year the top managers of listed Italian companies received compensation of 605,5 million of Euro. "The fixed portion, received in 95,1% of cases, amounts to 332,4 million and represents 54,9% of total compensation", explains Mediobanca in the study. “The variable portion consists of a monetary portion (non-equity), equal to 132,5 million (21,9% of the total) which affects 8,6% of the subjects and a portion paid in financial instruments (equity) which reaches 56,9 million (9,4% of the total) for the benefit of 3,3% of subjects”.
Among the various top figures at the helm of the companies the top earners in 2018 were the CEOs, which as mentioned arrive at 839.300 euros gross. The year before, salaries reached 952.400 euros, which means that compared to 2017, the average salary decreased by 10,8%.
Follow the presidents with 458.200 euros (-8,3% compared to 2017) and the vice-presidents, with 209.600 euros. However, it should be considered that in many cases managers hold more than one position, achieving higher salaries overall. This accumulation mainly concerns the figure of the "Chief Executive Officer combined with that of the President or the General Manager".
MEDIOBANCA: THE GENDER GAP
The Mediobanca report also highlights a high gender gap. There are far fewer women who hold top management positions than men, they are younger by birth and earn much lower figures.
In detail "men occupy 66% of the positions, women the remaining 34%”, reads the report. And the higher you climb to the top, the fewer women you find. The presence of women represents “only 8,1% in the position of managing director, 10,7% in the case of the presidency of the board and 18,2% for the vice presidency of the board. The presidency of the board of statutory auditors also sees a relatively small participation of women (22,1%). The share of women rises with reference to the function of director (42,2%) and reaches its maximum in the position of statutory auditor (43,2%)” explains the analysis.
As regards age, women are on average younger than men: 53,1 years against 59,3.
The average remuneration of a woman who holds the position of CEO is just over half that of a man of the same rank, while the average remuneration of women on boards is approximately a quarter of that of men. In numbers, the average salary of a CEO for a man is 874 euros, for a woman 474.400, despite the fact that the wage gap has decreased by 31% over the years.
SALARIES BY SECTORS
Salaries vary from industry to industry. They pay the most insurancewhich on average disburse their managing directors 4,34 million euros and reach a maximum of 7,9 million euros. The CEOs of banks on the other hand, they have an average salary of 1,97 million, but the maximum ceiling reaches 5,7 million, while those in theindustry they slightly exceed one million euros a year and reach 7,7.
THE HIGHEST PAID MANAGERS: THE TOP TEN
Remuneration reports show that managers who hold more than one position earn the most. The first in the standings is Carlo Cimbri, Chief Executive Officer and General Manager of Unipol, who overall (and therefore for the two joint offices) earned €2018m gross in 7,9. In second place is Gianni Tamburi, president and CEO of Tamburi investments with a gross salary of 7,7 million. Third step of the podium for Massimo Della Porta, president of Saes Getters, with 7 million euros. Della Porta is therefore the highest paid manager for a single position.
Followed by Remo Ruffini, president and CEO of Moncler, with 6,5 million and Claudio Descalzi, president and CEO of Eni, with 6,45 million. Sixth place for Philippe Donnet, who receives 5,986 million for his role as CEO of Generali. Seventh Pierroberto Folgiero, Ad. and General Manager of Maire Tecnimont, with 5,952 million. Eighth Giovanni Castellucci, former CEO and CEO of Atlantia, with 5,688 million. Ninth Carlo Messina, CEO and managing director of Intesa Sanpaolo with 5,65 million. Pietro Salini, CEO of Salini Impregilo, closes the top ten with 5,608 million.
