How much do the top management of companies listed on the Piazza Affari earn? On average, the total remuneration of chairmen reached 887 thousand euros in 2015, while managing directors collected almost double: 1.660.000 euros, an increase compared to the 1.483.854 in 2014 and the 1.451.435 in 2013. remuneration of the directors, on the other hand, stands at 124.000 euros. The numbers are contained in the Italy Board Index 2016 by Spencer Stuart, a consultancy company specializing in executive search and board advisory services.
The panorama, however, is by no means homogeneous. In detail, as regards i president, the maximum compensation is equal to 5.387.000 euros, while the lowest is 15.000. The average fixed salary is 580.000 euros. A third of presidents receive over a million. By comparing the data relating to the total average remuneration of presidents on an international scale, it can be observed that Italy is in second place after Switzerland (2.148.120 euros) and before France (560.666).
In the case of the managing directors, the average fixed remuneration stands at 814 thousand euros (about 49% of the total remuneration). The number of CEOs whose salaries exceed one million is equal to 62% of the panel analysed. Of these, 58% are in the range between 1 and 2 million while 42% are in the range of 2 million and up.
As for the councilors, the total average fixed compensation is 74 thousand euros, with the fixed part accounting for 64% of the total. The average total compensation of a non-executive director is 90 euros, while that of an executive director is 243 euros.
Only non-executive directors (independent or otherwise) register an average fixed remuneration of 58 thousand euros. The average total remuneration for non-independent persons is slightly higher than that of independent persons (98 against 92). At an international level, the maximum remuneration of non-executive directors is that recorded in Switzerland (291.925).
“Independent directors still represent the least remunerated category compared to the other directors – comments Luigi Paro, CEO of Spencer Stuart Italia – even if we have observed a slight growth trend in compensation, with an increase in the share of members of the highest bracket, those above 100.000 euros. The issue is relevant since this remuneration is often not commensurate with the level of responsibility and commitment required and is highly misaligned in comparison with foreign countries”.
