Remuneration Information • Mar 13, 2018
Remuneration Information
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Prepared Article 8 (and sub in accordanc 4-quater of t bsequent ame ce with Articl the Listing R endments) a le 123-ter of Rules adopted nd with the Companies o f Legislative D d by Consob recommenda of Borsa Itali Decree no. 5 with Resolut ations of the ana S.p.A. 8 of 24 Febr tion no. 1197 Self-regulato ruary 1998 a 71 of 14 May tory Code for nd with y 1999 r Listed
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12 March 2018 8
Opera Comp ational and adm panies Registe Registered o ministrative he Sha er, Tax code a Fiera office: Piazzale eadquarters: S are capital: Eu nd VAT no. 13 a Milano S.p. e Carlo Magno Strada Statale uro 42,445,14 3194800150 – .A. o, 1 - 20149 M e del Sempione 1 fully paid up – Economic Ad Milan, Italy e, 28 - 20017 pministrative R Rho (Milan) I Register 16238 taly 812
The pr esent Report on Remunera tion (h ereinafter t he "Report" and /or th e " Report o n Remuneration") has been prepared pursuant to Article 123-ter of Legislative Decree no. 58 of 24 February 1998 (hereinafter the "Consolidated Finance Act") and Article 84-quater of the Listing Rules adopted by C onsob with Resolution no. 11971 of 14 May 19 99 and subsequent amendments (hereinafter the "Listing Rules").
The Report on Remuneration comprises two sections.
Section One of the Report on Remuneration describes and illustrates:
Section Two:
The Remun eration Poli cy ad opted by th e Company conforms to the recommen dations of Article 6 o f the S elf-regulatory Co de f or List ed Companies of B orsa Italiana S.p.A . of Jul y 2015 (hereinafter the "Self-regulatory Code") to which the Company adheres.
The Remuneration Policy described in this Report has also been also adopted, in accordance with the Listing Rules covering related-party transactions and pursuant to and in accordance with the provisions of Article 12.2 of th e Procedures for Rel ated-party Tr ansactions implemented by the Board of Directors of the Company.
The pres ent Report h as been d eposited at t he register ed office an d t he op erational and administrative offices of the Company, as well as at Borsa Italiana S.p.A., and is available on the Company website, www.fieramilano.it1 .
1 www.fieramilano.it/en/Report on Remuneration
The Remu neration P olicy is pr epared a nnually by the A ppointments and Rem uneration Committee and subse quently presented to the BoD o f th e Compa ny for its app roval. The Appointments and Remuneration Committee also submits the implementation criteria for the approval of the BoD and supervises that they are applied
Once the Remuneration Policy has been examined and approved, the BoD puts it to a nonbinding v ote of the S hareholders' Meeti ng i n accord ance with Ar ticle 123 -ter of th e Consolidated Finance Act.
The Policy in the present Report was approved by the BoD at its meeting on 12 March 2018 and will be put to a non-binding vote at the Ordinary Shareholders' Meeting convened just once on 23 April 2018.
The BoD of the Company set u p an Appointments and R emuneration Committee within the BoD fo r consultation, advice and reco mmendations. Specifically, the Committee does the following:
Should th e App ointments an d Remunera tion Commit tee op t t o us e t he servi ces of a consultant to obtain informati on on market practice on remuneration policies, it s elects the consultant having first verified that the latter's circumstances can in no way compromise the independence of his/her opinion.
The BoD, a ppointed by the Sha reholders' Meeting of 21 April 2017, set u p a n intern al Committee, the Appointments and Remuneration Committee on 2 May 2017. It appointed the Directors Mr Alberto Baldan, Ms Elena Vasco, and Mr Gia npietro Corbari to t his Committee and appointed Mr Cor bari as its Chairpers on. Subsequently, on 23 October 2017, the Bo D, having (i) accepted th e resignati on of Mr Corbari as C hairperson and m ember of th e Committee, (ii) acknowledged the need to appoint a n ew member to the Committee (iii ) considered the proposals put forw ard by its Cha irperson, appointed Ms Marina Natale as the new member of the Committee to replace Mr Corbari and appointed Ms Elena Va sco as the new Chairperson of the Committee.
Therefore, at t he dat e of th e present Rep ort, the me mbers of t he Ap pointments and Remuneration Committee are:
During the financial year ended 31 December 2017, this Committee hel d eight meetings that were regularly minuted and carried out its advisory role to the BoD. The average duration of the meetings was one hour and ten minutes.
In the current financial year, at th e date th e present Report was appr oved, it ha d already held two meetings.
The Company used an independent expert from the firm KornFerry HayGroup to prepare its Remuneration Policy. The exter nal consultant h elped the Comp any d evise the new medium/long-term incentive scheme.
(d) Principles and Aims of the Remuneration Policy
The corporate governance mod el of the Com pany employs clear an d string ent rules t o ensure adequate control of the remuneration policies in keeping with the criteria established by the BoD and with the requirements of transparency, impartiality and objectivity.
Drawing up the Poli cy was a cl ear and transparent process in which the Appointments and Remuneration Committee and the BoD of the Company played central roles; the BoD, on the recommendation of the Appoin tments and R emuneration Committee, approves t he crit eria for implementing the Remuneration Policy.
The P olicy defi nes the prin ciples and guidelines used by th e B oD to d etermine th e remuneration of:
The Policy of the Company aims to:
These were the aims followed in preparing the Remuneration Policy but it also takes account of the critical state of the macroeconomic scenario, which shows a gradual recovery, and the specific period of disruption that the Company has suffered, as well as the need to retain the new Management.
The Policy incor porates the fund amental guidelines presented at t he Shareholders' Meeting of 29 April 2015 regarding medi um/long-term variable remunerati on and the propos al approved b y th e Sh areholders' Meeting of 28 April 2016, including th e Plan based on th e allocation of stock options. The next Sh areholders' Meeti ng will be asked to approve a mandate for the B oD to implem ent in 2018 , with the suppor t of th e Appointm ents and Remuneration Committee, a long-term incenti ve scheme comprising cash and performance shares of the Company as detailed below.
(e.1) Members of the BoD. The Company makes a distinction between Executive Directors and Non-executive Directors in its policies on the fixed and vari able components o f remuneration of the members of the BoD.
The remuneration of Non-execut ive Directors with no specific res ponsibilities (including Independent Direc tors) is compos ed of a fi xed amount s et by th e Shareh olders' Meetin g when t hese Directors are ap pointed. Non-executive Directors r eceive an attendance allowance of Euro 350.00 (three hundred and fifty) for each Board of Directors meeting they attend and are reimbursed for business expenses sustained.
Best practice and Article 6 of the Self-Regulatory Code both recommend that these Directors receive n o remunerati on related to the a chievement of key perfor mance targ ets by the Company nor are they recipients of remuneration plans using financial securities.
The BoD, on the proposals of the Appointments and Remuneration Committe, sets the total remuneration of Executi ve Directors and Directors with specifi c roles. Specifically, the BoD, having heard the opinion of the Board of Statutory Auditors, decides – in accordance with Article 2389, paragraph 3 of the Italian Civil Code – the remuneration of the Chairperson and the Chief Executive Officer.
The Chairperson of the BoD, as a Non-executive Director, receives no variable component of remuneration.
The rem uneration package o f th e C hief Exe cutive Offi cer who, at th e date of the pres ent Report, is the only Executive Director, is composed as follows: (i) a gross annual fixed sum in payment of his role as Chief Executive Officer and remun eration as an employee for hi s position as an Executive of the Company; (ii) a short-term variable cash component paid to him as an E xecutive of the Company, receipt of which is dependent on the achievement of pre-established annual objectives set by th e BoD or is subject to th e attainment of annual targets that are closel y linked to the bu dget targets ap proved by the BoD (" MBO" – Management by Objectives); and (i ii) a mediu m/long-term variable component co mprising cash and a nd per formance shares (see th e secti on bel ow on th e prop osed long-term incentive Plan).
The Appoin tments an d Remuneration C ommittee verifi es annually that th e C ompany a nd Group key performance targets for the previous financial year have been met and, based on its findings, prepares recommendations for the BoD. The BoD, having consulted the Board of Statutory Auditors, decides the variable components of the remuneration paid to Executive Directors.
Given the changes in the management and corporate governance of the C ompany, the BoD will propose to the Shareholders' Meeting that it approves a new medium/long-term incentive Plan (hereinafter the "Plan") comprising both cash and per formance shares (shares of th e Company) to b e pai d to certain ben eficiaries (incl uding Execu tives with Strat egic Responsibilities) if the performance targets defined and quantified by the BoD with reference to pluriennial budget targets have been met.
In addition to the Chief Executive Officer, the Plan is for other executives and aims to:
(i) align the interests of management with thos e of shareholders through the use of equitybased incentives and build a more stable shareholder base for the Company.
(ii) retai n a nd incenti vise th ose p ersons in th e Gr oup m ost res ponsible f or a ttaining th e corporate objectives and motivate them to add value t o the Company whilst, at the same time, creating a means of increasing the Beneficiary's loyalty to the Company.
(iii) link total remuneration and, in particular, the incentive schemes aimed at executives and key Group personnel to the real growth in the C ompany and value creation of the Group as recommended in the Self-regulatory Code;
The Beneficiaries, the amount of the Bonus and the number of Shares to be allocated to each Beneficiary are at t he exclusive discretion o f the Bo D, h aving consi dered th e strate gic relevance of the p osition hel d by the Ben eficiary an d h is/her annu al fixed an d variabl e remuneration, while ensuring that the total remuneration remains competitive.
The Plan has a two-year duration (the "performance period"), a period considered consistent with th e ai m of m easuring val ue cre ation o f the Group in the me dium-term. The shar es underlying the Plan are shares th at the Com pany h olds directly or i ndirectly – already purchased or to be purchased under Article 2357 and following of the Italian Civil Code. The maximum number of Shares required for the Plan is 1,000,000 shares.
No form of bonus will be paid unless the mini mum level of the performance targets set by the BoD is reached.
The pers onal remuner ation pla n of th e Chief Executi ve Offi cer an d, in parti cular, th e weighting of the fixed component of this remuneration will be based on the following criteria:
(a) the fixed component will not be mor e th an 50% of the total expected annual remuneration (including the r emuneration received under the Plan calculated on an annual basis2 ) assuming the targets on which the variable component depends are attained and (b) if the targets on which the variable remune ration is ba sed are exceeded, t he variable component will not be more than 75% of the total annual remuneration (including the remuneration received under the Plan calculated on an annual basis).
On the proposal of t he Appointments and Rem uneration Committee, the BoD m ay pay on eoff bonuses to Executive Directors linked to the success of operations held to be of particular strategic value to the Company and the Group.
Members of the in ternal Commit tees of th e BoD (i.e. the In ternal Contr ol and Risk Management Commit tee an d t he Appointments and Rem uneration C ommittee) r eceive a fixed remuneration that is decid ed by the BoD. All member s of the C ommittees are entitled to reimbursement of expenses incurred carrying out their roles.
The principl es and criteria des cribed above fo r Executive Directors are also applied when determining the rem uneration of Executives with Strategic Res ponsibilities and other executives identified by the BoD. The aim is the same - t o attract, motivate and retain highly qualified executives through a rem uneration package that is competiti ve in the market place and that rewards the managerial merit of thos e involved and their contribution to Company and Group growth. The remuneration of th ese executives is divided in to a fixed component and a vari able component and aims to cr eate sustainable value over the medium/long-term and ensure a direct link between r emuneration and the specific objectives of the Company and Group.
2 in which the share component is valued at fair value when allocated.
The remuneration of Executives with Strategic Responsibilitie s and some other executi ves normally consists of the following components: (i) a gross annual fixed sum; (ii) a short-term variable cash component recognised on the achievement of pre-established key performance targets (" MBO" – Managem ent by Objectives defined by a specific policy); and (iii) for beneficiaries of the Plan, a medium/long-term variable component comprising both cash and performance shares.
It shoul d be noted that d etermination of the fixed comp onent ensures sufficient remuneration even when the variable components are not paid because the pre-established key performance targets have not been met.
The short-term variable cash component perm its annual as sessment of the performance of the beneficiary. Specifically, the Chi ef Executive Officer, in line with the Company policies, determines the MB O targets for E xecutives w ith Strategi c Responsibilities and for other executives t hat re port directly t o t he Chi ef Ex ecutive Officer. Paym ent o f th e s hort-term variable component of remun eration d epends on a tri gger condition being met ( known a s "on/off" or "gate") that has been s et by the BoD and is ba sed on the targets of the annual budget. Th e Group sets a maximum limit to the in centive pa yable if the targets ar e exceeded. Specifically, under the MBO plans for Executives with Strategic Responsibilities and some other executives, the maxim um incenti ve pa yable cannot b e m ore tha n 50 % of th e gross annual remuneration.
For the medium/long-term variable component of the Plan, comprising cash and performance shares, the maximum payable during the life of the Plan may not exceed 55% of the annual gross remuneration.
The ab ove being sta ted, if the employment position/m andate cea ses early a nd/or is terminated by th e C ompany for ju st caus e, the righ t t o t he sh ort a nd medium /long-term variable components of remuneration will lapse.
Lastly, in a ddition to t he MB O pl ans, th e C hief Executi ve Offi cer may in excepti onal circumstances award one-off bonuses to Executives with Strategic Responsibilities for specific transactions deemed to be of exceptional strategic importance or due to their effects on the results of t he C ompany and/ or the Gr oup and on th e at tainment of speci fic performance targets.
The performance of other Group executives and marketing personnel will be assessed, based on MB O pl ans, in line with Company policy. Their p erformance targets a re established annually by senior ma nagers togeth er with the Director of Organisation an d Human Resources and may in clude, in a ddition to the results of th e Com pany an d/or Grou p, performance targ ets link ed t o th e economic and/or q ualitative p erformance o f th e unit or business area to which they belong.
The Company is imple menting a new Performance & L eadership Management (hereinafter "PLM") syst em as a w ay of pr omoting the at tainment of strategic business targets and assessing expected b ehaviour bas ed on a lead ership mod el that is represen tative of th e Group. From 2018, the PLM system will be lin ked to the MBO scheme for Group managers and the Incentives for marketing pers onnel. The MB O and incentive targets will be
calculated and paid u nder specific conditions and variables. MBO an d Incentive payments will be triggered on reaching a corporate performance target. No payment will be made i f this target fails to be reached.
The Company gives non-cash benefits to Directors and executives in l ine with market best practice and reimburses business expenses incurred in carrying out their roles. They are also insured for the responsibilities they cover, save in criminal cases or for gross negligence and for accidents whether relating to professional acti vities or n ot, in accordance with t he provisions relating to the mandate (as described under paragraph (m) below).
Please refer to paragraph (e) above.
Please refer to paragr aph (e) above and to the section on remuneration schemes based on financial securities i n accordance with Arti cle 114- bis o f th e Co nsolidated Finance Act , available on the Company website www.fieramilano.it (in the secti on Investor Relations/Corporate Governance/Shareholders' Meetings).
The Company has a risk management policy. Detailed information on this policy is given in the section on Risk factors affecting Fiera Milano Group that is part of the Board of Directors' Management Report in the Annual Report.
With regard to clawback mechanisms, it shoul d be noted that the variable remuneration is based on MBO plans that are not very complex but any single executive who is a beneficiary of the MBO plan cannot easily manipulate the underlying reference parameters.
The Remuneration Policy on m edium/long-term variable remuneration comprising both cash and p erformance shar es (rest ricted to th ose included in the Pl an t o be proposed t o the Shareholders' Meeting) has a clawback clause whereby restitution of variable components of remuneration alrea dy paid ma y be r equested if th ese hav e b een allocat ed based on information that subs equently proves to be manifestly incorrect. Resti tution may also be requested for all the incentives pa id in the financial year (or financial years) in which it is found that the data used to calculate the results that trigger the right to the incentives have been deliberately altered and/ or there h as been gross and intentional breach of the laws and/or regulations, the Code of Ethics or the C ompany rules, if relev ant to the employment and trust relationship, without prejudice to any other action permitted by law and regulations to protect the interests of the Company.
The Remun eration Poli cy esta blishes that th e deferm ent mechanism s for incentive plans based on financial instruments under Arti cle 114-bis of the Co nsolidated Finance Act are in line with comparable market best practice and can include lock-up periods for the financial instruments.
Please refer to paragraph (h).
It is the policy of the Company not to agree compensation with Directors (with the exception of the Chief Executive Officer of the Company, whose com pensation is described in Section Two of this Report), Executives with Strategi c Responsibilities and other executives, which that govern in a dvance th e financial conditions ensuing from an earlier than expected termination of employment whether it be insti gated by the Company or an individ ual (good leaver or b ad leav er cl auses). In cases of termination of empl oyment by t he Group for reasons other th an just caus e, the standar d p rocedure is to s eek t o rea ch a co nsensual agreement on th e ter mination of employm ent. Su bject to the l egal and/or contractual requirements, agreements for term ination of employment with the Gr oup use th e relevant reference benchmarks and adhere to the l egal conditions and procedures of th e country in which the contract was agreed.
In line with best practi ce, Directors are insured for the responsibilities they cover, save in criminal cases or for gross negligence and fo r a ccidents whether re lating to professional activities or not, in a ccordance wi th the requir ements of t he manda te. In ad dition to th e obligatory policies, Group executives also receive supplementary health insurance and travel insurance.
Please refer to paragraph (e) above.
The remuneration policy of the Com pany is not based on t hat of any ot her company. The subsidiaries and associate companies apply the policies of the Company.
The Ordinary Shareholders' Meeting of 21 April 2017 approved the fixed remuneration of the members of the BoD in line with market rates, while ensuring that de cisions on the special remuneration of Dire ctors with sp ecific rol es remained the comp etence of the BoD in accordance with Article 17.7 of the Company Articles of Association.
The Shareholders' Meeting approved:
In th e m eeting o n 15 May 2017 , the B oD approved t he r emuneration of memb ers of the Internal Co ntrol an d R isk Manag ement C ommittee and those of the App ointments an d Remuneration Commi ttee. M oreover, the BoD, having studied the pr oposals of the Appointments and Remunera tion Committee on which th e Board of S tatutory Auditors had expressed prior appr oval under Article 2389, pa ragraph 3 of the Italian Civil Code, deci ded the remuneration of the Chief Executive Officer and of the other Directors with specific roles or responsibilities.
The payments approved were unchanged on the payments approved for the members of the previous Board of Directors of the Company.
As regards remuneration, members of the BoD are either:
During the BoD meeting of 2 M ay 2017, at w hich the new members of the B oard took up their appointments, t he Chairp erson of th e B oD, Pr ofessor Lor enzo Caprio, in addition to legal representation and other duties under the law and the Company Articles of Association, was assigned the following responsibilities:
(ii) to stimulate internal discussion, promote the effective functioning of the corporate governance system and guarantee a balance of powers with the Chief Executive Officer;
(iii) to coordinate the work of the Board ensuring that adequate information regarding items on the agenda is provided to all Board members. To this end, the Chairperson makes certain that: a) the Directors receive adequately in advance any documentation on matters to be discussed by the BoD or, at least, basic information on the matters to be discussed; b) the documentation on items on the agenda of the meeting, in particular, that given to Non-executive members, is adequate both in quantity and quality;
On 10 July 2017, the BoD, having acknowledged that Professor Caprio, as Chairperson of the BoD, not only supervised but followed and w as directly i nvolved in external instituti onal relations, agreed, on the proposal of the Appointments and Remuneration Committee, to pay him additional remuneration of Euro 45,000 (forty-five thousand).
On 2 May 2 017, Ms Ma rina Natale was appoin ted Chief Execu tive Officer. During the Board meeting of 15 May 2017, on the proposal of the A ppointments and Rem uneration Committee, the Chief Executive Officer, under Article 2389, paragraph 3, of the Italian Civil Code w as a warded ann ual gross r emuneration of Euro 35 0,000 (thr ee hundr ed and fifty thousand) in addition to fixed remuneration of Euro 35,000 (thirty-five thousand), as well as the attendance allowance and reimbursement of expenses already approved for Directors by the Shareholders' Meeting of 21 April 2017. Deta ils of the mandate given Ms Natale as Chief Executive Officer ar e described i n the Rep ort on Cor porate Governance an d Ownership Structure at 31 December 20 17, whi ch is available on th e Com pany websit e www.fieramilano.it, in t he se ction Investor R elations/Corporate G overnance/Shareholders' Meetings.
On 25 July 2017, the S hareholders' Meetin g ap proved an incre ase in the numbe r of th e Board Directors to nine and app ointed Mr Fabrizio Curci (hereinafter "Mr C urci") as th e new Director effective from 1 September 2017 and until th e expiry of t he mandates of the other Directors. Th e afor ementioned Shar eholders' Meetin g appr oved fixed annual remuneration of Euro 3 5,000 (thirty-five thousa nd) for the Director Mr Curci, equal to that approved for the other Directors on 21 Ap ril 2017, plus the attendance allow ance and reimbursement of expenses.
After the S hareholders' Mee ting a nd, t herefore, als o on 25 July 201 7, th e Bo D of t he Company met and appointed Mr Curci as Chi ef Executive Officer and General Manager of the Company effective from 1 September 2017. The Report on Corporate Governance and Ownership Structure at 31 December 2017 details the powers given Mr Curci.
At the af orementioned meeting, the BoD appr oved that t he remuneration received by M r Curci, the Chief Executive Officer and General Manager, should be that agreed in the permanent employment contr act (h ereinafter t he " Contract") agreed between M r Curci and the Company on 20 July 2017.
Under the Contract, the Chief Executive Officer, Mr Curci, receives annual fixed remuneration for his role as Chie f Executive Officer (h ereinafter t he "Role") of Euro 80,000 (eighty thousand) that is added to his gross annu al remuner ation as a n Executive with the responsibilities of Gene ral Manager of the Company (hereinafter the " Employment Contract") of Euro 320,000 (thr ee hun dred and twent y thousan d), giving t otal fixed remuneration of Euro 400,000 (four hundred thousand).
The Employment Contr act has a minimum guaranteed length. Un der the C ontract, the Company has agreed not to cancel the C ontract for any reason whatsoever, unless for just cause under Article 2119 of the Italian Civil Code , until the date of appr oval of the Financi al Statements at 31 December 2019.
In case of termination of the Contract, Mr Curci will receive twelve months of salary in lieu of notice or a substitute indemnity calculated as the global remuneration paid in the following cases:
In addition to the conditions in the above paragraphs, under Good Leaver circumstances, and excluding any Bad Leaver circumstances un der the Contract, Mr Curci will receive a redundancy incentive (hereinafter the "Incentive"), equal to:
The Incenti ve and the sum in lieu of noti ce will be pai d to Mr Curci should one of the following occur:
Should the employment relationship cease in th e year t hat the short-term cash ele ment of the varia ble comp onent (MBO) o f t he Con tract is paid, th e MBO pa yment f or th e year in
which the employment relationship ceases will be paid to the Executive in proportion to the period of employment that year commensurat e with an amount of MBO due that i s no less than the amount paid in the previous year. Should the employment relationship cease during the vesting period of th e medium/l ong-term compon ent comprising ca sh and p erformance shares, the incentive payments due will be recalculated to take account of the shorter reference period and will be paid when the next Financial Statements are approved.
On 3 Au gust 2017, the Compa ny r eached an agreement to t erminate th e con tract of Mr Corrado Per aboni (h ereinafter " Mr Peraboni "). Due to th e termination of the agr eement that mad e him Chief Executiv e Officer Mr Peraboni was paid a severance fee ( TFM – Trattamento di Fine Ma ndato) of E uro 30,000 (thirty th ousand). Foll owing the final and consensual termination of his employment as an executive, effective from 31 August 2017 , Mr Pera boni was paid a redu ndancy in centive of Eur o 4 40,000 ( four hundr ed and forty thousand). These p ayments wer e made under an d consistent with the then current Remuneration Policy of the Com pany and under the contractual obligations agreed with Mr Peraboni when he b ecame an empl oyee of t he Company. The af orementioned employment contract included a non-competition clause lasting three years from the date the employment contract ceased. As par t of this cl ause, Mr Per aboni r eceives a gr oss annual sum of Eur o 30,000 ( thirty t housand), p aid for the term of the agr eement to w hich w as a dded an adjustment of approximately Euro 2 43,000 (two hundred and forty-three thousand). Should Mr Peraboni breach the non-competition clause, he must pay a penalty of Euro 100,0 00 (one hundred thousand) to the Com pany if th e clause is brea ched in th e first year, Euro 75,000 (seventy-five thousand) if it is breached in the second year and Euro 50,000 (fifty thousand) if it is breached in the third year. Mr Peraboni also received an all-inclusive payment of Euro 30,000 (thirty thousand) as pa rt of a general and novation agreement. Lastly, Mr Peraboni received his leaving indemnity calculated at the time his employment contract in accordance with law and the contra ct. The Company agr eed to appoint Mr Peraboni as the Chairpers on of the BoD of the subsidiary CIPA Fiera Milano Publicações e Ev entos Ltda for one year to coincide with the first year of his appointment as President of the Global Association of the Exhibition Industry (UFI). For this position he will be paid an annual sum of Eur o 15,000 (fifteen thousand).
The Directors without specific roles are:
The remuneration of Directors without specific roles and Committee members is:
In line with best practi ce, Directors without sp ecific roles have no va riable co mponent of remuneration.
Directors without specific roles are reimbursed for business expenses incurred in carrying out their roles and have an insurance policy in line with existing market practice save in criminal cases or for gross negligence or for accidents whether relating to professional activities or otherwise.
The Standing Statutory Auditors of the Board of Statutory Auditors are:
The remuneration of the Standing Statutory Auditors of the Board of Statutory Auditors is:
On 2 Ma y 2017, the B oD of th e Company r econfirmed t he p osition of th e Head of the Administration, Finance and Tax depar tment, who is also the Ma nager res ponsible for preparing the Company accounts.
The Manager responsible for pr eparing the Company a ccounts was pa id, in a ddition to his annual gr oss remunera tion (and to a one-off payment) , an amount of 20% of hi s annual gross remuneration pro-rata temporis for the time he held this position.
On 13 November 2017, the Company appointed a Group Chief Financia l Officer, who meets the requirements to be considered the onl y Executive w ith strategi c responsibilities in the Company apart from the Chief Executive Officer who is also the General Manager.
The Tabl e a ttached to t his Report s hows th e remunera tion paid t o Group Execu tives with Strategic Responsibilities.
Table 1 – Remuneration of mem bers of the administration and control bodi es and ex ecutives with strategi c responsibilities.
| (eur o) |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| d su Nam e an rnam e |
Pos ition |
Perio d in w h ich the posit ion was held |
Expi f ry o date man |
Fixe d ratio rem une n |
Rem ratio une n as a n loye emp e |
Atte nda nce fee |
Rem ratio une n for m emb ersh ip of c ittee omm s |
Bon nd us a othe r ince ntive s |
Non h -cas ben efits |
Oth er rem une ra tion |
al Tot |
Inde mnit yabl y pa e at e nd o f ma ndat e rmin atio n of n te or o loym ent emp TFR |
| Lore Cap rio nzo |
Cha irpe rson |
02/0 5 - 3 1/12 |
31/ 12/2 019 |
58 70,7 |
- | 0 4,55 |
- | - | - | 08 - 75,3 |
||
| Cha of t he C ol an d Ri sk irpe ontr rson |
02/0 3/10 5 - 2 |
23/ 10/2 017 |
10,6 45 |
|||||||||
| Rem ratio n fro m th e Co ring une |
Com mitt ee |
81,4 03 |
0 - 4,55 |
53 - 85,9 |
||||||||
| mpa ny p repa the l Sta Fina ncia tem ents |
- | - | - | |||||||||
| Rem ratio n fro bsid iarie d as soci |
||||||||||||
| ates une m su s an |
- | |||||||||||
| Fabr izio C urci |
Chie f Ex ecut ive O ffice r |
01/0 9 - 3 1/12 |
31/ 12/2 019 |
38,3 33 |
117 ,533 |
1,75 0 |
160 ,000 |
10,9 19 |
,535 - 328 |
|||
| Dire ctor |
01/0 9 - 3 1/12 |
31/ 12/2 019 |
- | |||||||||
| n fro m th Rem ratio e Co ring une mpa ny p repa |
38,3 33 |
117 ,533 |
1,75 | 0 | ,000 - 160 |
10,9 19 |
,535 - 328 |
- | ||||
| the Fina ncia l Sta tem ents |
||||||||||||
| n fro bsid d as Rem ratio iarie soci ates une m su s an |
- | |||||||||||
| Mari na N atale |
Chie f Ex ive O ffice ecut r |
02/0 5 - 3 1/08 |
31/0 8/20 17 |
114 ,785 |
4,55 0 |
,335 - 119 |
||||||
| Dire ctor |
02/0 1/12 5 - 3 |
31/ 12/2 019 |
23,1 45 |
23,1 45 |
||||||||
| Mem ber of t he R tion Com mitt emu nera ee |
23/ 10 - 31/ 12 |
31/ 12/2 019 |
4,23 4 |
4,23 4 |
||||||||
| n fro m th Rem ratio e Co ring une mpa ny p repa |
142 ,164 |
4,55 0 |
- | - | ,714 - 146 |
- | ||||||
| the Fina ncia l Sta tem ents |
||||||||||||
| n fro bsid d as Rem ratio iarie soci ates une m su s an |
||||||||||||
| - | ||||||||||||
| Albe Bald rto |
Dire | 5 - 3 | 0 | |||||||||
| an | ctor | 02/0 1/12 |
31/ 12/2 019 |
23,1 45 |
4,20 | 27,3 45 |
||||||
| ber of t he R Mem tion Com mitt emu nera ee |
02/0 1/12 5 - 3 |
31/ 12/2 019 |
14,8 79 |
- | 79 14,8 |
|||||||
| Rem ratio n fro m th e Co ring une mpa ny p repa |
38,0 24 |
0 - 4,20 |
- | - | - | 24 - 42,2 |
- | |||||
| the l Sta Fina ncia tem ents |
||||||||||||
| Rem ratio n fro bsid iarie d as soci ates une m su s an |
- | |||||||||||
| Gian piet ro C orba ri |
Dire ctor |
02/0 5 - 3 1/12 |
31/ 12/2 019 |
23,1 45 |
0 - 4,20 |
27,3 45 |
||||||
| Mem ber of t he R tion Com mitt emu nera ee |
02/0 5 - 2 3/10 |
31/ 12/2 019 |
10,6 45 |
10,6 45 |
||||||||
| n fro m th Rem ratio e Co ring une mpa ny p repa |
33,7 91 |
0 - 4,20 |
- | - | - | 91 - 37,9 |
||||||
| the Fina ncia l Sta tem ents |
||||||||||||
| n fro bsid d as Rem ratio iarie soci ates une m su s an |
- | |||||||||||
| Fran a Go lfett cesc o |
Dire ctor |
02/0 5 - 3 1/12 |
31/ 12/2 019 |
23,1 45 |
0 4,55 |
27,6 95 |
||||||
| ber of t he C ol an d Ri sk Mem ontr |
02/0 1/12 5 - 3 |
31/ 12/2 019 |
14,8 79 |
14,8 79 |
||||||||
| Rem ratio n fro m th e Co ring une mpa ny p repa |
Com mitt ee |
38,0 24 |
0 - 4,55 |
- | - | - | 74 - 42,5 |
|||||
| the l Sta Fina ncia tem ents |
||||||||||||
| Rem ratio n fro bsid iarie d as soci ates une m su s an |
- | |||||||||||
| elo galli Ang Mere |
Dire ctor |
02/0 1/12 5 - 3 |
31/ 12/2 019 |
23,1 45 |
3,85 0 |
26,9 95 |
||||||
| Cha irpe of t he C ol an d Ri sk ontr rson |
02/0 5 - 3 1/12 |
31/ 12/2 019 |
14,8 79 |
- | 79 14,8 |
|||||||
| n fro m th Rem ratio e Co ring une mpa ny p repa |
Com mitt ee |
38,0 24 |
0 - 3,85 |
- | - | - | 74 - 41,8 |
|||||
| the Fina ncia l Sta tem ents |
||||||||||||
| n fro bsid d as Rem ratio iarie soci ates une m su s an |
- | |||||||||||
| Elen a Va sco |
Dire ctor |
02/0 5 - 3 1/12 |
31/ 12/2 019 |
23,1 45 |
3,50 0 |
26,6 45 |
||||||
| ber of t he R Mem tion Com mitt |
5 - 3 | 019 | 79 | 79 | ||||||||
| Rem ratio n fro m th e Co |
emu nera ee |
02/0 1/12 |
31/ 12/2 |
14,8 24 |
14,8 | |||||||
| ring une mpa ny p repa |
38,0 | 0 - 3,50 |
- | - | - | 24 - 41,5 |
||||||
| the l Sta Fina ncia tem ents |
||||||||||||
| Rem ratio n fro bsid iarie d as soci ates une m su s an |
- | |||||||||||
| Stef ania Chi arut tini |
Dire ctor |
02/0 5 - 3 1/12 |
31/ 12/2 019 |
23,1 45 |
4,55 0 |
27,6 95 |
||||||
| Mem ber of t he C ol an d Ri sk ontr |
02/0 5 - 3 1/12 |
31/ 12/2 019 |
14,8 79 |
14,8 79 |
||||||||
| n fro m th Rem ratio e Co ring une mpa ny p repa |
Com mitt ee |
38,0 24 |
0 - 4,55 |
- | - | - | 74 - 42,5 |
|||||
| the Fina ncia l Sta tem ents |
||||||||||||
| Rem ratio n fro bsid iarie d as soci ates une m su s an |
- |
| (eu ro) |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| d su Nam e an rnam e |
Pos ition |
Peri od in w hich the ition pos wa s held |
Exp iry o f date man |
Fixe d ratio rem une n |
Rem ratio une n as a n loye emp e |
Atte nda nce fee |
Rem ratio une n for bers hip mem of c ittee omm s |
Bon nd us a oth er ince ntiv es |
Non h -cas ben efits |
Oth er rem une ra tion |
al Tot |
Inde mnit yab le y pa at e nd o f ma nda te rmin atio n of n t e or o loym ent emp |
| sed du ring the fin ial y BoD cea anc ear |
||||||||||||
| Rob erto Ret tani |
Cha irpe rson |
01/ 02/ 01 - 05 |
02/ 05/ 201 7 |
60,3 71 |
0 - 4,20 |
- | - | 71 - - |
64,5 | |||
| n fro he C Rem ratio m t pari une omp any pre ng |
60,3 71 |
0 - 4,20 |
- | - | 71 - - |
64,5 | ||||||
| the Fin ial S tate ts anc men |
||||||||||||
| ratio n fro bsid iarie d as iate Rem une m su s an soc s |
- | |||||||||||
| Corr ado Art Pera bon i uro |
Chie f Ex tive Off icer ecu |
01/ 01/ - 13 /01 |
13/ 01/ 201 7 |
13,5 22 |
14,1 57 |
3,50 0 |
546 | - | 25 31,7 |
742 ,984 |
||
| siglie Con re |
01/ 01 - 02/ 05 |
02/ 05/ 201 7 |
- | |||||||||
| Rem ratio n fro m t he C pari une omp any pre ng |
13,5 22 |
375 ,865 |
3,50 0 |
- | 88 - 15,4 |
- | 408 ,375 |
742 ,984 |
||||
| the ial S Fin tate ts anc men |
||||||||||||
| n fro Rem ratio bsid iarie d as iate une m su s an soc s |
- | |||||||||||
| ilio F Att ont ana |
Dire ctor |
01/ 01/ /05 - 02 |
02/ 05/ 201 7 |
10,7 26 |
0 3,15 |
76 13,8 |
||||||
| Dep uty Vice Cha irpe rson |
01/ 01/ - 02 /05 |
02/ 05/ 201 7 |
19,9 19 |
19,9 19 |
||||||||
| Mem ber of t he R tion Co ittee emu nera mm |
01/ 01/ - 02 /05 |
02/ 05/ 201 7 |
6,89 5 |
- | 5 6,89 |
|||||||
| n fro Rem ratio m t he C pari une omp any pre ng |
37,5 40 |
0 - 3,15 |
- | - | 90 - - |
40,6 | - | |||||
| the Fin ial S tate ts anc men |
||||||||||||
| n fro bsid d as Rem ratio iarie iate une m su s an soc s |
- | |||||||||||
| Licia lli Ro nzu |
Dire ctor |
01/ 01/ - 02 /05 |
02/ 05/ 201 7 |
10,7 26 |
0 - 4,20 |
26 14,9 |
||||||
| Vice Cha irpe rson |
01/ 01/ - 02 /05 |
02/ 05/ 201 7 |
19,9 19 |
19,9 19 |
||||||||
| Mem ber of t he R tion Co ittee emu nera mm |
01/ 01/ - 02 /05 |
02/ 05/ 201 7 |
6,89 5 |
6,89 5 |
||||||||
| n fro he C Rem ratio m t pari une omp any pre ng |
37,5 40 |
0 - 4,20 |
- | - | 40 - - |
41,7 | ||||||
| the Fin ial S tate ts anc men |
||||||||||||
| ratio n fro bsid iarie d as iate Rem une m su s an soc s |
- | |||||||||||
| Bigio Joy ce V icto ria |
Dire ctor |
01/ 01/ - 02 /05 |
02/ 05/ 201 7 |
10,7 26 |
0 3,50 |
26 14,2 |
||||||
| Cha of the trol and k irpe Con Ris rson |
01/ 01/ /05 - 02 |
02/ 05/ 201 7 |
6,89 5 |
6,89 5 |
||||||||
| Rem ratio n fro m t he C pari une omp any pre ng |
Com mitt ee |
17,6 21 |
0 - 3,50 |
- | - | 21 - - |
21,1 | |||||
| the Fin ial S tate ts anc men |
||||||||||||
| Rem ratio n fro bsid iarie d as iate une m su s an soc s |
- | |||||||||||
| hi Ren ato Borg |
Dire ctor |
01/ 01/ /05 - 02 |
02/ 05/ 201 7 |
10,7 26 |
3,50 0 |
26 14,2 |
||||||
| Mem ber of t he C ont rol a nd R isk |
01/ 01/ - 02 /05 |
02/ 05/ 201 7 |
2,90 3 |
- | 3 2,90 |
|||||||
| ratio n fro he C pari Rem m t une omp any pre ng |
Com mitt ee |
13,6 29 |
0 - 3,50 |
- | - | 29 - - |
17,1 | |||||
| the Fin ial S tate ts anc men |
||||||||||||
| Rem ratio n fro bsid iarie d as iate une m su s an soc s |
- | |||||||||||
| Pier An drea Che valla rd |
Dire ctor |
01/ 01/ - 02 /05 |
02/ 05/ 201 7 |
10,7 26 |
3,50 0 |
26 14,2 |
||||||
| n fro he C Rem ratio m t pari une omp any pre ng |
10,7 26 |
0 - 3,50 |
- | - | 26 - - |
14,2 | ||||||
| the Fin ial S tate ts anc men |
||||||||||||
| Rem ratio n fro bsid iarie d as iate une m su s an soc s |
- | |||||||||||
| Rom Rob iglio eo |
Dire ctor |
01/ 01/ - 02 /05 |
02/ 05/ 201 7 |
10,7 26 |
2,80 0 |
26 13,5 |
||||||
| Mem ber of t he R tion Co ittee emu nera mm |
01/ 01/ - 02 /05 |
02/ 05/ 201 7 |
6,89 5 |
6,89 5 |
||||||||
| Rem ratio n fro m t he C pari une omp any pre ng |
17,6 21 |
0 - 2,80 |
- | 21 - - |
20,4 | |||||||
| the Fin ial S tate ts anc men |
- | |||||||||||
| Rem ratio n fro bsid iarie d as iate une m su s an soc s |
- | |||||||||||
| Vinc a Pa trizia Rut iglia enz no |
Dire ctor |
01/ 01/ - 02 /05 |
02/ 05/ 201 7 |
10,7 26 |
0 3,85 |
76 14,5 |
||||||
| Mem ber of t he C rol a nd R isk ont |
01/ 01/ - 02 /05 |
02/ 05/ 201 7 |
6,89 5 |
6,89 5 |
||||||||
| n fro he C Rem ratio m t pari une omp any pre ng |
Com mitt ee |
17,6 21 |
0 - 3,85 |
- | 71 - - |
21,4 | ||||||
| the Fin ial S tate ts anc men |
- | |||||||||||
| n fro bsid d as Rem ratio iarie iate une m su s an soc s |
- | |||||||||||
| (eu ro) |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nam d su e an rnam e |
Pos ition |
od hich Peri in w the ition pos wa s held |
Exp iry o f date man |
Fixe d ratio rem une n |
Rem ratio une n as a n loye emp e |
Atte nda nce fee |
Rem ratio une n for bers hip mem of c ittee omm s |
nd Bon us a oth er ince ntiv es |
Non h -cas ben efits |
Oth er rem une ra tion |
Tot al |
Inde mnit yab le y pa nd o f ma nda at e te n te rmin atio n of or o loym ent emp TFR |
| Fed eric a No lli |
Cha irpe of the Boa rd o f St atut rson ory |
1/1 - 31 /12 |
Apr il 20 19 |
37,5 00 |
37,5 00 |
|||||||
| Aud itors |
7,62 1 |
7,62 1 |
||||||||||
| Rem ratio n fro m t he C arin une omp any prep g |
Mem ber of t he S rviso ry B oard upe |
45, 121 |
- | - | - | - | - - | 45, 121 |
||||
| the Fin ial S tate ts anc men |
- | |||||||||||
| n fro ubs idiar nd a Rem ratio ies a iate une m s ssoc s |
39,3 90 |
39,3 90 |
||||||||||
| Ant onio Gu asto ni |
Stat uto ry A udit or |
1/1 - 31 /12 |
Apr il 20 19 |
25,0 00 |
25,0 00 - |
|||||||
| n fro he C Rem ratio m t arin une omp any prep g |
25,0 00 |
- | - | - | - | - - | 25,0 00 |
|||||
| the Fin ial S tate ts anc men |
- | |||||||||||
| Rem ratio n fro ubs idiar ies a nd a iate une m s ssoc s |
26,3 16 |
26,3 16 |
||||||||||
| Carm ine Palli no |
Stat ry A udit uto or |
1/1 - 31 /12 |
Apr il 20 19 |
25,0 00 |
25,0 00 |
|||||||
| - | ||||||||||||
| Rem ratio n fro m t he C arin une omp any prep g |
25,0 00 |
- | - | - | - | - - | 25,0 00 |
|||||
| the Fin ial S tate ts anc men |
- | |||||||||||
| n fro ubs idiar nd a Rem ratio ies a iate une m s ssoc s |
29,3 07 |
29,3 07 |
||||||||||
| Exe cut ive wit h st rate gic ibili ties resp ons |
||||||||||||
| sed du ring the fin ial y cea anc ear |
||||||||||||
| - | ||||||||||||
| Exe cuti ith s trat egic sibili ties ve w res pon |
No. 3 |
01/ 01 - 12/ 11 |
,206 - 124 |
- | - | 69 - 14,2 |
,475 - 138 |
- | ||||
| - | ||||||||||||
| n fro he C Rem ratio m t arin une omp any prep g the Fin ial S |
- | - | - | |||||||||
| tate ts anc men Rem ratio n fro ubs idiar ies a nd a iate |
||||||||||||
| une m s ssoc s |
- | |||||||||||
| Exe cuti ith s egic sibili ties trat ve w res pon |
No. 1 |
|||||||||||
| Rem ratio n fro m t he C arin une omp any prep g |
No. 1 |
|||||||||||
| the Fin ial S tate ts anc men |
||||||||||||
| n fro ubs idiar nd a Rem ratio ies a iate une m s ssoc s |
| si n ella ietà che red ige il bi lanc io Com pen soc |
583 ,55 7 |
8 493 ,39 |
58, 800 |
0 - 160 ,00 |
26, 407 |
162 - 7 1,3 22, |
984 42, |
||
|---|---|---|---|---|---|---|---|---|---|
| Com si d llate olle ntro gat pen a co e c e |
95, 056 |
43 | 43 | 43 | 43 | 43 43 | 95, 056 |
43 |
| ( ) eu ro |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| M B | O/ A al b nnu o nu |
s | B o n us f |
||||||
| N am nd e a sur nam e |
Po s it io n h eld |
Pla n |
Pay abl e/ |
Def ed err |
Per iod |
No lon ger |
Pay abl e/ |
Def edO err |
t he r bo nus es |
| Pai d |
def d erre |
abl pay e |
Pai d |
||||||
| Fab rizio Cu rci |
Cur Ch ief E utiv e O ffic rent xec er |
M B O - 201 6 |
0 | ||||||
| Cor rado Pe rabo ni |
Chi ef E utiv e O ffic o lo r in offi xec er n nge ce |
M B O - 201 6 |
60,0 00 |
||||||
| R e atio n f the C o ing the mu ner ro m mp any pre par Fin ial Sta tem ent anc s |
0 | ||||||||
| Re atio n fr bsi dia ries mu ner om su |
0 | ||||||||
| R e atio n f the C o ing the mu ner ro m mp any pre par |
|||||||||
| Fin ial Sta tem ent anc s |
0 | ||||||||
| Exe ive with ic re nsib ilitie tly i n of fice cut str ateg spo s cu rren |
No . 2 |
Bon us 2 016 |
0 | ||||||
| ffice Exe cut ive with str ateg ic re nsib ilitie lon in o spo s no ger |
No . 2 |
22, 000 |
|||||||
| Re atio n fr bsi dia ries mu ner om su |
0 | ||||||||
| n of fice Exe cut ive with str ateg ic re nsib ilitie tly i spo s cu rren |
Bon us 2 016 |
0 | |||||||
| Exe cut ive with str ateg ic re nsib ilitie lon in o ffice spo s no ger |
|||||||||
| Exe ive wit h s ic r ibil itie cut tra teg esp o ns s |
4 no. |
22, 000 |
|||||||
| Exe cut ive with str ateg ic re nsib ilitie tly i n of fice spo s cu rren |
No . 2 |
Bon us 2 016 |
0 | ||||||
| Exe cut ive with str ateg ic re nsib ilitie lon in o ffice spo s no ger |
No . 2 |
22, 000 |
|||||||
Form no. 7–ter: Information on the shareholdings of m embers of the administrative bodies and of other executives with strategic responsibilities.
| Name and surname | P osition | C o mpany in which shares are held |
N o . o f shares held |
N o . o f shares |
N o . o f shares |
N o . o f shares held |
|---|---|---|---|---|---|---|
| o n 31.12.2016 | acquired | so ld | o n 31.12.2017 | |||
| Directors** | ||||||
| Lorenzo Caprio | Chairperson | Fiera M ilano SpA | - | - | - | - |
| Fabrizio Curci*** | Chief Executive Officer | Fiera M ilano SpA | - | - | - | - |
| Alberto Baldan | Director | Fiera M ilano SpA | - | - | - | - |
| Stefania Chiaruttini | Director | Fiera M ilano SpA | - | - | - | - |
| Gianpietro Corbari | Director | Fiera M ilano SpA | - | - | - | - |
| Francesca Golfetto | Director | Fiera M ilano SpA | - | - | - | - |
| Angelo Meregalli | Director | Fiera M ilano SpA | - | - | - | - |
| Marina Natale**** | Director | Fiera M ilano SpA | - | - | - | - |
| Elena Vasco | Director | Fiera M ilano SpA | - | - | - | - |
| Directors no longer in office* | ||||||
| Roberto Rettani | Chairperson | Fiera M ilano SpA | 50,000 | - | - | - |
| Corrado Peraboni | Director | Fiera M ilano SpA | 15,250 | - | - | - |
| Attilio Fontana | Deputy Vice Chairperson | Fiera M ilano SpA | - | - | - | - |
| Licia Ronzulli | Vice Chairperson | Fiera M ilano SpA | - | - | - | - |
| Joyce Victoria Bigio | Director | Fiera M ilano SpA | - | - | - | - |
| Renato Borghi | Director | Fiera M ilano SpA | - | - | - | - |
| Pier Andrea Chevallard | Director | Fiera M ilano SpA | - | - | - | - |
| Romeo Robiglio | Director | Fiera M ilano SpA | - | - | - | - |
| Vincenza Patrizia Rutigliano | Director | Fiera M ilano SpA | - | - | - | - |
| Statutory Auditors | ||||||
| Federica Nolli | Chairperson | Fiera M ilano SpA | - | - | - | - |
| Antonio Guastoni | Standing Statutory Auditor Fiera M ilano SpA | - | - | - | - | |
| Carmine Pallino | Standing Statutory Auditor Fiera M ilano SpA | - | - | - | - | |
| No. of Directors with | C o mpany in which | No. of shares | No. of | No. of | No. of shares | |
| Executive Responsibilities | shares are held | held o n 31.12.2016 |
shares acquired |
shares so ld |
held o n 31.12.2017 |
|
| In office | Fiera M ilano SpA | no . 1 | - | - | - | |
| No longer in office | Fiera M ilano SpA | no . 1 | - | - | - | |
| * No longer in office from 21 April 2017. Appointed on 21 April 2017. Chief Executive Officer of the Company from 1 September 2017 ***Chief Executive Officer of the Company from 2 M ay 2017 until 31 August 2017 |
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