The Report, approved by the Board of Directors on April 1st, 2021, as per the recommendation of the Remuneration Committee, in accordance with applicable legal and regulatory requirements, defines and illustrates:
- in the first section, the Policy adopted by Eni SpA for the remuneration of Directors, Statutory Auditors and Managers with strategic responsibilities, for the whole term 2020-2023, following its approval by Shareholders’ held on May 13, 2020 (binding vote), with over 95% of favourable votes. Since the Remuneration Policy for the 2020-2023 term has already been approved by the Shareholders’ Meeting of May 13, 2020 and no changes are expected, the Report is not subject to the vote of the 2021 Shareholders’ Meeting.
- in the second section, the implementation of the 2020 Policy with information on the assessment of the results, as well as the remuneration paid and shareholdings held in 2020 by Eni Directors, Statutory Auditors, Chief Executive Officer and General Manager, Chief Operating Officers and, in aggregate form, other Managers with strategic responsibilities.
The Remuneration Policy described in the first section has been prepared in line with the recommendations on remuneration of the Italian Corporate Governance Committee and the Corporate Governance Code for listed companies, in the version last approved in July 2018, in force at the time of its definition and approval. The Policy also takes account, where specified, of Principles and Recommendations contained in the revision of the Code as approved in January 2020, formally adopted by Eni on December 23, 2020.
The two sections of the Report are preceded by an Executive Summary in order to provide the market and investors with an easily accessible overview of the key elements of the Policy approved for the new term, information on Eni’s strategies, on 2020 Company’s results, information on sustainability indicators and on pay for performance as well as on the results of the vote on the Remuneration Report at recent Shareholders’ Meetings.
Finally, the Report illustrates how the 2020-2022 Long Term Incentive Plan has been implemented in 2020, in accordance with applicable regulation.