“Performance Management” Program
A Performance Management program aimed at a limited number of key employees within the Company was launched in 2015. This represents the first step towards a fullyfledged Performance Management culture in the development of our Company. The program entails an objective-setting stage and a performance-assessment stage at the end of the reference period (end of 2015).
Long Term Incentive Plan - “Salini Impregilo 2015 Performance Shares Plan”
In 2015, a Long Term Incentive Plan (LTI) called “Salini Impregilo 2015 Performance Shares Plan” was introduced, dedicated to Key Management Personnel and other directors with functions relevant to the achievement of corporate objectives.
The LTI was developed in order to (i) focus the attention of beneficiaries on strategic interest factors, (ii) improve their retention, (iii) align remuneration to value creation for Shareholders in the medium to long term and (iv) guarantee an overall competitive remuneration level.
The long-term variable component, which is of mixed (cash and shares) type, accrues and is issued in one installment at the end of the plan’s time horizon.
Such component is linked to the achievement of set Group targets that are aligned with those envisaged by the Business Plan. The award thereof is approved by the Board of Directors, on proposal of the Compensation and Nominating Committee, subject to verification that the minimum performance level has been attained.
Short Term Incentive Plan for Key Management Personnel
As in 2014, a short term incentive plan for Key Management Personnel was implemented also in 2015. The plan, as detailed in the 2015 Remuneration Report, entails the payment of a bonus on the basis of the achievement of annual targets measured at Group, Business Unit and Individual level.
Integration of offices
As part of the integration process of the Milan and Rome offices, the Company, with the aim of pursuing process and Corporate procedure efficiency objectives, cost optimization for the Group as a whole and a suitable, targeted remix of the professional profiles available in the company population, initiated discussions with the trade unions and company union representatives resulting, on July 7, 2015, in a memorandum which was signed with Group Companies that established the implementation of a shared plan enabling the achievement of corporate objectives and entailing some of the accompanying measures for the aforementioned company activities.