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04 July 2023 • Articles

Il Sole 24 Ore

Sole 24 Ore Investors' trends on remuneration policies during the Italian 2023 proxy season

Directors’ remuneration is becoming the most relevant topic for institutional investors. During the Italian 2023 AGM season, investors often voted against remunerations and bonuses, especially if not aligned with ESG criteria. The average support for the remuneration policies dropped from 90% to 86%, when compared to 2022, according to Morrow Sodali's data.

“The misalignment between best practices in Europe and the national regulatory framework is a matter of concern for investors," explains Fabio Bianconi, Managing Director at Morrow Sodali, in his interview with Il Sole 24 Ore.

"Discretionary bonuses or severance packages, not clearly detailed or granted by vague derogations, are not appreciated by the international investors, which are used to more transparent pratices in Anglo-Saxon countries," adds Bianconi. 

Read the full article here (in Italian).

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