Browsing All Posts filed under »Remuneration«

Shareholder engagement and value co-creation: a constant dialogue with shareholders is the foundation for a shared governance

October 18, 2018


The article “Shareholder engagement and co-creation. An analysis of a sample of listed companies” was published on the latest issue of the magazine Sinergie – Italian Journal of Management. The article was written by Prof. Salvatore Esposito De Falco (la Sapienza University of Rome), Nicola Cucari (University of Salerno) and Sergio Carbonara (Frontis Governance), and […]

Frontis Governance published the third study on Directors’ remuneration in Italy

February 6, 2015


The third Frontis Governance’s report aims at identifying factors influencing the executive remuneration at Italian listed companies, as well as at verifying the eventual alignment with the corporate strategies and the shareholders’ interests in the long term. The analysis covers 100 Italian listed companies’ remuneration policies approved in 2014, as well as all the remuneration […]

The Bank of Italy contested the severance paid to the former CEO of UniCredit – in 2012 ECGS asked the company to reclaim the extra-payment

January 14, 2014


It is never too late to gain legitimacy and ECGS is glad to see that efforts made for a better governance at the top of Italian companies are not made in vain. On January 11th, the Italian newspaper il Fatto Quotidiano published the report drafted on April 2013 by an independent advisor, Prof. Stefano Loconte, […]

Frontis Governance published the 2013 study on remuneration in Italian listed companies: Pay on Performance?

September 24, 2013


During the last few years, also thanks to the financial crisis, the executives’ remuneration at listed companies has become a critical issue in the dialogue between issuers and shareholders, who often contested the gap between the top managers’ compensation and the value created. The Frontis Governance’s report analyses in deepest details all the remuneration components […]

Frontis Governance launches the new CG Rating Report

November 15, 2012


“Corporate governance is one key element in improving economic efficiency and growth as well as enhancing investor confidence. […] Corporate governance also provides the structure through which the objectives of the Company are set, and the means of attaining those objectives and monitoring performance are determined”. (OECD Principles of Corporate Governance, 2004). An effective corporate […]

The Italian “shareholders’ spring” is very late, but something is changing

June 29, 2012


A strongly concentrated ownership structure, local actors that are basically passive and its nature of peripheral market for large institutional investors contributed to keep Italian companies far from the “shareholders’ spring”. No relevant news came from the 2012 proxy season, or at least it seems so looking at the meeting minutes: remuneration policies, incentive plans […]

ECGS is on the front line at the European “shareholders’ spring”

June 25, 2012


Even though the high concentrated shareholder structure affected the meetings’ results, strongly diluting the against votes, also in continental Europe the so-called (maybe too optimistically) “shareholders’ spring” produced some relevant results. The ECGS’ partners in many cases led the protests, also obtaining resounding results. In Switzerland, Ethos (ECGS’ partner representing more than 100 pension funds) […]

Frontis Governance’s analysis of Directors remuneration – FTSE MIB 2011

May 24, 2012


Frontis Governance publishes its first report on Directors’ remuneration at main Italian companies, highlighting a real gap between the executives’ and the long-term shareholders’ interests: Despite the average Total Shareholder Return (made of market value and dividends) was equal to -19% at FTSE MIB companies, the average remuneration of the CEO increased of more than […]

ECGS engages with the BoD of UniCredit to reclaim the extra-severance payment paid to the former CEO

March 6, 2012


On January 27th, ECGS (Expert Corporate Governance Service) sent a letter to the Chairman and the CEO of UniCredit asking them to undertake a strong action aimed at regaining their shareholders’ trust by making every effort to recall the excess money paid to Mr Alessandro Profumo at the time of its departure. On September 2010, […]

ECGS responses to the Consob’s public consultation on Directors’ remuneration transparency

November 14, 2011


We are writing on behalf of European Corporate Governance Service (ECGS) registered in London, to comment on the CONSOB consultation on listed companies compensation disclosure rules for management remuneration. The ECGS is a partnership of independent local market experts which have come together to provide specialist governance research and proxy voting advice, offering institutions access […]