Remuneration to key management personnel

Remuneration paid to persons who have power and responsibility over the planning, management and control of the Group, including executive and non-executive Directors, is as follows:

(EUR 000) 2011 2010
Compensation 3,013 4,149
Post-employment benefits - -
Other long-term benefits - -
Severance pay - -
Stock Grants 645 597
Total 3,658 4,746

Directors’ fees amounted to EUR 3,658 thousand in 2011, EUR 4,746 thousand in 2010.
Statutory Auditors’ fees amounted to EUR 192 thousand in 2011 (EUR 140 thousand in 2010).
These fees include emoluments and any other sum paid as compensation and social security for the office of Director in the Group parent and in the other companies included in the scope of consolidation, that represented a cost for the Group.

The detail of compensation paid to the Directors, Statutory Auditors and General Managers of the Group parent is reported in the following table (*):

PERSON (Euro units) DESCRIPTION OF POSITION
 
 
 

Name Position Office term Term of office expiring Emoluments by position in the reporting
Company for 2011
Non-cash benefits  Bonuses
and other incentives 
 Other
remunerations 
Pansa Alessandro Chairman of BoD 21/11/2005 Approval of 2013 Financial Statements 71,096 (1)      
Grasso Giancarlo Deputy Chairman of BoD 05/04/2011 Approval of 2013 Financial Statements 36,986 (3)      
De Luca Sergio Chief Executive Officer 14/06/2007 Approval of 2013 Financial Statements 47,397 (2) 90,999 80,000 1,284,920**
Cavallini Giovanni (b) Director 05/04/2011 Approval of 2013 Financial Statements 51,781 (4)      
Cereda Maurizio (a) (d) Director 14/06/2006 Approval of 2013 Financial Statements 89,795 (5)      
Girdinio Paola (d) Director 05/04/2011 Approval of 2013 Financial Statements 51,781 (6)      
Milone Filippo Maria (b) Director 05/04/2011 13/12/2011 48,329 (4)      
Rizzante Tatiana (e) Director 05/04/2011 Approval of 2013 Financial Statements 55,479 (7)      
Salvetti Attilio ( c) Director 24/03/2006 Approval of 2013 Financial Statements 69,795 (8)      
               
Roberti Sante Deputy Chairman of BoD 21/11/2005 05/04/2011 10,411 (9)      
Lalli Francesco (b) Director 21/11/2005 05/04/2011 14,315 (14)      
Genuardi Gerlando (b) Director  27/09/2007 05/04/2011 14,315 (10)      
Pinto Eugenio (e) (d) Director 01/04/2008 05/04/2011 19,521 (11)      
Gitti Gregorio ( c) Director 01/04/2008 05/04/2011 15,616 (12)      
               
Sarubbi Giacinto Chairman of BoSA 01/04/2008 Approval of 2013 Financial Statements 71,096     11,096***
Scotton Massimo Statutory Auditor 01/04/2008 Approval of 2013 Financial Statements 47,398     7,397***
Righetti Renato Statutory Auditor 05/04/2011 Approval of 2013 Financial Statements 36,987     7,397***
               
Tripodi Francesca Statutory Auditor 21/11/2005 05/04/2011 10,411      
** of which EUR 474,764 for fixed remuneration for the position of CEO in 2011 FY and EUR 810,156 for variable remuneration paid for the same position in 2010 FY. *** fees for Committee attendance. (a) Chairman of Remuneration Committee (b) Chairman of Remuneration Committee (c) Chairman of Internal Audit Committee (d) Member of Internal Audit Committee (e) Chairman of Supervisory Board (1) 12 months Chairman of BoD Remuneration renounced up to 5.4.2011 (2) 12 months BoD - Remuneration retroceded to Ansaldo STS S.p.A. (3) 9 months BoD (4) 9 months BoD + 9 months RC (5) 12 months BoD + 12 ICC + 12 months RC Chairman (6) 9 months BoD + 9 months ICC (7) 9 months BoD and 9 months Chairman of Supervisory Board (8) 12 months BoD + 9 months ICC Chairman + 3 months ICC (9) 3 months BoD (10) 3 months BoD + 3 months RC (11) 3 months BoD + 3 months ICC + 3 months Chairman of Supervisory Board (12) 3 months BoD + 3 months ICC Chairman (13) 12 months BoD + 9 months ICC Chairman + 3 months ICC (14) 3 months BoD + 3 months RC Remuneration renounced
Euro units Unitary emoluments per year
Chairman of BoD 75,000
Member of BoD 50,000
Chairman of Supervisory Board 25,000
Member of Supervisory Board n.a.
Chairman of Remuneration Committee 25,000
Member of Remuneration Committee 20,000
Chairman of Internal Audit Committee 25,000
Member of Internal Audit Committee 20,000

The Group Parent, Ansaldo STS SpA, in order to create an incentive and retention system for Group employees and consultants, implemented incentive plans providing for the granting of Ansaldo STS SpA shares, subject to the attainment of specific objectives.

With regard to the “Stock Grant” item, the shares relating to the 2010 objectives were granted in December 2011 since all the targets were achieved; consequently the reserve recognised in the previous financial year was used.
The counter-value of the shares granted to employees participating in the plan was charged by the Group parent to the subsidiaries as an “equity transaction” without affecting the Income Statement. The differentials relating to the fair value (difference between assignment and delivery) and to the percentage of granted shares were recorded in a special equity reserve (please refer to section § 13.15).

Registered Office: 16151 Genoa Via Paolo Mantovani, 3 - 5
Paid-in Share Capital EUR 70,000,000 R.E.A. n. 421689 Register of Enterprises of Genoa Tax Code 01371160662
A Finmeccanica Company