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The aim of the remuneration policy is to align the creation of value for shareholders in the medium-to-long term with the interests of the management.

Goals of the remuneration policy


Saipem’s remuneration policy is defined in accordance with the recommendations of the Corporate Governance Code and its goal is to:

  • attract, motivate and retain high profile professional and managerial personnel;
  • incentivise the achievement of strategic objectives and the sustainable growth of the company;
  • align the priority objective of value creation for the shareholders in the medium-long term with the interests of management;
  • contribute to promoting the company’s mission and corporate strategies, also by recognising the roles and rewarding the responsibilities assigned, the results achieved and the quality of the professional contribution made.

Remuneration policy principles

  • The remuneration structure for the Chief Executive Officer-CEO and for the Senior Managers with strategic responsibilities is a balanced mix of a fixed component commensurate with the powers and/or responsibilities assigned and a variable component with a maximum limit designed to link remuneration to targets that are actually achieved.
  • The variable remuneration is characterised by a significant incidence of long-term incentive components through an adequate differentiation of incentives in a time frame of at least three years, in accordance with the long-term nature of Saipem’s business.
  • The remuneration policy is defined on the basis of market references: the Senior Managers with strategic responsibilities were compared with similar positions in Italian industrial groups comparable to Saipem in terms of size with a focus on the manufacturing, chemical, engineering and energy sectors and similar positions in the major European companies comparable to Saipem in terms of turnover and market capitalisation.
  • The goals related to variable remuneration are predetermined, measurable and complementary to each other, and thorough verification of the results effectively achieved is envisaged.
  • Saipem has adopted a “clawback” clause for all short- and long-term variable incentives, to enable the recovery of variable remuneration components found to have been paid out in error or as the result of intentional misconduct by beneficiaries.

2019 Remuneration Policy

The 2019 Remuneration Policy provides, as the most significant new element with respect to 2018, for the review of the Long-Term Variable Incentive Scheme established as an incentive for achievement of the strategic goals over a medium-to-long period of time, consistent with the expectations of the investors.

The 2019 Remuneration Policy Guidelines set pay-mixes consistent with managerial roles, with a greater weight given to the variable component, in particular the long-term component, for positions that have a greater influence on company results.

In detail, the Remuneration Policy includes:

  • A fixed remuneration.
  • STI – Short-term variable Incentives (for all managerial resources): promotes the achievement of annual budget objectives.
  • LTI – Long-Term Variable Incentives (2019-2021 plan – for all managerial resources): share-based, it fosters the alignment of the shareholders’ interests with the management goals and sustainability of value creation in the long term. Three yearly awards are envisaged, starting from October 2019. The Plan provides for the free assignment of ordinary Saipem shares (performance shares) subject to specific performance conditions measured at the end of the three-year reference period, after a thorough audit of the results effectively achieved by the Compensation and Nomination Committee, in support of the resolutions passed by the Board of Directors in this regard.
  • Benefits (for all managerial resources).
  • Severance Payment and Minimum Term Agreement: severance pays to protect the company, also from potential competition risks, and retention and protection tools for the Group’s know-how.

For details of the compensation paid in 2018 click here

Remuneration governance

For more details on the remuneration governance, consult the 2019 Remuneration Report.

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Goals of the
remuneration policy
policy principles
2019 Remuneration Policy
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