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

The Italian market Authority, Consob, recently launched a new public consultation on proposed changes to market regulation to enhance Directors’ remuneration transparency. ECGS congratulates Consob as all proposed changes move into the right direction, encouraging issuers to a greater and more detailed disclosure of all remuneration components. Notwithstanding, ECGS, together with its local partner Frontis Governance, suggests further changes absolutely needed to improve fair treatment of all shareholders at every investee company. In particular, ECGS provided comments on: disclosure procedures, detailed information on maximum amount variable remuneration might reach, independence of Remuneration Committees’ advisors, bundled resolutions including Directors’ appointment and remuneration, binding shareholders vote on remuneration policies.