DOCSLIB.ORG

2017 Remuneration Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2017 Remuneration Report 2017 Remuneration Report Approved by the Board of Directors on March 16, 2017 Mission We approach each challenge with innovative, reliable and secure solutions to meet the needs of our clients. Through multicultural working groups we are able to provide sustainable development for our company and for the communities in which we operate. Values Innovation; health, safety and environment; multiculturalism; passion; integrity. Countries in which Saipem operates EUROPE Austria, Belgium, Bulgaria, Croatia, Cyprus, Denmark, France, Italy, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Principality of Monaco, Romania, Spain, Sweden, Switzerland, Turkey, United Kingdom AMERICAS Argentina, Bolivia, Brazil, Canada, Chile, Colombia, Ecuador, Mexico, Panama, Peru, Suriname, United States, Venezuela CIS Azerbaijan, Georgia, Kazakhstan, Russia, Turkmenistan, Ukraine AFRICA Algeria, Angola, Congo, Egypt, Gabon, Ghana, Ivory Coast, Libya, Morocco, Mozambique, Namibia, Nigeria, Uganda MIDDLE EAST Iraq, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates FAR EAST AND OCEANIA Australia, China, India, Indonesia, Malaysia, Singapore, South Korea, Taiwan, Thailand 2017 Remuneration Report Letter from the Chairman of the Compensation and Nomination Committee 2 Foreword 3 Overview 4 2017 Remuneration Policy 4 2016 Remuneration Report (Section I) - Results of vote at Shareholders’ Meeting 5 Pay-mix 6 Section I - 2017 Remuneration Policy 8 Governance of the remuneration process 8 Bodies and persons involved 8 Saipem Compensation and Nomination Committee 8 2017 Remuneration Policy approval process 11 Aims and general principles of the Remuneration Policy 11 Aims 11 General principles 11 2017 Remuneration Policy Guidelines 13 Chairman of the Board of Directors and non-executive Directors 14 CEO 14 Senior Managers with strategic responsibilities 18 Section II - Remuneration and other information 21 Implementation of 2016 remuneration policies 21 Fixed remuneration 21 Remuneration for service on Board Committees 21 Variable incentives 21 Indemnities for termination of office or termination or employment 23 Benefits 23 Payment against the Board of Directors’ option for implementation of the non-competition agreement 23 Remuneration paid in 2016 24 Table 1 - Compensation paid to Directors, Statutory Auditors 24 and Senior Managers with strategic responsibilities Table 3A - Incentive plans based on financial instruments other than stock options payable to Directors 26 and to Senior Managers with strategic responsibilities Table 3B - Monetary Incentive Plan for Directors and Senior Managers with strategic responsibilities 27 Shares held 28 Table 4 - Shares held by Directors and Senior Managers with strategic responsibilities 28 Annex pursuant to Article 84-bis of the Consob Issuers Regulation 28 - Implementation for 2016 of the share-based Long-Term Incentive Plan 2016-2018 Table 1 of scheme 7 from Annex 3A of Regulation No. 11971/1999 28 The Report is published in the ‘Governance’ section of Saipem’s website (www.saipem.com) 1 SAIPEM Remuneration Report / Letter from the Chairman of the Compensation and Nomination Committee Letter from the Chairman of the Compensation and Nomination Committee Dear Shareholders, incentive plans, short and long term, of the entire management. I am very pleased to present Saipem’s 2016 saw the completion of the activities Remuneration Report for 2017 also on behalf included in the annual programme and the of the Remuneration and Nomination launch of preliminary investigations aimed at Committee and the Board of Directors. defining the following: the proposed 2017 Saipem’s distinctive values are innovation, Remuneration Policy, the voting policies for sustainability, integrity and multiculturalism. the main proxy advisors and institutional Maria Elena Cappello These are represented by a team of people investors and reference salary benchmarks, who unite passion with work, ensuring fairness the assessments of the implementation of the and transparency in all spheres of activity, 2016 Remuneration Policy, as required by the including through a control and monitoring Corporate Governance Code. The constant system that embraces the highest dialogue with shareholders and investors international standards and guidelines. allows us in fact to improve the effectiveness The Saipem Remuneration Policy is the of our remuneration systems. fundamental tool to attract, retain and Additionally, in 2016 the new medium- to motivate people who reflect these high long-term incentive system was implemented standards and principles. Here in Saipem, we for the first time and is based on shares consider human capital our main competitive approved by the Shareholders April 29, 2016. value. The Committee proposes to orient its Proposals for 2017 Remuneration Policy decisions in line with the Company’s strategic Guidelines, approved by the Board of and operational requirements. Directors on March 16, 2017 and described in In line with the past year we consider the Section I of this Report, do not show constant and transparent dialogue with substantial changes compared to the shareholders and investors a key element of Remuneration Policy implemented in 2016 our way of working. Through the because we strongly believe that a coherent Remuneration Report, we intend to raise the and consistent remuneration policy ensures awareness of our shareholders on the business continuity to the Company. principles of the remuneration policy and the programmes through which it is structured Special thanks to Directors Federico and how these programmes have the ultimate Ferro-Luzzi and Francesco Antonio Ferrucci goal of creating sustainable shareholder value for their significant contribution to the work of over the long term and to promote the the Committee together with a heartfelt company’s mission and values. appreciation for the role played by the The results of the shareholders voting on the structures of Saipem and its people. first section of the 2016 Remuneration Confident that this Report that I submit gives Report, fully analysed by the Committee, testimony to the Committee’s determination confirmed a growing appreciation of the to pursue an effective and transparent planned policies. Pursuing continuous dialogue with shareholders and investors, with improvement, this Remuneration Report the goal of receiving guidance and feedback shows greater clarity, synthesis and effective and maximising consensus on policies disclosure, including new schematic elements presented at the annual meeting, I also thank and graphics, oriented towards increased you, on behalf of the other members of the transparency. Committee, for the support you will give to During 2016, the Committee discussed and policies planned for 2017. approved the Regulations implementing the general principle of clawback in order to follow March 16, 2017 the recommendations made in the Corporate Governance Code for listed companies in July The Chairman of the Compensation 2015 and to define the terms, procedures, and Nomination Committee roles and corporate functions involved in the application of the clause inserted in the 2 SAIPEM Remuneration Report / Foreword Foreword The Saipem Remuneration Policy was value creation for the Company’s approved by the Board of Directors on March shareholders in the medium to long term. 16, 2017 on the proposal of the This Report was prepared, in compliance with Compensation and Nomination Committee, current regulatory and legislative obligations2, made up entirely of non-executive and in consideration of analysis and further independent Directors, and was defined in research regarding the results of shareholder accordance with the Governance model voting, feedback received from shareholders adopted by the Company and with the and the primary proxy advisers on the 2016 guidance on remuneration of the Corporate Saipem Report, as well as the results of the Governance Code for listed companies engagement activities with the proxy advisors promoted by Borsa Italiana (subsequently the and market practices of leading listed ‘Corporate Governance Code’), which Saipem companies. complies with, in the latest version approved The Compensation and Nomination in July 20151. Committee also took account of the relevant In keeping with the guidelines set out in the legislative and corporate governance Company’s Strategic Plan, this policy framework, with the aim of assuring the promotes alignment of the interests of broadest clarity, completeness and usability management with the priority objective of of the information provided. (1) For additional information on the terms of Saipem’s adoption of the Corporate Governance Code, see the section ‘Governance’ on the Company website (http://www.saipem.com) and the document ‘Corporate Governance and Shareholding Structure Report 2016’. (2) Article 123-ter of Legislative Decree No. 58/1998 and Article 84-quater of the Consob Issuers Regulation (No. 11971 as amended). 3 SAIPEM Remuneration Report / Overview Overview This 2017 Remuneration Report defines and high profile professional and management illustrates the following: personnel; (ii) providing incentives for the - in Section I, the Policy adopted by Saipem achievement of strategic objectives and SpA (‘Saipem’ or the ‘Company’) for 2017 sustainable growth of the business; for the remuneration of Company Directors (iii) aligning the interests of management with and Senior Managers with strategic the priority objective of creating sustainable responsibilities3, indicating
Load more

Recommended publications
  • 2014 Annual Report Asts Group
    Connecting Pieces of Your World 2014 ANNUAL REPORT ANSALDO STS GROUP 2014 Annual Report Ansaldo STS Group (Translation from the Italian original which remains the definitive version) Contents 1 Company bodies and committees 4 Directors’ report at 31 December 2014 2 Financial position and results of operations of the Group 6 2.1 Introduction 6 2.2 Key performance indicators 7 2.3 Net financial position 10 2.4 Non-IFRS alternative performance indicators 12 2.5 Related party transactions 13 2.6 Performance 14 2.6.1 The market and commercial situation 14 2.6.2 Sales information 15 2.6.3 Business performance 16 2.7 Reconciliation between the profit for the year and equity of the parent and the group at 31 December 2014 18 3 Key events of and after the reporting period 19 4 Risks and uncertainties 21 4.1 Strategic risks 21 4.1.1 Changes in the macroeconomic and market context and streamlining programmes 21 4.1.2 Innovation: a competitive factor 22 4.2 Operational risks 22 4.2.1 Country risk for new markets 22 4.2.2 Reliance on public customers and long-term contracts 22 4.2.3 Budgeting and risk management project planning 23 4.2.4 Third parties (subcontractors, sub-suppliers and partners) 23 4.2.5 Efficient technical operations and relevant technical references 23 4.2.6 Liability to customers or third parties for product defects or delivery delays 24 4.2.7 Legal disputes 24 4.2.8 Human resource management 24 4.2.9 Health, safety and environmental compliance 24 4.3 Financial risks 25 4.3.1 Ability to finance a high level of current assets and
    [Show full text]
  • *** CONCLUSION of the OPTION PERIOD of AUTOGRILL S.P.A.'S
    This announcement is not being made in and copies of it may not be released, published, distributed or sent, directly or indirectly, into the United States, the United Kingdom, Canada, Australia or Japan or in any other jurisdiction in which offers or sales would be prohibited by applicable law. This announcement does not constitute an offer of securities for sale or a solicitation of an offer to purchase or subscribe securities of Autogrill S.p.A. in the United States or any other jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Autogrill S.p.A. does not intend to register any of the securities in the United States or to conduct a public offering of the securities in the United States. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from Autogrill S.p.A. and that will contain detailed information about the Company and management, as well as financial statements. There is no intention to register any securities referred to herein in the United States or to make a public offering of such securities in the United States. This communication does not constitute an offer of the Securities to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the Securities.
    [Show full text]
  • The World of Autogrill 16
    15 The world of Autogrill 16 (G4-4; G4-6; G4-7; G4-8; G4-9; G4-17; G4-56; G4-DMA) A-company The world of Autogrill Autogrill is the world leader in catering and retail services for travelers, with a consolidated leadership in the United States and Italy. Autogrill is present in 29 countries with approximately 54,000 workers and about Revenue by geographical area 2,800 points of sale in over 1,000 locations. It mainly operates through concession contracts in airports, railway stations, highways, city centers, malls, trade fairgrounds and cultural sites. 18.1% The Group offers consumers a comprehensive range, including both proprietary products and concepts (like Ciao, Bistrot, Bubbles, Beaudevin, La Tapenade) and third 7.1% 2014 47.0% party concepts and brands. The latter include both local and international brands (like Starbucks Coffee, Burger King, Brioche Dorée). The Group manages a portfolio of over 250 brands either directly or under licensing agreements. 27.8% Autogrill S.p.A. is listed on the Milan Stock Exchange and is controlled by North America Schematrentaquattro S.r.l. (50.1%), a company entirely owned by Edizione S.r.l., the Italy holding company controlled by the Benetton family. International Other European countries 17.5% 6.0% 2013 46.8% 29.7% Australia New Zealand Austria Poland Belgium Russia Canada Singapore Czech Republic Slovenia Denmark Spain Finland Sweden France Switzerland Germany The Netherlands Greece Turkey India United Arab Emirates Indonesia United Kingdom Ireland USA Italy Vietnam Malaysia Autogrill Group 17 Highlights euro 3,930.2 million revenues in 2014 euro 316.2 million EBITDA 8% on revenues euro 118.6 million EBIT euro 196.4 million net investments euro 693.3 million net financial position The world of Autogrill 54,408 employees 61% women, 88% of the Group personnel have a permanent labor contract 1 30% of employees are aged 21-30 “Feel good?” over 42,000 customer satisfaction interviews in 2014 “Do you Feel good?” 1.
    [Show full text]
  • Autogrill Group 2008 Report and Accounts
    2008 Report and Accounts 2008 Report Autogrill Group Autogrill Group www.autogrill.com 2008 Report and Accounts Autogrill Group Annual Report and Accounts 2008 “Cultural diversity? Wealth to make the most of” “Environmental sustainability? A commitment to future generations, a competitive advantage for the business” “Professional advancement? An individual challenge, value for the community” “Focus on the consumer? An attitude that is a natural part of everyday operations” Highlights_Profile_Strategy_The concession business_Autogrill’s market_Business segments_The brands_People_The Group development Highlights Revenue EBITDA EBIT (E million) (E million) (E million) 3,529 3,929 4,861 5,795 475 514 562 602 295 325 339 332 2005 2006 2007 2008 2005 2006 2007 2008 2005 2006 2007 2008 Group net profit Net financial indebtedness Capex (E million) (E million) (E million) 130 153 158 123 928 781 1,162 2,168 195 214 278 337 2005 2006 2007 2008 2005 2006 2007 2008 2005 2006 2007 2008 011 The Autogrill Group The Autogrill Group Profile Autogrill is the world’s leading provider of food & beverage and retail services for travellers. Present in 43 countries with over 70,000 employees, it manages more than 5,500 points of sale in over 1,200 locations. Autogrill serves people on the move and operates primarily under concession agreements, which allow the Group to plan medium to long-term operations. Food & beverage, travel retail & duty-free, and flight are the Group’s three business sectors. Food & beverage is its historical business and is well developed mainly in North America and Europe. Travel retail has become highly strategic with the recent acquisitions of Aldeasa, Alpha Group and World Duty Free Europe, and is concentrated mostly in Europe, with a significant presence in the Middle East, the Americas and Asia.
    [Show full text]
  • COURTESY TRANSLATION 2019 Corporate Governance and Ownership Report Pursuant to Art. 123 Bis of Legislative Decree No. 58 of 24
    COURTESY TRANSLATION 2019 Corporate Governance and Ownership Report pursuant to art. 123 bis of Legislative Decree No. 58 of 24 February 1998 (traditional administration and control model) Issuer: Autogrill S.p.A. Website: www.autogrill.com Year referred to in Report: 2019 Report approval date: 12 March 2020 1 CORPORATE GOVERNANCE AND OWNERSHIP REPORT CONTENTS GLOSSARY ........................................................................................................................ 4 1. PROFILE OF ISSUER ............................................................................................. 9 2. INFORMATION ON OWNERSHIP AS AT THE REPORT DATE ........................ 13 a) Structure of the Share Capital .............................................................................. 13 b) Restrictions on Transfer of Securities ................................................................... 14 c) Significant Shareholdings ..................................................................................... 15 d) Securities conferring Special Rights ..................................................................... 15 e) Employee Stock Ownership Plans: Mechanism for exercising Voting Rights ...................................................................................................................... 15 f) Restrictions on Voting Rights ............................................................................... 15 g) Shareholder Agreements......................................................................................
    [Show full text]
  • $Industry$ SECTOR
    Italian Research 3Q20 Results Milan, November 10, 2020 TXT E-SOLUTIONS OUTPERFORM SECTOR: Industrials Price (Eu): 7.60 Andrea Randone +39-02-77115.364 e-mail: [email protected] Target Price (Eu): 11.30 Positive Management Outlook Supports Our View on the Stock th 3Q20 results: margins beat forecasts. On 5 November TXT reported 3Q20 results. TXT E-SOLUTIONS - 12m Performance Revenues came to Eu15.7mn, up +1.2% YoY and in line with our estimates, with a +3.2% contribution from acquisitions. Aerospace & Aviation revenues came to Eu9.8mn, up 12 +1.6% YoY (entirely organic), while FinTech revenues came to Eu5.9mn, up +0.5% YoY 11 and down 8% on a like-for-like basis. EBITDA came to Eu2.1mn (of which Eu1.5mn from 10 A&A and Eu0.6mn from FinTech), up +3.3% YoY with a 13.2% margin vs 11.6% in our 9 8 estimates and 12.6% in 1H20. Net profit was Eu0.9mn, down 9.8% YoY but Eu0.3mn above 7 our expectations, burdened by a higher tax rate (43.4% in 3Q20 vs. 26.7% in 3Q19). The 6 5 net financial position was positive at Eu31.9mn, slightly better than our estimate (Eu30mn) 4 and down Eu9.5mn on the FY19 figure due to: 1) the acquisition of Mac Solutions SA in n-19 g-20 m-20 m-20 l-20 s-20 June 2020 (Eu5.1mn); 2) recognition of the debt put/call linked to the TXT Working TXT E-SO LUTI ONS TXT E-SOLUTIONS Rel.
    [Show full text]
  • Eni E Snam, Campioni Al Futuro
    Codice cliente: null CORRIERE DELLA SERA LUNEDÌ 10.06.2019 Investimenti 51 NUOVE RESPONSABILITÀ Il rating Eni eSnam, Le migliori aziende nella comunicazione della sostenibilità Gold Eni Snam campioni al futuro Silver Generali Gruppo Hera Prysmian a2a Terna Tim Impegno sui criteri Esg, sulla trasparenza, sulla diversity Bronze Autogrill CNH Industrial Intesa Sanpaolo Mondadori edialogo. Così future Italia Top 100 premia le società più sensibili Italgas Enel Luxottica Moncler Erg Sisal StMicroelectronics di Fabio Sottocornola L’Ego-Hub Fonte: Risultati dell’analisi future Italia Top100 ifaprestoadiresostenibilità. di attenzione al digitale». se. Facebook, il 21% affronta itemi della aziende che fa da guida, avendo adot- S Poi, bisogna proiettarla nel futu- Come è stato costruito il processo di sostenibilità, ma poi genera solo l’11% tatounatteggiamentointegratoe ro. E comunicarla. Tra le aziende Parole d’ordine valutazione? Ci sono alcune parole dell’engagement complessivo, tra like, proattivo verso la sostenibilità. Invece , italiane, Eni racconta meglio di altre il d’ordine attorno a cui gli analisti han- commenti o condivisioni. Ancora: su la maggior partedelle imprese man- proprio operatoattraverso video, te- Sono 46 le aziende cosiddetteSlee- no condotto la ricerca. Per esempio, lo 50 mila tweet studiati, le cifre si posi- tiene ancora un’impostazione difensi- stimonianzeecasi concreti Snam ha pers, che non hanno passato la valuta- storytelling riguarda l’uso di contenuti zionano al 16% (sostenibilità) e14% va e di compliance, legata
    [Show full text]
  • Cassa Di Compensazione E Garanzia Spa Initial Margins Applied to Equity Derivatives Section As of 06/05/2019
    Cassa di Compensazione e Garanzia spa Initial Margins applied to Equity Derivatives Section as of 06/05/2019 Futures Straddle Short Options Contract type Code Multiplier Margin Interval Minimum Margin Margin Adjustment FTMIB Fut Futures (C) FTMIB 5.00 10.00% € 1650 € 420 === FTMIB Mini Fut Futures (C) MINI 1.00 10.00% € 330 € 84 === FTMIB Opt Options FTMIB 2.50 10.00% === € 210 20% FTSE ITALIA PIR MID CAP Futures (C) MCAP 1.00 10.00% € 480 === === A2A Fut (F)/Opt A2A 5000.00 11.25% € 430 € 35 20% ACEA Fut (F)/Opt ACE 500.00 10.25% € 170 € 31 20% AMPLIFON Options AMP 500.00 12.00% === € 43 20% ANIMA Holding Fut (F)/Opt ANIM 500.00 16.00% € 60 € 12 20% ATLANTIA Fut (F)/Opt ATL 500.00 18.00% € 250 € 77 20% AUTOGRILL Fut (F)/Opt AGL 500.00 12.75% € 120 € 21 20% AZIMUT HOLDING Fut (F)/Opt AZM 500.00 12.00% € 200 € 41 === BANCA GENERALI Options BGN 100.00 13.25% === € 12 20% BANCA MEDIOLANUM Fut (F)/Opt BMED 500.00 13.25% € 90 € 18 20% BANCA MONTE PASCHI SIENA Fut (F)/Opt BMPS 100.00 27.75% € 10 € 2 20% BANCA POPOLARE EMILIA ROMAGNA Fut (F)/Opt BPE 1000.00 17.50% € 150 € 29 20% BANCA POPOLARE SONDRIO Options BPSO 500.00 10.75% === € 5 20% BANCO BPM Fut (F)/Opt BAMI 1000.00 18.75% € 70 € 16 20% BANCO SANTANDER Futures (C) SANT 100.00 11.50% € 40 === === BBVA Futures (C) BBVA 100.00 14.25% € 40 === === BNP PARIBAS Futures (C) BNP 100.00 13.00% € 100 === === BREMBO Options BRE 500.00 11.25% === € 24 20% BRUNELLO CUCINELLI Options BC 100.00 16.25% === € 21 === BUZZI UNICEM Fut (F)/Opt BZU 100.00 10.75% € 40 € 8 20% CAMPARI Fut (F)/Opt CPR 1000.00
    [Show full text]
  • DEA CAPITAL OUTPERFORM SECTOR: Holdings & RE Price (Eu): 1.10 Alberto Villa +39-02-77115.431 E-Mail: [email protected] Target Price (Eu): 1.55
    Italian Research 4Q19 Results Milan, April 16, 2020 DEA CAPITAL OUTPERFORM SECTOR: Holdings & RE Price (Eu): 1.10 Alberto Villa +39-02-77115.431 e-mail: [email protected] Target Price (Eu): 1.55 AAM Transformation Continued in 2019. Net Cash Helps in Uncertain Times FY19 results confirmed ongoing trends. In 2019, DeA Capital increased total AuM to over DEA CAPITAL - 12m Performance Eu22bn, completing its transformation from an investment company to one of the most important Italian Alternative Asset Management operators, with a wide range of 02 investment solutions, ranging from Real Estate to Private Equity to Non-Performing 02 Exposure, including some of the most innovative proposals available on the Italian 01 market. As for FY19 financial results, the alternative asset management (AAM) platform 01 reported management fees at Eu65mn (+2.5% YoY) and a slightly lower operating result 01 at Eu14.6mn, as last year benefited from some extraordinary positive items (real estate 01 01 45% / investment solutions 33%, NPE 14% and private equity 8%). Net profit came to 01 Eu12mn, up 10% YoY, with a Eu0.12ps extraordinary dividend, flat YoY and in line with a-19 g-19 a-19 o-19 d-19 f-20 a-20 expectations; net cash was broadly stable at Eu65.8mn thanks to some asset disposals DEA CAPITAL DEA CAPITAL Rel. to FTSE All Shares (Reb.) and the cash-in of investments compensating investment activity and the Eu31mn dividend payout. NAVps was Eu1.76, up slightly YoY confirming the stable nature of the assets – management companies and investments – included in the portfolio.
    [Show full text]
  • 2018 FORM 20-F TIM S.P.A
    2018 FORM 20-F TIM S.p.A. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ‘ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2018 OR ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from N/A to N/A OR ‘ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report Commission file number 1-13882 TIM S.p.A. (Exact name of Registrant as specified in its charter) Italy (Jurisdiction of incorporation or organization) Via Gaetano Negri 1, 20123 Milan, Italy (Address of principal executive offices) Piergiorgio PELUSO Head of Administration, Finance and Control TIM S.p.A. Corso d’Italia, 41, 00198 Rome, Italy +39.06.36.88.1 Carola Bardelli Head of Investor Relations TIM S.p.A. Corso D’Italia 41, 00198 Rome, Italy +39.06.36.88.1 [email protected] (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered American Depositary Shares, each representing 10 Ordinary Shares (the “Ordinary Share ADSs”) The New York Stock Exchange Ordinary Shares (the “Ordinary Shares”) The New York Stock Exchange* American Depositary
    [Show full text]
  • Autogrill Group 2008 Sustainability Report
    Autogrill Group 2008 Sustainability Report 2008 Sustainability Report Autogrill Group Contents Introduction 02 How to read the Sustainability Report 03 Results and objectives 06 Message of the CEO 07 The Autogrill Group 08 The Group’s development 010 Vision, Mission and Strategy 011 The concession business 012 Business sectors 017 The brands 018 The organization model Autogrill’s sustainability 020 The road to sustainability 022 The Code of Ethics 023 Afuture, a project and philosophy for a sustainable future 026 The Corporate Governance system 035 Clear policies towards stakeholders 036 SA8000 Ethical Certification 037 Awards and recognitions in 2008 037 Sustainability rating The economic dimension of sustainability 038 039 Highlights: main economic indicators 042 Sales by sector and channel 045 Autogrill on the financial markets 046 Shareholders 046 Economic value generated and distributed The social dimension of sustainability 048 051 Highlights: main social indicators 052 Human resources management and valorization 067 Consumer transparency 074 Partner relationships 079 Investing in the community The environmental dimension of sustainability 086 089 Highlights: main environmental indicators 090 Managing the relation with the environment 093 Impact of activities on the environment 100 Sales point innovation 103 Training and communication The GRI-G3 indicators 104 The Independent Auditors’ Report 111 Glossary 113 Contents The Autogrill Group Introduction Each year the Sustainability Report (hereinafter referred to as “Report”) attempts to provide its readers with a greater understanding of the complex relationships that make up the Auto- grill world. The significant growth over the past few years has transformed the Autogrill Group (referred to as “Autogrill,” “Company,” or “Group”) into a highly recognized organization, synony- mous not only with complete and quality products, but also with a style and a way of being for ever changing people, cultures and markets, making the most of each unique element.
    [Show full text]
  • Atlantia S.P.A
    Atlantia S.p.A. (incorporated as a joint stock company in the Republic of Italy) Unconditionally and irrevocably guaranteed by Autostrade per l’Italia S.p.A. €10,000,000,000 Euro Medium Term Note Programme Under this Euro Medium Term Note Programme (the “Programme”), Atlantia S.p.A. (“Atlantia” or the “Issuer”) may, from time to time, subject to compliance with all applicable laws, regulations and directives, issue debt securities in either bearer or registered form (respectively, “Bearer Notes” and “Registered Notes” and, together, the “Notes”) to be unconditionally and irrevocably guaranteed by Autostrade per l’Italia S.p.A. (“Autostrade Italia” or the “Guarantor”), Atlantia’s wholly-owned subsidiary (the “Guarantee”). The maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme will not exceed €10 billion (or the equivalent in other currencies). The Notes may be issued on a continuing basis to one or more of the Dealers defined below or any additional Dealer appointed under the Programme from time to time, which appointment may be for a specific issue or on an ongoing basis (each a “Dealer” and together, the “Dealers”). References in this Offering Circular to the relevant Dealer, in the case of an issue of Notes being (or intended to be) subscribed by more than one Dealer, shall be to all Dealers agreeing to subscribe for such Notes. This Offering Circular is a “base prospectus” in accordance with Article 5.4 of Directive 2003/71/EC (the “Prospectus Directive”) as amended (which includes the amendments made by Directive 2010/73/EU (the “2010 PD Amending Directive”) to the extent that such amendments have been implemented in the relevant Member State of the European Economic Area).
    [Show full text]