Who knows if Georgie Melons and the attentive Finance Minister Giancarlo Giorgettiwho have just decided to reduce the salaries of public employees in unlisted subsidiaries to a maximum of 160 thousand euros, know what is about to happen tomorrow in one of their subsidiaries called Terna.
The company has as CEO Giuseppina Di Foggiawho earns just over 4 million euros a year, and as President Igor de Biasiowhich revolves around 400 thousand. It is not, as one of its former bosses revealed to us, a particularly complicated company to manage. It’s one of those companies where you would have to queue up to hope to become CEO, finding yourself in the fabulous position of having a yield guaranteed for each investment started. Yet the salaries of the managers, as we can see, are fabulous.
What perhaps the Prime Minister and the Minister of Economy don’t know is that tomorrow at 9.30 there will be a Board of Directors meeting which promises to be embarrassing. On paper you have to create a new ESG committee (who could ever be against the establishment of a council that deals with the fashion of fashions?), but obviously this committee needs new members to be part of it. And here’s the trick. The idea is to draw the new ESG members from another internal committee, the remuneration committee, essentially the one that decides salaries, so as to empty it and take control of it.
Move elsewhere the independent members of remuneration committeeIn fact, the road to adjustments will be paved. The will of the new leaders is to review their wages (there are even rumors of a doubling). For Di Foggia the request is also to increase the severance pay from two to three years if she were torpedoed by the government. Obviously we will only see everything at the next budget meeting which will be required to approve the remuneration policy.
Not bad for a company that is not shining on the stock market, and which has reduced investments compared to past managements. And to think that in a company like Terna the only thing that should be done is to increase capex, which is fundamental for connecting the new systems necessary for the energy transition to the electricity grid. Di Foggia did not do so. And on the market we are starting to think that in 12/18 months the need for further capital could arise.
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The article The trick of Terna’s managers: the quiet blitz to raise the salary comes from Nicola Porro.