Remuneration Policies

Remuneration Policy Objectives

Saipem's Remuneration Policy is consistent with the recommendations in the Code of Corporate Governance and is aimed at:

• alignining with the interests of shareholders, with the primary objective of creating sustainable value for the stakeholders over the medium-long term.
• promoting the company mission and values.
• attracting, motivating and retaining people with high-level professional and managerial expertise.
• incentivizing the achievement of the Company’s strategic objectives.

Remuneration Policy Principles

• The remuneration structure for the Chief Executive Officer-General Manager and for Senior Managers with Strategic Responsibilities involves an appropriate balance between a fixed component, consistent with the assigned powers and/or responsibilities, and a variable component, set within maximum limits and aimed at linking remuneration to actual performance.
   
• The variable incentive scheme is linked to the achievement of economic-financial, social, environmental and governance, business development, operational and individual objectives. These are set with a view to the sustainability of results in the medium-long term, and in accordance with the guidelines set out in the Company’s Strategic Plan and Sustainability Plan and with the responsibilities assigned.
   
• The remuneration policy is consistent with market benchmarks: Senior Managers with Strategic Responsibilities have been compared with similar roles (in terms of specificity and responsibilities) in companies operating on the international market at European level and in the Italian market, with a focus on the following sectors: Technology, Pharmaceutical, Natural Resources, Manufacturing, Consumer, Construction, Automotive
   
• The objectives associated with variable remuneration are predetermined, measurable and complementary to one another. They are prioritised in the assessment of the Company’s overall performance, in line with the Strategic Plan and the expectations of shareholders and stakeholders, thereby fostering a strong results-oriented culture.
   
• Saipem has adopted “clawback” and “malus” mechanisms for variable incentives that allows for the return of all forms of variable remuneration in cases of manifestly incorrect or maliciously altered data and infringements of laws and regulations, the Code of Ethics or other internal regulations.