Remuneration to be paid to the members of the Board is determined on a monthly and gross basis by taking into consideration the opinions of the relevant committee and submitted for the approval of the General Assembly.
The remuneration of independent Board members should be set at a level that preserves their independence. Compensation shall not include dividends, share options, or performance-based payment schemes.
Executive pay includes two key elements: a fixed salary and performance-based compensation.A fixed salary system is in place, comprising a total of 16 (sixteen) base salaries annually. In addition to the fixed salary, certain fringe benefits may also be provided. The determination of the fixed salary takes into account macroeconomic data, wage trends in the market, the Company’s long-term objectives, and the individuals’ seniority and positions.
In addition to the fixed salary, senior executives may receive variable compensation (performance bonuses) and fringe benefit payments once a year, based on the Company’s and the individual’s performance results. This is calculated by applying certain multipliers to their annual gross salary. The purpose of the variable compensation system implemented in the Company is to reward success in order to encourage employees to deliver outstanding performance, support senior executives in achieving budget targets, and exceed their business goals, thereby instilling a goal-oriented performance culture within the Company.