The Court of Conte Poste: executive salaries are too high. To … – The Republic

MILAN – The Italian Post Office, the next public company for the market, should be careful how much they pay their executives. And ‘one of the indications emerging from the report of the Court of Auditors to the budget of 2013, from which we learn also how you resolved the escape of former number one Massimo Sarmi: with five annual installments between incentive compensation and output.

Salaries. In the section on the “cost of the management staff,” the magistrates accounting pin that this “deserves careful considerazion”, as “a significant increase for 2013 is fixed for skills (+ 4.1%) than for perquisites (+ 18.4%), inclusive of incentive compensation. ” These data are now relative to two years ago, but on the other hand, the Court recalls that the Post Office being “assimilated to listed companies, does not have the salaries of the executives Limitations” in force since 2011. Theme on which it is then returned with the decree of Fare. Returning to the Court, this sums up the situation of 2013: “The cost of the management staff amounted to a total of 150 million, up 12.3% over the past financial year. It constitutes 2.5% of the total cost of labor.”

The farewell to Sarmi. It also reconstructs the departure of former number one, in whose place was then taken over Caio. The output of Sarmi was accompanied by four annuities as an incentive and another as compensation for non-renewal of the management relationship. He gets so the veil on the agreement for the mutual termination of the employment relationship with the former CEO who left the company in May and ended the employment relationship with the Italian Post 31 July. Sarmi in 2013 was the highest-paid manager was with a gross salary of 1.56 million (1,185,000 As CEO and 378mila as general manager). The report also reveals that the shareholder Ministry of Economy had recommended to the board of directors guidelines “pursued in a rigorous”. Italian Post has also paid € 30 thousand lawyers to sarmi as a contribution to legal costs in the definition of the agreement.

Reviving postal services. In view of the listing, the magistrates accounting tell that to the Post Office “appears necessary to make a revival of the postal services, countering the sharp decline of the traditional correspondence, whose service should still be made at the highest levels of efficiency, with the most promising interventions such as the collection and delivery service parcels in the area. ” The decline in volumes and revenues of traditional letter that, according to forecasts of post offices, reduce profitability in 2014 – the judges write statements in the report on the exercise in 2013 – along with the plan to list on the stock exchange – “postulate a strengthening of the company for a steady growth and a marked improvement in the quality of services that ensure full customer satisfaction. “

Arguments:

put

Court of Auditors

Starring:

Massimo Sarmi