The Board of Directors of Mediaset, which met today, favourably accepted a proposal from the Chairman Fedele Confalonieri, who was confirmed in office by the Annual General Meeting of the Shareholders on 27 June for the next three years, to terminate is contract as an employee and manager of the company while maintaining his position.

The Board, approved unanimously the proposal put forward by the Deputy Chairman and Chief Executive Pier Silvio Berlusconi, to bring to an end the relationship as an employee on 31 July 2018, with the payment of a gross severance indemnity of EUR 6.5 million (including a non-competition agreement) in line with contractual norms.
In addition to the payment of legally due severance, the agreement foresees the end of all requests, expectations or rights regarding or occasioned by relations with the Company, including those related to medium to long-term incentive plans.

The aforementioned sum, net of taxes, will be paid by 31 August 2018. The agreement also foresees the immediate establishment of a 'termination indemnity' (to be paid should the current role end or not be renewed) worth EUR 8.5 million gross, also in recognition of the extraordinary contribution the Chairman has given since the foundation of the Group.

The agreement reached with the Chairman makes it possible to bring to a conclusion in a consensual manner his position as an employee of the Company and therefore to reduce the relative costs involved for the Company. The organisational structure and the powers conferred on the Chairman will remain unchanged and he will continue to guarantee his highly valued contribution to the life of the Group.
The agreement was first submitted for examination to the Remuneration Committee, which returned a positive verdict, stating that it found the details congruent and in line with the executive role. The agreement, which qualifies as a related party transaction of minor importance, pursuant to the Mediaset Procedure regarding such matters, was also examined in advance by the Related Parties Committee which, in compliance with applicable regulations, returned a favourable opinion.
The Chairman, Fedele Confalonieri, as of today, holds a total of n. 400,000 shares in the Company.

Attachments

  • Original document
  • Permalink

Disclaimer

Mediaset S.p.A. published this content on 27 July 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 July 2018 17:26:08 UTC