After nine years without a salary increase, Eni planned to raise total remuneration by approximately 23% to 8.9 million euros, with a potential increase of up to 38% to 15.4 million euros based on an additional outperformance tier in its long-term incentive plan, ISS stated.
Earlier this month, the Ministry of Economy proposed reappointing the 71-year-old Descalzi for a new three-year term starting in May, which would make him the longest-serving CEO in the company's history.
"While some increase could be understandable, the resulting level appears excessive," ISS noted, describing current pay levels as "already substantial."
Eni has not yet responded to a Reuters request for comment.
In March, the company stated it had benchmarked its CEO's remuneration against European peers such as Shell, TotalEnergies, and BP.
(Reporting by Stefano Bernabei, editing by Giancarlo Navach)
