Thanks to a specific trade union agreement, an initiative was launched for the free allocation of Intesa Sanpaolo shares to employees who also have the option of participating in investment plans (LECOIP: Leveraged Employee Co-Investment Plan). At the end of these plans they obtain a higher capital sum than the original investment, even if the shares drop in value, and the chance to earn even more if the shares increased in value. By allocating shares, the Bank plans to reward its employees in advance for their greater level of commitment to meeting the goals of the Business Plan, in both organisational and production terms, offering each one the chance to participate in the expected value growth through an individual and voluntary choice that recognises teamwork and the pursuit of sustainable growth. In summary, under the Lecoip, Group employees, having been assigned, without charge, Intesa Sanpaolo ordinary shares purchased on the market (“Free Shares”), are also allocated additional, newly-issued Intesa Sanpaolo ordinary shares deriving from a free share capital increase (“Matching Shares”). The Lecoip also provides that Group employees subscribe to newly-issued Intesa Sanpaolo ordinary shares deriving from a share capital increase made against payment and reserved for employees, through the issue of shares at a discounted price (“Discounted Shares”).
The Certificates are divided into three categories and have different characteristics depending on whether they are intended for employees classed as Risk Takers, Senior Managers or for all other employees.
All in all, on the date the offer expired, 50,298 Group employees had subscribed to the investment plan - 79% of entitled employees - for an exchange value of around 150 million euro. In detail:
|Category||Number of applicants||Percentage |
of total number
of eligible employees
|All other employees||49,426||79%||111,652,662|
The initiative had another benefit for all employees: the possibility, given the difficult economic context, of obtaining a sum of money at advantageous conditions in the form of an unsecured loan with repayment of capital in May 2018 and a minimum duration of a year for a sum equal to 80% of the “protected capital” (with a minimum of 1,500 euro) envisaged by the Lecoip investment plan. The same special rate currently applied to loans for Group employees will be applied to this loan. The possible extension of the plan to the International Subsidiary Banks is currently under examination.
The new Banca dei Territori Division incentive system
Sustainable profitability, method and collaboration: these are the issues that underpin the new Incentive System of the Banca dei Territori Division areas and branches. The incentive system was developed in line with the strategic priorities of the Banca dei Territori Division and the new Service Model, which created the Retail, Personal and Corporate business areas. Seven pillars shape the 2015 incentive plan: profitability, credit quality, expandability (broadening the customer base); sustainable growth of volumes; service quality (customer experience); co-responsibility among areas; integrated multi-channel approach.
The parameters considered therefore refer both to the typical revenues of the relevant business area, suitably adjusted in order to take account of the application of the business method, and to indicators relating to the quality of credit and sustainable growth, integrated with customer satisfaction and customer service quality indicators.
To strengthen teamwork between the Commercial Local Areas, a synthetic co-responsibility indicator based on the across-the-board relationships between the areas was introduced with the goal of strengthening the spirit of collaboration among employees at all levels.