The Prysmian Group's leadership team, composed of Chief Executive Officer Valerio Battista and the 20 managers directly reporting to him at world level, has informed the company that it has accepted the CEO’s proposal to invest 50% of its net incentive — granted for the positive performance achieved at the level of 2019 results, in line with the objectives set by the company — in shares of Prysmian S.p.A.
Prysmian's CEO Battista commented, “By reinforcing our investment in the company, we intend to send the financial markets, our employees and all our stakeholders a signal of our confidence in the prospects for a recovery from the effects of the COVID-19 pandemic and the company's future growth.”
The incentive will fall due in late May 2020, following the approval of the financial statements by the company's shareholders’ meeting on April 28. The scheme that the leadership team will use to execute the investment will involve giving instructions to purchase shares of the company on the market to a specifically authorized financial intermediary.
These instructions will also include an order to hold the shares purchased in portfolio until the end of 2022. The company said it will promptly confirm the completion of both the investment scheme and then the investment itself for the market.
“This decision by the group’s top management is consistent with the attention we have always drawn to aligning the interests of the company’s shareholders, management and employees," continued Battista. "Through this initiative, we are committed to further reinforcing our efforts to pursue sustainable, shared and constant value creation in the medium and long-term.”
Prysmian Group is a public company with a broad shareholder base that includes also its employees. Its approximately 9,000 employee-shareholders hold over 3% of the share capital as a result of a stock ownership plan and the share-based incentive plans that the company has implemented for some time
Per an offical company statement: "Prysmian Group has moved swiftly to take important measures in response to the COVID-19 pandemic. The priorities identified include, above all, personal safety in working environments and reducing social impacts, the continuity of the supply chain and protecting the business, thanks in part to the strong geographical differentiation of the Group, while also mitigating financial impacts, including through a plan to contain fixed costs."
Learn more at https://www.prysmiangroup.com/.