Pietro Salini and the managers of Webuild increase their salary. Vote against CDP which financed the group with 250 million

Per Pietro Salini, the managing director of Webuild group, the new name of Salini Impregilo after the acquisition of Astaldi, things are going very well, despite the annus horribilis of the pandemic. The construction giant has just won one maxi-order in the US worth 16 billion dollars to build a high-speed rail line in Texas. But things are just as good on the level of your personal wallet. In 2020, between fixed and variable remuneration, Pietro Salini collected 6.14 million euros, up on the 5.4 million of the previous year.

The CEO of the construction group, however, must thank the financial availability granted by the Cassa Depositi e Prestiti and by the banks (Intesa and UniCredit in the lead) which allowed him to take home the capital increase from 600 million with which he finalized the Progetto Italia operation, ie the incorporation of Astaldi which ended in an arrangement. The Salini family now controls Webuild with the 45% of the capital and sees Cdp as important shareholders with 18.6%, Intesa and Unicredit with 5% each.

It is no longer a “family” company but a group that has received 250 million euros from the financial arm of the Treasury Italian and another 150 million from banks. Is exactly Cdp objected, by voting against, the report on remuneration in the recent assembly that voted on the 2020 budget. Evidently in a climate of economic difficulty for the entire country, the public shareholder considered little morigerate the remuneration policies of the CEO and the top management of the group. An opportunity to recall the age-old theme of maxi-salaries of many manager-entrepreneurs and the strong gap that separates them from the real country. A vote against the tide which, however, did not help. The majority of the shareholders (Salini in the lead) went straight on his way approving the maxi-salaries of the top of the group.

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Dear Director,

considering it necessary for the reader to have a complete and transparent vision in relation to what was published on 28 June by Fabio Pavesi and contrary to what is incorrectly indicated in the article, we specify that the report on Webuild’s remuneration – examined in the recent meeting that voted the 2020 financial statements – was approved on March 25 by the Group’s Board of Directors unanimously, and also by the board members of the Cassa Depositi e Prestiti, shareholder of the Company following the Progetto Italia industrial operation. Previously, the directors of Cdp had also voted in favor in the specific Remuneration Committee. Finally, the Group Shareholders’ Meeting also confirmed the 2020 remuneration policy for the top management of the Webuild Group.

Webuild Communication Office

Reply the author

There is, contrary to what the company writes, no erroneous statement in the article. In the meeting, as correctly reported, Cdp voted against the remuneration of the top management of Webuild and its president and to Pietro Salini. If the Board of Directors voted in favor of the CDP prior to the meeting, the final outcome does not change… I remember that for a listed company the shareholders’ meeting is the sovereign body. And in that context, CDP has evidently changed its opinion. The final result remains as described. Cdp voted against remuneration.
F. P.