Eni’s Top Management Defers 50% Of Long-Term Incentives Until 2021

Eni’s Chief Executive Officer, Claudio Descalzi, will defer the collection of half of his 2020 long-term incentive plan until 2021, the company said Thursday.

The decision has been made due to the current health emergency and the situation in the oil & gas sector, and it joins the company’s measures to reduce investment and operating costs. The deferral is equivalent to 735,000 euros, 15% of Mr. Descalzi’s total remuneration, or 46% of his fixed remuneration.

All of Eni’s senior managers have decided to do the same. This will reduce company outflows by 30.2 million euros this year.

Eni said it will also save an additional 16.5 million euros by reducing costs relating to the remuneration policy of the senior management in 2020.

Alongside further administrative savings, these initiatives will save a total of 62.3 million euros, the company said.