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Glossary entry

Italian term or phrase:

compenso assembleare

English translation:

board meeting fees

Added to glossary by Paul O'Brien
Jan 2, 2013 13:27
11 yrs ago
7 viewers *
Italian term

compenso assembleare

Italian to English Bus/Financial Finance (general) Management salaries
Gli Amministratori non esecutivi ricevono, oltre al compenso assembleare, un compenso aggiuntivo per l’eventuale partecipazione ai Comitati consiliari.

??
Proposed translations (English)
4 +1 board meeting fees
4 +2 directors' fees awarded by shareholders

Discussion

Ann Pollak Jan 3, 2013:
Jim, Everything you say in your most recent comment is true. But I still believe the translation should refer to fees paid to the directors for attending board meetings, and that the word 'assembleare' in the context of the term has nothing to do with shareholders. This is confirmed by Paul's comment in which he tells us that the requesting party is making reference to board meetings.
James (Jim) Davis Jan 3, 2013:
A shareholders' meeting will pass a resolution which usually assigns (in Italy) a total amount (a budget) for directors fees (but can set individual amounts for each director), but this is only for the ordinary duties of all directors and that means for attending board meetings, which is basically all directors are required to do. The BoD will then create internal committees, (comitato consiliari) the remuneration committee, the new control and risks committee, an appointments committee and others. At least some of the members of many of these committees must be independent non-executive directors. They must be paid for the extra work. This money does not come from the general budget allocated by the shareholders, but from another budget allocated by the Board itself. Obviously, this is standard practice, while individual companies may differ. See new reference on my post.
Paul O'Brien (asker) Jan 3, 2013:
I heard from the requesting party. The reference is to board meetings.
James (Jim) Davis Jan 2, 2013:
@Ann Generally speaking what you say is true about assemblea meaning meeting, but in this context I have never ever seen a "consiglio di amminstratzione" as an assemblea. The ambiguity introduced by using one term for the other would generate total confusion.
James (Jim) Davis Jan 2, 2013:
Right on topic Tom the term posted is assembleare if I'm not mistaken.
Ann Pollak Jan 2, 2013:
But as I indicated to Jim in a note to my answer, assemblea means 'meeting' and it can refer to various types of meetings, not just the shareholders' meeting. E.g. assemblea condominiale is a meeting of condo owners, assemblea del comitato is a meeting of the committee members, etc. I have seen assemblea used with reference to BoD meetings.
Tom in London Jan 2, 2013:
wandering off-topic---- yes - AGM, if you prefer.
James (Jim) Davis Jan 2, 2013:
Those are all bad translations Tom Never heard of an AGM or an EGM? https://www.google.com/search?source=ig&hl=en&rlz=&=&q="annu...
Shareholders have meetings in English not assemblies.
Try searching on UK sites only: https://www.google.com/search?source=ig&rlz=&q="assembly of ...
Tom in London Jan 2, 2013:
if you prefer---- ... assembly of shareholders. (The annual meeting).

http://www.google.co.uk/search?num=30&hl=en&safe=off&tbo=d&q...
James (Jim) Davis Jan 2, 2013:
@Tom Shareholders' *assembly*??
Tom in London Jan 2, 2013:
attendance fee Unlike Jim, considered the rest of the text I would think this must be an honorarium for attendance by non-executive Directors at the shareholders' assembly

Proposed translations

+1
25 mins
Selected

board meeting fees

While these may be awarded by shareholders (as Jim indicates), the word 'assembleare' refers to meeting attendance, with the next part of the sentence referring to committee meeting fees.
Director fees can consist of annual compensation plus meeting attendance fees, so I would not classify this as director fees.
Committee fees can also consist of annual retainers plus attendance fees.
See reference below to survey about board compensation.
Reference:

http://www.urishpopeck.com/pdf/BDO600Survey-2011.pdf

Peer comment(s):
agree James (Jim) Davis : If it was specifically for attendance at board meetings the adjective would be "consiliare" Ann.
37 mins
Jim, agree in theory but Italians also use assemblea to refer to meetings other than shareholders' meetings. For example, the meeting of the condominium owners is called an assemlea condominiale. I have seen 'assemblea' used w/reference to BoD meetings.
Something went wrong...
4 KudoZ points awarded for this answer.
+2
4 mins

directors' fees awarded by shareholders

I think this must be the fees which are voted by shareholders. Usually a total amount for all directors.

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Note added at 19 mins (2013-01-02 13:46:38 GMT)
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Forgot Happy New Year Paulley

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Note added at 1 hr (2013-01-02 14:42:34 GMT)
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This is take from a typical "statuto".
Art. 16) - I compensi spettanti al Consiglio di amministrazione sono stabiliti dall'Assemblea per l'intero periodo della carica, o di esercizio in esercizio, anche sotto forma di partecipazione agli utili.

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Note added at 21 hrs (2013-01-03 11:19:08 GMT)
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It seems that ENI uses this term
http://www.eni.com/it_IT/governance/remunerazione/politica-s...
Here assembleare clearly means set by shareholders

Presidente del Consiglio di Amministrazione
Remunerazione ***assembleare*** per la carica
L'Assemblea del 5 maggio 2011, ha definito la remunerazione del Presidente del Consiglio di Amministrazione prevedendo un compenso fisso lordo annuale per la carica pari a 265.000 euro, mantenuto invariato rispetto al precedente mandato.

Peer comment(s):
agree Béatrice Sylvie Lajoie : director's fee is also sufficient
8 mins
Not really, you would need at least something like ordinary or basic fees to distinguish them from the extra fees for sitting on committees.
agree Peter Cox
14 hrs
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