Remuneration to key management personnel

Remuneration paid to persons who have power and responsibility over the planning, management and control of the Company, including executive and non-executive Directors, is as follows:

(EUR 000) 2008 2007
Compensation 5,344 5,221
Post-employment benefits 22 89
Other long-term benefits - -
Severance pay - 1,145
Stock grant 528 451
Total 5,894 6,906

Directors’ fees amounted to EUR 5,894 thousand in 2008, EUR 6,906 thousand in 2007. Statutory Auditors’ fees amounted to EUR 229 thousand in 2008, EUR 184 thousand in 2007. These fees include emoluments and any other sum paid as compensation and social security for the office of Director or Statutory Auditor of the Company.

As to the item “stock grants”, in December 2008, the shares relating to the 2007 targets, which were all fully reached, were assigned. Therefore, the provision recognised in the previous year was used. The value of the shares granted to employees participating in the plan was charged by the Group Parent to the subsidiaries as an “equity transaction” without affecting the income statement. The differentials relating to the fair value (difference between assignment and delivery) and to the percentage  

2008 (no. of shares)
Rights at 1 January -
New rights assigned 10,395
Rights exercised during the year 10,395
Rights forfeited during the year -
Rights at 31 December -