The Board of Directors resolutions on the remuneration paid to the members of the Bank of Italy's Directorate (Governing Board)

The Treaty on the Functioning of the European Union recognizes the full institutional and financial independence of the Eurosystem national central banks and the complete personal independence of the members of their decision-making bodies.

The principle of financial independence is also enshrined in national law by express provision of Article 4(1) of Legislative Decree 133/2013, converted by Law 5/2014. In keeping with this principle and that of the autonomy of the Bank in respect of decisions on staff remuneration, the operating expenses of the Bank of Italy, including the remuneration of the members of the Governing Board (Directorate), are paid solely out of the Bank's accounts.

The all-inclusive remuneration of the members of the Governing Board was extensively reviewed in 2012 and in 2014, resulting in reductions ranging from 40.6 per cent (Governor) to 28.6 per cent (Deputy Governors). Given the time that had elapsed since the last review, the Board of Directors, having consulted with the Advisory Committee on the economic treatment of the members of the Governing Board, deemed that the conditions for a new comprehensive review were met.

Therefore, at its meeting of 20 July 2023, the Board of Directors - after having acknowledged the wide range of functions performed by the Bank of Italy in both international and national spheres and having compared the remuneration levels of the governing bodies of other Eurosystem central banks - determined it appropriate to adjust the remuneration of the Governing Board and to provide that it be periodically reviewed every three years, in line with common market practices. The amount of the gross all-inclusive remuneration of the members of the Governing Board was therefore set, effective as of 1 September 2023,[1] as follows:

• Governor: €480,000 (from €758,000 in 2011, reduced to €450,000 in October 2014);
• Senior Deputy Governor: €430,000 (from €593,000 in 2012, reduced to €400,000 in October 2014);
• Deputy Governor: €350,000 (from €441,000 in 2011, reduced to €315,000 in October 2014).