Tiscali 2009 Annual Report Download - page 145

Tiscali Group: Annual Report 2009
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Remuneration of the directors, statutory auditors and executives with strategic responsibility
The remuneration due to the directors and statutory auditors of Tiscali S.p.A. for conducting their functions
in the parent company and other consolidated subsidiaries is presented below:
2009 2008*
(EUR 000)
Directors 913 5,994
Statutory Auditors 190 188
Total remuneration 1,103 6,182
The total value of the cost incurred in 2009 for the remuneration due to executives with strategic responsibility
amounted to EUR 2.4 million. This amount includes the following:
• the figurative cost of stock options granted to a number of Group executives for around EUR 0.1 million;
• the Group’s contributions to public and corporate welfare funds for EUR 0.5 million.
List of subsidiaries included in the consolidation area
A list of the subsidiary companies included within the consolidation area is presented below.
* 2008 figures include remuneration for directors and statutory auditors of companies sold in 2009
(1) Shardna S.p.A.: the majority shareholder Renato Soru held shares in the company until 30 November 2009, when he sold his sharehol-
dings. The dealings maintained by the Parent Company referred to the sub-letting of the Tiscali offices in the suburbs of Cagliari.
(2) Interoute: group entirely owned by the Sandoz Family Foundation, a Tiscali shareholder. The costs incurred during the year refer to pur-
chases made by Tiscali Italia S.p.A. for dark fibre and related maintenance. The Sandoz Family Foundation, the parent company of Interoute,
reduced its shareholding in the company below any significant level and reported holding about 0.21% on 16 November 2009.
(3) Mr. F. Bizzarri: member of Tiscali S.p.A’s Board of Directors until 21 December 2009, stipulated an IPTV consultancy contract with the
Parent Company and with the subsidiary Tiscali Italia S.p.A., which expired in June 2008.
(4) Racugno Law Firm: Gabriele Racugno, member of Tiscali S.p.A.’s Board of Directors since 29 December 2009, provides Tiscali Italia S.p.A.
with legal assistance.
(5) Nuove Iniziative Editoriali S.p.A.: the majority shareholder, Renato Soru, holds shares in this company and the transactions refer to an adver-
tising contract and the provision of telecommunications services. It should be mentioned that the shares held by Renato Soru were in the name
of Gabriele Racugno by virtue of a deed of trust. The latter was a member of the board of directors of Tiscali S.p.A. from 21 December 2009 to
January 2010.
(6) in 2004, the shareholder Andalas Limited (shares of the latter held by Renato Soru) granted a loan bearing interest at market rates. On 30
October 2009, Renato Soru compensated for the amount (including interest accrued) by subscribing an equivalent amount in Tiscali S.p.A.
shares when the latter increased its share capital.