Nexi SpA (formerly Istituto Centrale delle Banche Popolari Italiane -"ICBPI") is an Italian financial technology company established in 2016. It is specialized in the payment technology field, offering digital services and infrastructure to banks, businesses, institutions and the public administration. Nexi shares have been listed on the Italian Stock Exchange since April 2019.

In item 2.1, shareholders are called to a binding vote on the remuneration policy. The quality of disclosure is in line with market practice in Italy, the CEO's base salary is in line with the median of peers and, in our opinion, variable remuneration schemes are in line with the Company's long-term growth strategy. However, the aggregate variable remuneration is capped at 520% of the base salary, which is substantially above the ECGS' voting policy limits (300% of the base salary, or 450% if the base salary is below the median of peers, performance conditions are very stretching and mostly linked to long-term results). In particular, we regret that the annual cash bonus is capped at the same level of the 3-year performance share plan (260% of the base salary, above our voting policy limit of 150%). Therefore, we recommend opposition.