ESG commitment

PRI ENGAGEMENT

JANUARY 2024

CAMPARI SpA

« We have initiated an open, constructive and hopefully stimulating public discussion aimed at delivering top-tier returns for both shareholders and stakeholders. In particular, we are writing to express our concern regarding the remuneration policy of Davide Campari-Milano N.V. (hereinafter « Campari » or the « Company ») which is currently in place.

After careful consideration, we – in our capacity as investment manager of a Campari’s shareholder and acting in its name and on its behalf – recommend to the Board of Directors of the Company to promptly commence a systematic and comprehensive review of the remuneration policy of Campari to achieve better alignment between pay, performance and long-term value creation…

We strongly believe the current remuneration policy framework should be further enhanced to increase accountability and alignment of interest amongst all parties involved. The necessary changes will play a pivotal role in enhancing the value-generation process of the business over the long-term. »