Migdal Holdings has announced to the stock exchange the expected salary terms of the incoming chairman, retired judge Hanan Meltzer. Drew widespread criticism.
According to the agreement, a waiter will “dedicate his time, energy and ability to work to his position in the company” in the amount of 66% of the position and will be entitled to a monthly salary of NIS 159,000. It should be noted that a waiter will receive a global salary of NIS 2.26 million for a full year of work, ie almost the maximum amount allowed for a senior official according to the limit of the Senior Wages Law. Since he is expected to start his job only in April, the salary he is expected to receive for 2022 will be NIS 1.87 million. However, its total remuneration cost can increase further up to a ceiling of NIS 3.5 million per year, including additional costs in accordance with the executives’ salary limit.
Beyond that, a waiter will enjoy particularly generous ancillary conditions such as 26 days of vacation a year and an attached vehicle. It is further stipulated that the retired judge will be entitled to fulfill any public position or in other cases for which the consent of the board of directors is obtained, reduce the scope of his position to 50% of the position, in which case the remuneration to which he is entitled will be reduced accordingly.
In addition, a waiter commits to a cooling-off period of six months, so that if he leaves his position he will not be able to move to a competing company, ie he will not serve as chairman of the board or CEO of an insurance company and an insurance company, or an investment banking body. His main occupation. During this period, a waiter will receive a payment equal to the total cost of his salary, if he had continued to work for the company. This arrangement will take effect only after a waiter has completed 18 months of work at the company.
In addition to his role as chairman of the holding company of tower , The agreement stipulates between the parties a series of positions in which a waiter will be able to engage alongside his position in the company. These roles include teaching and research at the university; Continuation of his tenure as President of the Press Council – a position he holds voluntarily even though he will head a public company that is regularly reviewed by the media; Mediation and arbitration in Israel and abroad, provided that notice is given to the Company’s Legal Adviser, to check that there is no direct conflict of interest with the Company’s business; Providing opinions in the constitutional / administrative field to non-financial entities; ; Consulting in the field of privacy law for a cyber enterprise that offers its services to insurance companies abroad for the purpose of classifying customers of those companies with regard to the degree of risk of customers to cyber attacks; President of a representative council in the association in the founding stages, which is supposed to present research and standard arrangements in the fields of construction and infrastructure (a role he will do, if he does, voluntarily).
The agreement with Meltzer stipulates that he undertakes to ensure that there will be no conflict of interest between his work and positions in the Migdal Group (insofar as he serves in this additional position of chairman of the holding company) and any other occupation or work in which he is engaged, Any other such work shall not interfere with the fulfillment of his obligations.