Mor Investments issued a summons for an annual meeting for the beginning of November, among other things, to approve the terms of employment of a relative of the controlling owners.
The family company that manages provident and pension funds for the public, and is also a public company, requests to approve the update to the terms of employment of Oral Levy at the funds company. Oral started his work at Moore’s funds company in 2017, and is the son of Yossi Levy who controls Moore Investments.
In 2020, Oral began undergoing training in the analysis department and from 20221 moved to the position of analyst in the research department. For his work, Levy received a salary of NIS 15,000 a month, which was updated last year to NIS 20,000 a month. Now the company is asking to approve an update to the salary conditions that includes a bonus.
In a normal world situation, people are measured on performance, but Levy is expected to go to London to study for a master’s degree, when the company will bear salary expenses of NIS 171 thousand gross. Beyond that, Oral is expected to continue to work there and receive a salary, and at the end of his studies to become an investment manager of a technology fund, “but he may also manage additional funds in the future”, according to the summons issued by Moore Investments.
If you were worried that the position wouldn’t suit him, don’t worry. It will be possible to employ Oral in another company in the Mor Group, provided that there is no change in the terms of the employment. By the way, because of the restrictions of the residence visa in the UK, Oral will only be able to work 20 hours a week.
The preferred conditions that the institutional bodies will be asked to approve are a monthly salary of NIS 20,600 for a full-time position, plus NIS 1,400 for 10 additional hours. Except that during his studies in London the scope of his job will not exceed 47% and the salary will be accordingly.
Beyond that, and although Oral is expected to be studying part-time, for the year 2023 he is expected to receive a grant in the amount of 3 salaries, and a grant dependent on goals in accordance with his role as an advisor to the trust fund “More Technology Global Shares (4D)”, equal to 8% of the positive difference between the income from of the fund and those that were in 2022.
From the reasons of the compensation committee and the board of directors: “The updated conditions, for all compensation components, are reasonable and adequate compared to the compensation of his colleagues in the investment department at the funds company, among other things, considering the unique characteristics of the technology fund that he will manage, and they are reasonable in relation to what is customary and accepted in the market in relation to positions of this type, among other things, Considering Ural’s seniority, his skills and experience and considering the positive assessment of his managers.”