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Israel govt to oppose Bank Leumi manager compensation plan
February 10, 2014 / 1:01 PM / 4 years ago

Israel govt to oppose Bank Leumi manager compensation plan

JERUSALEM, Feb 10 (Reuters) - Israel’s Finance Minister Yair Lapid said on Monday he strongly opposes a “generous” compensation plan for senior Bank Leumi officials and that the ministry’s board member will vote against the proposal.

Israel’s government is the largest shareholder in Leumi, Israel’s second largest bank, with a 6 percent stake.

Lapid said that at this time, it is inappropriate and unethical to approve salaries of 130,000 to 183,000 shekels ($36,800 to $51,800) a month and severance pay of up to 250 percent.

“The state must make its voice clearly heard in calling to set clear, defined boundaries for bank managers,” Lapid said. “I am in favour of rewarding excellent managers, I am in favour of bonuses that will provide incentives for success but in this case, we need to tell the bank’s senior managers: ‘You’ve exaggerated!'”

$1 = 3.5340 Israeli shekels Reporting by Steven Scheer

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