Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) will nominate former Bank Leumi president and CEO Galia Maor as a director of the company. She is one of five nominees listed in the summons for the general shareholders meeting scheduled for September 12.
The other four nominees, including Chairman Dr. Phillip Frost, are currently serving directors, and have been nominated for new terms until 2015.
The shareholders have been asked to approve annual payment for the directors the shekel equivalent of $190,000, plus VAT, and a $2,000 fee to participate in board meetings. They have also been asked to approve a $900,000 salary for Frost, $298,000 in reimbursement for his out of pocket travel expenses exceeding $700,000 for his participation in board meetings and other company activities in 2011, and up to $700,000 in reimbursement for his use of his personal jet.
Shareholders have been asked to amend Teva's articles of incorporation to state that most board meetings will be held in Israel
Published by Globes [online], Israel business news - www.globes-online.com - on August 8, 2012
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