Bank Leumi (TASE: LUMI) CEO Rakefet Russak-Aminoach and Bank Hapoalim (TASE: POLI) CEO Zion Kenan will each earn NIS 11 million a year, according to the executive compensation policies the two banks announced on Wednesday.
Bank Hapoalim, controlled by Shari Arison, said that its compensation policy was the same as in 2010. It caps the compensation of chairman Yair Seroussi at NIS 10 million in 2013 (compared with NIS 8.4 million in 2012), and caps Kenan's compensation at NIS 11 million (up from NIS 8.1 million in 2012). They will both receive a gross monthly salary of NIS 175,000 and maximum bonus of NIS 6.2 million. The bonus will be based on the bank's return on equity.
Bank Leumi announced that Russak-Aminoach's gross monthly salary will be NIS 185,000 and chairman David Brodet's salary will be NIS 167,000. Russak-Aminoach's maximum salary cost, including bonuses, could reach NIS 10.6 million in 2013, double the NIS 5.2 million in 2012. Brodet's maximum salary cost, including bonuses, could reach NIS 8.6 million, compared with NIS 3.3 million in 2012. The bonus will be based on the bank's return on equity.
At First International Bank of Israel (TASE: FTIN), controlled by Zadik Bino, chairman Rony Hizkiyahu will earn a gross monthly salary of NIS 170,000, CEO Smadar Barber-Zadik will earn NIS 230,000. Hizkiyahu's salary cost, including bonuses, could reach NIS 4 million, and Barber-Zadik's could reach NIS 5.7 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 8, 2013
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