Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) today published a summons to general shareholders meeting on September 3, 2015 at the company offices in Petah Tikva. The shareholders are to vote on the appointment of new directors in place of those who are stepping down, and the remuneration for the CEO, chairman, and new directors.
According to the proposal to the shareholders, Teva CEO Erez Vigodman will receive a 10% hike in his base pay, starting in January, making his monthly salary NIS 439,221 ($115,000 a month, or $1.38 million a year). Vigodman will also be awarded a $238,000 bonus "for his exceptional achievements and efforts as president and CEO of Teva."
Teva chairman Yitzhak Peterburg will receive annual remuneration of $567,000 and annual capital remuneration in the form of restricted stock units (RSUs) with a total fair value of $378,000 when they are granted at the annual meeting.
Directors Prof. Moshe Many, Dan Propper, and Prof. Richard Alan Lerner will finish their terms as directors. Gerald M. Lieberman, investment consultant in a private firm and a director in several companies, and former MELA Sciences CEO Rosemary A. Crane will serve as directors until 2018. Gabrielle Greene-Sulzberger will serve as a statutory independent director for a three-year term.
The shareholders meeting will also vote on remuneration for directors. Directors are slated to receive $160,000 a year, instead of $190,000 at present. Directors who are not company employees will be entitled to annual remuneration for membership in one of more board of directors committees, as follows: $20,000 a year for membership in the auditing committee, $15,000 a year for membership in the remuneration committee, and $10,000 a year for membership in any of the other board of directors committees. This formula is being proposed in place of the previous remuneration of a $2,000 payment per meeting for attending meetings of the board of directors and its committees.
Each director who is not a company employee will be entitled to capital remuneration in the form of RSUs with a total fair value of $130,000, as of the date they are granted.
Published by Globes [online], Israel business news - www.globes-online.com - on August 2, 2015
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