Supervisor of Banks Hedva Ber says up to 215 Hapoalim and Leumi executives could resign if the bill includes past pension rights.
Half of Bank Hapoalim (TASE: POLI) senior management are at high risk of resigning if the senior executives salary bill limiting pay includes pension rights. The claim was made in a letter sent last month by Supervisor of Banks Dr. Hedva Ber to the Deputy Attorney General Adv. Avi Licht, Galei Zahal (Army Radio) reports.
The letter was sent by Ber asking Licht to publish an opinion clarifying that the bill limiting annual salaries to NIS 2.5 million would not harm past pension rights or current pension plans.
Ber's letter claims that 82 senior employees at Bank Hapoalim and Bank Leumi (TASE: LUMI) are at high risk of quitting in the short term if the bill affect pension rights 39 at Hapoalim and 43 at Leumi. 215 executives could leave if the bill affects past rights with 82 defined as high risk. Only a small number of executives at other banks are likely to leave.
Published by Globes [online], Israel business news - www.globes-online.com - on June 20, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
Hedva Ber
Irit Avissar and Ron Stein