After two years of falls, research carried out for "Globes" by accountancy firm BDO Ziv Haft found that the average salary cost of Israel's senior executives at the country's publicly traded companies was NIS 3.5 million in 2013, up 18% from 2012.
Analysis of the data of companies with more than 100 employees found that the CEO's salary was 41 times higher than the average salary in the company compared with 31 times higher in 2012, and no less than 117 times the minimum salary cost in the economy in 2013, compared with 88 times in 2012.
The salary survey conducted by the consultancy company covered the years between 2008 and 2013 and companies traded on the Tel Aviv 100 Index were examined. Salary costs of senior executives fell 23% and 15% in 2011 and 2012 respectively but rebounded in 2013.
The highest paid executive of an Israeli public company in 2013 was former Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) CEO Dr. Jeremy Levin (NIS 25.1 million) followed by Africa-Israel Investments Ltd. (TASE:AFIL) Chairman Lev Leviev (NIS 20.1 million), and Israel Chemicals Ltd. (TASE: ICL) CEO Stefan Borgas (NIS 19.3 million).
The highest paid executives over the past five years were Frutarom Industries Ltd. (TASE: FRUT; LSE:FRUT; OTCBB:FRUTF) president Ori Yehudai (NIS 37 million) followed by Israel Corporation (TASE: ILCO) CEO Nir Gilad and Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) CEO Michel Siboni (each with NIS 34 million).
Published by Globes [online], Israel business news - www.globes-online.com - on April 13, 2014
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