Israel Chemicals' (TASE: ICL) board of directors has approved a $45 million Long Term Incentive Plan for its 11,300 employees around the world. The plan covers all employees except managers who participate in the company’s option plan
The plan enables employees to benefit directly from Israel Chemicals' success regardless of the segment or unit of the company in which they work. The plan is in addition to customary compensation and benefits granted to employees. This new plan creates a direct link between the company's profit growth and employee compensation.
The compensation that will be paid under the Long Term Incentive Plan will be based Israel Chemicals' success during the next three years (2013-2015). Payment will be subject to the company's average net profit in each of the three years, and higher than the net profit in 2012. "It is designed to ensure that all of Israel Chemicals' employees, regardless of their worldwide location, segment or subsidiary, benefit from the success of the company, a global group with a variety of production sites worldwide and sales on every continent," said the company.
Israel Chemicals president and CEO Stefan Borgas said, “In order to ensure our continued growth and success over the next decade and exploit opportunities that globalization will offer in the near future, Israel Chemicals must adopt a global perspective and cultivate a complete partnership between all of Israel Chemicals' employees worldwide. It is vital that all of us cooperate for the purpose of successfully engaging in the processes that will lead to our growth and improve Israel Chemicals' results, and that will also lead to additional compensation for each employee."
Published by Globes [online], Israel business news - www.globes-online.com - on June 10, 2013
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