Teva to disclose senior executive pay

Teva will also pay $1.3 million in court costs and compensation in settlement of a class action suit about executive pay.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) will disclose senior executive pay in its 2013 financial report, the company announced today.

Last January, "Globes" revealed that Teva was exploiting the dual listing law to switch to reporting under US law, filing financial reports and statements as a foreign company listed on Wall Street, rather than as an Israeli company listed on the TASE. As a consequence, Teva stopped disclosing the salary cost of its five highest paid executives (under Amendment 21 of financial reports), and for 13 years (2000-12), it has not been possible to know the salaries the company pays its executives, especially its CEOs during this period.

At the same time that Teva has agreed to disclose the salaries of its top executives, it has announced the settlement of a related class action lawsuit, which was brought in Israel several months ago with regard to the company's executive compensation disclosure practices.

The settlement includes reimbursement by Teva relating to the plaintiffs' legal fees and other expenses totaling $1.1 million plus $200,000 compensation. The settlement is subject to approval by the Tel Aviv District Court.

Published by Globes [online], Israel business news - www.globes-online.com - on June 19, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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