Why did the Neeman panel take 22 months?
Neeman says committee set up to discuss the hot-button issue of executive pay 22 months ago tried to balance many interests at stake. Also, nobody was prodding it to get a move on.
The Neeman Committee was set up to discuss the hot-button issue of executive pay 22 months ago, after MKs Shelly Yachimovich and Haim Katz submitted a bill to cap top pay at publicly traded companies at 50 times the lowest salary.
The panel was given two months to do the job and was expected to file its recommendations by June 2010. It only delivered its draft report in November and its final report yesterday. With Justice Minister Yaakov Neeman on the panel were Finance Minister Yuval Steinitz, national economic adviser Eugene Kandel, and two ministers who have since resigned, Isaac Herzog and Benjamin Ben-Eliezer.
The committee solicited opinions from a wide array business people and economists, including Roy Vermos, the CEO of Psagot at the time; Avi Ben-Bassat, a respected economist; Zohar Goshen, the chairman of the Israel Securities Authority at the time; and Dror Strum, a former antitrust commissioner.
Why did it take so long? Neeman says the committee tried to balance the many interests at stake. Also, nobody was prodding it to get a move on.
The Neeman Committee delivered its interim report in November 2010. The government began discussing it in February 2011, but because ministers complained they hadn't had a chance to read all its 300 pages, the debate was halted. Only now has it started again. (