Mizrahi vote today on boss's NIS 50k
United Mizrahi Bank shareholders will meet today to discuss authorization of employment conditions of the bank's chairman of the board, Idan Ofer.
Ofer is being offered a NIS 50,000 per month salary after institutional investors had objected to a previous offer of NIS 60,000. Opposition stemmed primarily from the fact that Ofer, who is also a chairman of the Israel Corporation, works only two days a week in his Mizrahi post.
Earlier this year, Israel Corporation slashed Ofer's wages by 30 percent because he had been appointed chairman of Mizrahi. Ofer's annual wages at the concern came to NIS 4.1 million in 2000.
Due to opposition to the original salary offer, Ofer agreed to a NIS 10,000 per month cut, basing his wage demands on the earnings of his predecessor at Mizrahi, Avi Wertheim, who received NIS 100,000 a month for a four-day week.
Ofer is supposed to leave his post this month due to a directive issued by the supervisor of banks that allowed him to serve as bank chairman for only nine months due to a conflict of interest: he is among the bank's controlling shareholders. However, Ofer will probably ask for a few-month extension on the grounds that the Ofer family is negotiating the sale of its share in the bank, and therefore, a new chairman does not need to be appointed during the interim period.