Steinitz: Clap cap on golden 'chutes
Finance Minister Yuval Steinitz is considering regulating the generous severance packages known as "golden parachutes" for executives at publicly held companies.
Steinitz announced this yesterday afternoon, in response to a parliamentary question from MK Shelly Yachimovich (Labor).
Yachimovich's question related to the multi-million shekel severance package given to outgoing El Al CEO Haim Romano.
"We have a general policy of prefering not to intervene in the private sector. We will not limit executive salaries, dividends or bonuses, but we will consider regulatory restrictions. We need to consider on what basis and over what period to apply these limitations," said Steinitz.
The Finance Ministry is hoping to reach a conclusion on the issue within a month or two.
"I am not promising we will intervene, but the possibility of general, cautious regulatory intervention is on the table," the finance minister said.