Migdal Insurance announced yesterday that it is convening a shareholders’ meeting on January 21 to approve 2.2 million shekels ($557,000) in annual salary for former Israel Police Commissioner Yohanan Danino, who has been tapped as the company’s board chairman.
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The salary, which is designated as 90% of a full-time job, is based on 187,000 shekels per month linked to the cost of living index, with a commitment to work for 24 months.
As the head of the Israel Police, Danino earned about 75,000 shekels per month. At the end of his two-year stint as Migdal board chairman, he is due to receive a 1.1 million shekel bonus, but the bonus is conditioned on his fulfilling his two-year commitment.