IDB stated that the beneficiaries would be public bodies that engage in social causes such as emergency rescue services, aid to the needy, and education.
IDB Holding Corp. Ltd. (TASE:IDBH) controlling shareholder Nochi Dankner has decided to donate the NIS 10.7 million (gross) bonus that he received from the group's 2006 profit to social causes, reveal the group's financial reports published today. Dankner receives his salary from IDB Holding but his bonus of 1% of net profit will be paid by IDB Development Corp. Ltd. (TASE: IDBD).
IDB said that the amount would be deposited in a separate company account, which Dankner will use to make donations to properly registered public bodies that engage in social causes such as emergency rescue services, aid to the needy, and education.
Dankner's two deputies, director and deputy CEO Zvi Livnat and deputy chairman Avi Fischer have also decided to follow suit and donate their bonuses to charity. Livnat and Fisher will each donate around NIS 1.3 million, approximately half of the NIS 2.7 billion bonuses they received. Both men are awarded bonuses at a rate of 0.5% of net profit.
Published by Globes [online], Israel business news - www.globes.co.il - on March 21, 2007
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