The average salary cost of the CEO of a Tel Aviv Stock Exchange (TASE)-listed company was NIS 2.34 million in 2007. On a monthly basis, the average cost was NIS 195,000, or NIS 68,000, representing an 8.3% rise in real terms over 2006.
The average salary of a manager in a public company has risen by 114% in the 14 years since 1994 when it was NIS 1.09 million, or NIS 90,000 a month.
The average annual salary cost of a CEO of Tel Aviv 100 company (the 100 largest companies in terms of market cap) totaled NIS 5.22 million in 2007, or NIS 435,000 a month, and NIS 152,000 net. This was 13% lower than in 2006, after Delek Israel Fuel Corporation Ltd. (TASE: DLKIS), which produced the top earner for 2007, was dropped from the index. The average salary cost in this group has risen by 71% in real terms over the last six years.
The average annual salary cost of a CEO of Tel Aviv 25 company (the 25 largest companies in terms of market cap) totaled NIS 8.43 million in 2007, or NIS 703,000 a month, and NIS 246,000 net. This was 20% lower compared with 2006, but nevertheless represents a 290% increase over the last 14 years.
The average employee has to work 25 months to earn the monthly salary of a public company manager. To reach the salary cost of a manager of Tel Aviv 100 company would take him or her four years and eight months.
The minimum salary - currently NIS 3,710 - is 53 times less the average public company manager's salary. It is 117 times less than the salary of a manager of a Tel Aviv 100 company and 189 times less than the salary of a manager of a Tel Aviv 25 company.
There are just three women among the top 100 executives, all of them bankers. In first place is Bank Leumi (TASE: LUMI) CEO Galia Maor, ranked 30th with annual salary cost of NIS 9.2 million, or NIS 766,000 a month. She is followed First International Bank of Israel (TASE: FTIN1;FTIN5) CEO Smadar Barber-Tsadik, ranked in 72nd place, with an annual salary cost of NIS 5.1 million, or NIS 429,000 a month, and Bank Leumi deputy CEO Rakefet Russak-Aminoach, ranked 100th, with an annual salary cost of NIS 4.1 million, or NIS 341,000 a month.
The aggregate salary cost of the top executives at the TASE's 540 companies totaled NIS 1.22 billion. The aggregate salary cost of the top executives of the Tel Aviv 100 companies totaled NIS 355.2 million, while the total salary cost of the Tel Aviv 25 managers totaled NIS 151.7 million.
The starting salary in the top ten executives was NIS 1.3 million. The starting salary in the top 20 twenty executives was NIS 883,000, and NIS 341,000 was the threshold for entry to the top 100 executive earners.
Published by Globes [online], Israel business news - www.globes-online.com - on April 2, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008