El Al Israel Airlines Ltd. (TASE: ELAL) will ask its shareholders to approve a NIS 90,000 monthly salary and benefits for new chairman, Amikam Cohen. The airline's upcoming general shareholders meeting is on June 24.
El Al's board and audit committee has already approved Cohen's terms of employment.
The shareholders will also be asked to approve the allocation of El Al shares worth NIS 4.6 million and the reimbursement of expenses, including cellular telephone and hosting.
Cohen's wife and children up to the age of 21 will be eligible for two free tickets and guaranteed seats for private trips a year, as well as three tickets and guaranteed seats at a 90% discount on the regular discount fares for El Al employees. Finally, Cohen and his family will be eligible for unlimited tickets and guaranteed seats for private trips at a 50% discount. Cohen and his wife will be eligible for seats in the highest class for the relevant flight, and his children will be eligible for business class seats.
All of El Al's directors, except for former chairman Israel Borovich, approved the terms. Borovich said that the chairman's contract should include a mechanism for linking his compensation to the airline's performance, especially in the current market climate.
Published by Globes [online], Israel business news - www.globes-online.com - on May 3, 2009
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