First Int'l exec pay plan similar to Leumi, Hapoalim

Sources inform ''Globes'' that First International Bank of Israel (TASE: FTIN1;FTIN5) is preparing an executive compensation plan on the basis of the circular issued by Supervisor of Banks Rony Hizkiyahu.

First International Bank external director Dr. Amnon Goldschmidt chairs the preparation committee. He served as supervisor of banks in 1987-92.

The executive compensation plan will be submitted for approval only after First International Bank reaches a deal with the workers committee to end the labor dispute, which has been ongoing since May. The bank intends to submit the plan by the end of the year.

The executive compensation plan includes items that appear in the corresponding plans at Bank Leumi (TASE: LUMI) and Bank Hapoalim (TASE: POLI). They include a bonus based on risk/reward, a multiyear bonus, a bonus cap, and deductions for failing to meet thresholds. The plan will reportedly not include options.

Published by Globes [online], Israel business news - www.globes-online.com - on September 7, 2010

First Int'l exec pay plan similar to Leumi, Hapoalim

The executive compensation plan will reportedly not include options.