First International Bank GM Shlomo Petrokovski is to receive a
$ 1.2 million grant from the Bank if he remains in office another five
years. Petrokovski's gross remuneration, including grants, will
thereby aggregate more than NIS 3 million per annum.
Petrokovski became general manager of the First International Bank
five years ago, and his remuneration agreement has just been renewed
for the next five years. The agreement will take effect commencing
January 1, 1996.
The agreement provides that Petrokovski will be entitled to a 20%
increase of his monthly salary (relative to December 1995), which will
thereby reach NIS 130,000, as well as to all bonuses granted bank
employees in the course of the year. In addition, he will be entitled
to a special "perseverance" bonus, designed to ensure that he will
remain in office for at least another five years. At the end of this
five year term, (meaning January 2001) the agreement reads,
Pietrokowswki will get a $ 1.2 million grant, representing in effect
a grant of 250,000 dollars per annum.
Petrokovski's gross salary, including grants and net of social
benefits, stood at NIS 2.253 million in 1994 - ranking third highest,
after Ofer Nimrodi and Gershon Zelkind, in the Globes rating of
highest-paid salaried employees of companies traded on the Tel-Aviv
Stock Exchange.