The Ministerial Committee on Legislative Affairs today approved Finance minister Yair Lapid's proposal to restrict senior executive salaries in the finance sector so that salaries of over NIS 3.5 million annually will not be recognized for tax deduction purposes. The bill includes a detailed mechanism for approving annual salaries above NIS 3.5 million, which reduce the possibility of conflicts of interest. Such salaries must be approved by a remunerations committee (if one exists), the board of directors, and the shareholders annual general meeting. Published by Globes [online], Israel business news - www.globes-online.com - on June 29, 2014 © Copyright of Globes Publisher Itonut (1983) Ltd. 2014
