Regulatory Alerts2016-09-29
Added
Amendments to Proper Conduct of Banking Business Directive no. 301A on Remuneration Policy
The Bank of Israel amended Proper Conduct of Banking Business Directive no. 301A to align with the Remuneration of Officeholders in Financial Corporations Law, 5776-2016. The changes reduce the definition of key employees, allow blocked shares to count as fixed remuneration, and permit a judgment component in variable pay criteria up to three monthly salaries per year. Additionally, the directive removes the mandatory holding or vesting period for equity instruments paid as nondeferred variable remuneration and raises the variable remuneration thresholds exempt from deferral requirements to 40 percent of fixed remuneration for certain key employees. These amendments apply to banking corporations and credit card companies and take effect upon publication.
More like this from BOI
We email you every new BOI publication the day it's published.