Justice Ministry : Don't directly determine executive pay

September 19, 2010 18:55

Justice Minister Yaakov Neeman should not directly intervene in the salary of senior executives at publicly held companies, the Consultation and Legislation department in the Justice Ministry advised him on Sunday.

Deputy attorney-general Avi Licht on Sunday stated that a controversial, direct intervention in private sector company salaries would damage the cause of salary moderation.  He advised using more indirect means to rein in executives lavish compensation packages, such as by strengthening the independence of corporate boards of directors and more stringent company reporting requirements.

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