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How Much? Teva Pharmaceutical Industries Limited (TEVA) Agrees to Disclose Executive Pay


6/19/2013 7:18:51 AM

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In a few months, we will know exactly how much Teva Pharmaceutical compensates ceo Jeremy Levin. The drugmaker has agreed to settle a class-action lawsuit filed last fall by a pair of Israeli academics, who challenged Teva over its failure to disclose compensation given executives. Teva claimed to adhere to Israeli law, which permits companies with dual stock exchange listings to report salaries on a group basis, rather than disclose individual sums. But the professors, who are also Teva shareholders, filed a class-action lawsuit arguing the drugmaker failed to meet basic disclosure requirements and investors were shortchanged. In a brief statement the drugmaker says the move is being made to provide "greater transparency" and that the first such disclosure will be found in its 2013 annual report, which will be released in early 2014. The drugmaker is also reimbursing the professors $1.1 million in legal fees and related expenses, as well as $200,000 in compensation that will be split evenly.

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