Teva Pharmaceutical Industries Limited (TEVA) Chair Should Fly Business Class: Shareholder
9/5/2012 8:00:34 AM
There is nothing like compensation and perks to irritate shareholders. Consider Phillip Frost, who is chairman of Teva Pharmaceuticals and is scheduled to receive a 75 percent increase in salary, which would jump to $900,000 annually, as well as another $700,000 for using his private jet. But there is more, Globes reports shareholders are also being asked to approve an additional $298,000, which would bring his travel expenses in 2011 to $1 million. The increases are part of a move to boost director salaries by an average of $76,000 a year, to $190,000, plus another $500 for every board meeting, which would actually be unchanged from previous years. The general shareholder meeting is scheduled for next week, but Platinum Investment Portfolio Management ceo Gabi Haber sent a letter to Teva directors, arguing they should not raise their salaries or approve Frost’s travel expenses by his private jet, Globes writes.