El Al Seeks Approval for $2 Million Annual Compensation Package for Chairman
Translated & summarized from Ice by baba
El Al is seeking shareholder approval for a 7.03 million shekel annual compensation package for Chairman Amikam Ben-Zvi, including a salary increase and bonuses. The airline will also ask shareholders to approve release from liability and indemnity agreements for Ben-Zvi, CEO Levi Hallevi, and Deputy Chairmen Kani Rosenberg and Darel Galler. Additionally, El Al proposes appointing Shalom Naaman as an external director. The votes are scheduled for a general meeting on November 26, 2026.
The story in 6 lines · by baba
- El Al seeks approval for a 7.03 million shekel annual compensation package for Chairman Amikam Ben-Zvi.
- The proposed package includes salary, bonus, and stock compensation, with Ben-Zvi's role expanding to full-time.
- Shareholders will vote on release from liability and indemnity agreements for Ben-Zvi and CEO Levi Hallevi.
- Deputy Chairmen Kani Rosenberg and Darel Galler also seek approval for release and indemnity agreements.
- Shalom Naaman, co-founder of Mashbir Hashuk, is proposed as a new external director.
- The votes are scheduled for El Al's general meeting on November 26, 2026.
El Al is requesting shareholder approval for a comprehensive annual compensation package for its Chairman, Amikam Ben-Zvi, totaling 7.03 million shekels (approximately $2 million). This includes a proposed increase in Ben-Zvi's position from 90% to 100% full-time employment. With the transition to a full-time role, his gross monthly salary will be 157,000 shekels, indexed to the consumer price index. The direct cost of his salary, including social contributions and benefits, will amount to 2.63 million shekels annually. Additionally, the package incorporates a bonus of 1.966 million shekels and stock-based compensation valued at 2.43 million shekels.
The proposal is scheduled for a vote at the company's annual and special general meeting on November 26, 2026, at its offices at Ben Gurion Airport.
Shareholders will also vote on granting Ben-Zvi a release from liability and an indemnity agreement for three years, starting October 30, 2025, recognizing him as part of the controlling shareholder group from that date. The company is also seeking approval for a release from liability for CEO Levi Hallevi, whose full-time position began on January 21, 2026, and whose employment terms were previously approved on February 26, 2026.
Further agenda items include approving three-year release and indemnity agreements for Deputy Chairmen Kani Rosenberg and Darel Galler, father of the controlling shareholder and a business associate, respectively. Similar releases will be sought for other directors who are not controlling shareholders or their relatives. The company also proposes appointing Shalom Naaman, 62, co-founder and CEO of the Mashbir Hashuk supermarket chain, as an external director for an initial three-year term. If approved, Naaman will serve on the audit and compensation committees. Other board members not classified as external directors will also require renewed shareholder approval at the next annual meeting.
with 42.25% of the company's shares, meaning the vote is not solely in their hands. Certain decisions will require a special majority among minority shareholders without a personal interest in the matter.
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