Ex-Israel Land Authority Head Quint's New Role at Tshuva Firm Sparks Pay Debate
Translated & summarized from Ynet by baba
Yanki Quint, former Director General of the Israel Land Authority, is slated to earn NIS 100,000 monthly for a 70% role at Yitzhak Tshuva's New-Med Energy. His compensation package, estimated at NIS 2.81 million annually excluding bonuses, exceeds the company's policy and requires special approval from unit holders at a December 6 meeting. The package includes salary, options valued at NIS 1 million yearly, and potential bonuses starting in 2027.
The story in 5 lines · by baba
- Yanki Quint to earn NIS 100,000 monthly for 70% role at New-Med Energy.
- Quint's total compensation package estimated at NIS 2.81 million annually.
- Salary exceeds New-Med Energy's compensation policy, requiring special unit holder approval.
- Package includes NIS 1 million in options annually and potential bonuses from 2027.
- Unit holders to vote on terms at a special meeting on December 6.
Yanki Quint, formerly the Director General of the Israel Land Authority (ILA), is set to earn a gross salary of NIS 100,000 per month for a 70% position as active chairman of the general partner at New-Med Energy, a company associated with businessman Yitzhak Tshuva. This salary exceeds the partnership's compensation policy, which sets a cap of NIS 120,000 for a full-time active chairman, translating to NIS 84,000 for a 70% role. Quint's salary will be indexed to the consumer price index and adjusted quarterly, with New-Med Energy covering all employment costs.
In addition to his monthly salary, Quint is expected to receive 561,657 non-tradable options, vesting in three equal annual installments. The exercise price for the first tranche is NIS 17.15, increasing by 5% for subsequent tranches. The partnership estimates the annual value of these options at approximately NIS 1 million. Starting in 2027, Quint may also receive an annual bonus of up to NIS 560,000, contingent on meeting pre-determined targets.
The total estimated annual cost of Quint's employment, excluding bonuses, is around NIS 2.81 million. The package also includes a severance bonus of up to six months' salary if he leaves after at least one year, along with a company car, a study fund, private health insurance, and director and officer liability coverage. The agreement has no fixed term, allowing either party to terminate it with three months' notice.
The compensation committee approved the terms on October 18, and the general partner's board of directors approved them on October 28. A special meeting of unit holders is scheduled for December 6 to vote on the terms. Approval requires a special majority, including a majority of votes from holders who are not controlling shareholders and have no personal interest in the decision. If the unit holders do not approve the terms, the committee and board will need to formulate new conditions that comply with the compensation policy.
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