Plus500 withdraws AGM resolution regarding CFO bonus

Maria Nikolova

The resolution proposed to approve a special bonus be payable to Mr. Even-Chen, in recognition of his commitment to obtain an approval from the Israel Tax Authority and the Israel Innovation Authority.

Online trading company Plus500 Ltd (LON:PLUS) has posted the results of its annual general meeting held earlier today.

The broker notes that Resolution 17 was withdrawn prior to the meeting. This resolution proposed to approve a special bonus be payable to Mr. Even-Chen, the Company’s Executive Director and Chief Financial Officer, in recognition of his contribution and commitment over a number of years to obtain a beneficial approval from the Israel Tax Authority and the Israel Innovation Authority, yielding immediate benefit and substantial value for Plus500’s shareholders. This achievement, according to Plus500, has ensured a significantly reduced Corporation Tax liability and is expected to deliver repayments and cash savings of over $100 million for the company and its shareholders.

While many of the company’s major shareholders were supportive of this achievement and the related resolution, some shareholders had expressed concerns. The Board and the Remuneration Committee consider that a bonus is appropriate given the outstanding efforts of Mr Even-Chen. Consequently, Plus500 will further engage with these shareholders to ensure their concerns are considered ahead of the resolution being proposed to shareholders again at an EGM to be convened later this year to cover the remuneration of the Company’s Directors for 2021.

Let’s note that the list of resolutions that secured shareholders’ approval includes the proposal to increase the salary of David Zruia. Let’s recall that he was named Plus500’s CEO in April 2020, succeeding Asaf Elimelech.

Read this next

Institutional FX

Euronext reports double-digit growth in FX volume

Pan-European exchange, Euronext has reported a 10 percent rebound in the average daily volume on its spot foreign exchange market. The ADV figure stood at $19.6 billion in January 2022, which is up from December’s $18 billion.

Digital Assets

Voyager subpoenas FTX’s inner circle over Alameda loan

Bankrupt crypto broker Voyager Digital, represented by law firm Kirkland & Ellis, is seeking court approval to subpoena Sam Bankman-Fried’s inner circle, as well as Alameda Research’s former executives.

Retail FX

AvaTrade seals sponsorship deal with F1’s Aston Martin team

Dublin-based forex broker AvaTrade today announced that it has concluded a sponsorship deal with Formula One’s Aston Martin Cognizant team that entails sponsorship rights and other marketing benefits.

Executive Moves

M4Markets onboards Invaxa CEO Marios Antoniou as COO

Seychelles-regulated brokerage firm M4Markets has appointed Marios Antoniou, who has a colorful career within the foreign exchange industry, in the capacity of its Chief Operations Officer.

Digital Assets

GK8 now allows clients to control their digital assets as they would their fiat

“As the institutional market is increasingly turning to self custody, our policy engine empowers them to automate transactions, approvals, and even crucial workflows, while providing the highest degree of security, consistency, governance and control.”

Digital Assets

Retail CBDCs in the UK: “Welcomed” by CryptoUK and R3, but “Dystopian” for ETC Group

“At this stage, we judge it likely that the digital pound will be needed in the future. It is too early to decide whether to introduce the digital pound, but we are convinced preparatory work is justified”, said the BoE and HM Treasury.

Institutional FX

Centroid taps Iress API to provide retail brokers with real-time market data

“It has always been a challenge to have an efficient, elegant solution for market data and order execution for retail brokers, but with Iress we have found absolutely the right partner to add to our client offering.”

Digital Assets

Ramp launches FCA-approved off-ramp product, onboards Brave, Trust Wallet, Ledger

“To obtain and maintain our FCA registration, we must meet and operate within their strict anti-money laundering and counter-terrorist financing standards. This is a huge achievement for us, as compliance is a cornerstone of our business and what we stand for.”

Institutional FX

State Street launches FIX API for Fund Connect ETF platform

“Expanding from proprietary APIs to the FIX industry standard will bring us closer to our goal of 100% digital interactions. This is another example of innovations we’ve brought to our operating model as we celebrate 30 years of servicing ETFs since the launch of SPY.”

<