Plus500 withdraws AGM resolution regarding CFO bonus
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The broker notes that Resolution 17 was withdrawn prior to the meeting.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.