Plus500 withdraws AGM resolution regarding CFO bonus - FinanceFeeds

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The broker notes that Resolution 17 was withdrawn prior to the meeting.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

Inside View

Stable Scandinavia: Nordic currencies going for absolute gold. We get the inside view

Following a Bloomberg report that singled out Nordic currencies as ones to watch this year, FinanceFeeds took a look within.

Industry News

Bureaucratic FX industry stifler Gary Gensler tipped as Joe Biden’s new SEC chair

During his term, the CFTC created 68 new rules, orders and guidance’s and extended its regulatory reach to encompass not only exchange-traded derivatives but also the far larger OTC markets as well. Will he cosy up to ESMA?

Industry News

DriveWealth buys US floor trading firm

30% of the DriveWealth’s orders in Q4 2020 were placed outside of normal trading hours

Industry News

The Daily Telegraph calls time on Spread Betting and CFDs

Questor acknowledges that it has openly tipped the shares of CMC Markets in the past, but also that the shares have risen by 269% since then and that selling after such a run would be “prudent”

Inside View

SE Asia’s derivatives trading explosion should make all FX brokers look long and hard

SE Asia has been a region of importance for many years. FX brokers went in en masse, some got a bloody nose, some sold to Chinese firms. Meanwhile, exchange traded contracts for retail clients are at unprecedented highs and sustainable. Going on-exchange and multi-asset is the future for firms wanting to approach Asia.

Opinion

How can FX relationship managers and directors maintain relationships in a Corona world? – Op Ed

“The marketplace is cram packed with FX firms vying for business and the only difference is how their personnel approach and handle the clients” says Meir Velenski

Opinion

How to protect your corporate FX exposure from British pound volatility

The corporate foreign exchange impact from the UK’s divorce from the EU can be mitigated.

Industry News

Bank of Russia joins Global FX Code

We take a look at the ethos and origins of the Global FX Code, and how Russia’s FX brokers may well align with those of the West as a result of the Russian Central Bank’s position

Industry News

The UK chancellor plans a second “Big Bang” for London’s markets

Currently, the chancellor’s vision seems to be long on promise and short on substance