ZIM Integrated Shipping Services Ltd. amended its proposed compensation policy for officers and directors, reducing maximum retention bonuses in going private transactions from 18 to 12 monthly base salaries following ISS comments, for approval at a Special Shareholders’ Meeting.
Key takeaways
Amendment to proposed compensation policy reduces maximum retention bonus for officers in going private transactions to 12 monthly base salaries from 18.
Retention bonus now subject to six-month minimum retention period.
Change prompted by comments from Institutional Shareholder Services Inc. (ISS).
No other amendments proposed to the compensation policy.
Policy sets maximum monthly base salaries: CEO ILS 240,000 (~$73,395), CFO ILS 190,000 (~$58,104), other senior officers up to ILS 180,000 or ILS 130,000.
Policy aligns officer compensation with company performance and shareholder value, effective for three years upon shareholder approval.