Bill for Remuneration of Office Holders in Financial Corporations (Special Approval and Non-Deductibility of Excessive Remuneration for Tax Purposes) (Amendment - Expanding Applicability to Large Suppliers and Retailers), 5783-2023

The bill expands the applicability of an existing law concerning the remuneration of office holders in financial corporations. The original law limited the salaries of senior executives in financial corporations, establishing a salary cap based on a multiple of the lowest salary in the company. The proposed amendment extends these restrictions to "large suppliers" and "large retailers," as defined in the Law for the Promotion of Competition in the Food Industry. This means that senior executives in these companies, which hold a significant market share in the food and toiletries sector, will also be subject to similar salary caps. The amendment also modifies the definitions in the existing law to include large suppliers and retailers alongside financial corporations. Additionally, it stipulates that the provisions of the law will also apply to contracts made before the commencement of the law, but only for up to six months from the date of its publication.

Source: הצעת חוק לדיון מוקדם