Arie Mientkavich, chairman of the board of Israel Discount Bank, has asked to postpone general assembly debate regarding his wages. The debate was scheduled for about three weeks' time.
His request is based on the current financial state of the bank, which lost NIS 180 million so far this year.
In a letter sent to Victoria Ostrovski-Cohen, Emeritus Judge and the acting chairman of the Israel Discount Bank share committee, Mientkavich mentions how in another general assembly held in December of 2000 he requested and received a deferment of the debate on his pay and bonus for 1999.
Back then his request also resulted from the bank's financial state, and the NIS 107 million loss it suffered in the year 2000.
Not only the auditing panel of the bank's board of directors but its directorial plenum had agreed by May 2000 to recommend a 10% pay rise for Mientkavich beginning January 2000, plus a NIS 575,000 bonus for the year 1999.
The decision on the pay rise was made after the bank posted an NIS 324 million profit in 1999, and in light of the improved performance of Mercantile Discount Bank and of Israel Discount Bank of New York, both chaired by Mientkavich.
Mientkavich's overall annual salary in the year 2000 came to NIS 1.8 million. His request to postpone the decision on his pay is in the meantime saving the bank NIS 900,000 to NIS 950,000.