An assembly of Jerusalem Economic Corporation (TASE:ECJM) shareholders yesterday agreed that the company pay flight expenses of company chairman Eliezer Fishman, using a private jet he partially owns, subject to full disclosure and a cap on their frequency.
Fishman is the biggest shareholder in JEC. He had sought shareholder approval for flights using a company owned by businessman Yossi Maiman, which operates a plane partly owned by Fishman and members of his family.
The details of the approved contract are slightly different from the originally proposed deal. For one thing, the contract will be held valid from July 1, 2002. Two flights preceding that date, that cost about $61,000, will not be covered.
Also, the proposed contract had not been limited in time, but the shareholders elected to limit it to three years.
Moreover, any flights beyond 7 per calendar year will require special shareholders' approval.
Another requirement is that the chairman present full details of his flights at the annual shareholders assembly convened to approve the company's financial statements. He is required to report the destination, goal and cost of the flights. JEC's accountant will check whether the charges for the flights are no higher than charged other customers.
When the subject of the flights first came up, Leumi Pia manager Michael Civier told TheMarker that the shareholders support paying for the flight services. "But we recommended to the company to announce total transparency regarding the flights of its chairman. We suggested that the company deliver, once a year at the general assembly, a report on flights carried out, on the destinations and other details," Civier said at the time.