Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Transactions and Balances with Related Parties

v3.19.1
Transactions and Balances with Related Parties
12 Months Ended
Dec. 31, 2018
Transactions and Balances with Related Parties [Abstract]  
TRANSACTIONS AND BALANCES WITH RELATED PARTIES

NOTE 20—TRANSACTIONS AND BALANCES WITH RELATED PARTIES

 

The Company’s key management personnel include members of the executive management and board of directors, in accordance with the definition of Related Parties in IAS 24.

 

A. Transactions with and benefits to related parties

 

    Year ended
December 31
 
    2016     2017     2018  
    NIS in thousands  
CEO’s salary*     2,010       1,988       2,129  
Share-based payments portion     1,066       455       793  
Remuneration of directors     1,214       613       1,057  
Share-based payments portion     558       279       627  
Number of directors     6       6       7  

 

Regarding benefits to other key management personnel—see C below.

 

* In accordance with the CEO’s employment agreement, the CEO will be eligible for a bonus based on qualitative criteria and parameters determined by the Company, which will amount to a maximum of four salaries, plus a special bonus based on the fulfillment of additional conditions.

 

B. Balances with related parties:

 

    December 31  
    2017     2018  
    NIS in thousands  
For salary, incidentals and other benefits, the balance is stated in other payables under current liabilities     (577 )     (180 )

 

C. Benefits for key officers

 

Compensation for the Deputy CEO & CFO, VP Research and Development, COO, VP commercialization, Chief Scientist, and VP Quality Assurance, defined as key management personnel, for their services provided to the Company, is as follows:

 

    Year ended
December 31
 
    2016     2017     2018  
    NIS in thousands  
Salary and other short-term benefits     3,917       4,119       4,503  
Share-based payments     2,147       1,051       1,261  
      6,064       5,170       5,764  
Number of key managers     6       6       7 *

 

* Includes cost of salary to two former executive officers who ended their tenure during 2018.