April 29, 2018 / 7:37 AM / a year ago

Israel's Bezeq Telecom controlling shareholder loses board control

JERUSALEM, April 29 (Reuters) - Shareholders in Bezeq Israel Telecom as expected voted for a new board of directors that removed the controlling shareholder’s majority and paved the way for an overhaul of Israel’s largest telecoms group.

Shareholders voted to increase the board to 13 directors from nine, but just five are considered tied to controlling shareholder B Communications.

Five are external directors, three of which were previously elected and another two have no connection to BCom. On other represents Bezeq’s workers, Bezeq said.

The new board will convene on Monday and is widely expected to name Shlomo Rodav as chairman. Rodav already served as chairman of Bezeq from 2007 to 2010.

Interest in Bezeq’s annual meeting has been building since January when activist investor Elliott said it had taken a 4.8 percent stake to push for changes in the wake of a securities investigation into the company’s management and owners.

Elliott’s calls have received backing from several other minority shareholders, mainly Israeli institutions. (Reporting by Steven Scheer)

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