March 25, 2018 / 9:14 AM / 8 months ago

Israel's Bezeq to overhaul board at April 26 shareholders meeting

JERUSALEM, March 25 (Reuters) -

* Bezeq Israel Telecom, Israel’s largest telecoms group, said it will hold its annual shareholders’ meeting on April 26 that will likely overhaul its board of directors.

* Shareholders will vote on a new board that will be between 13 to 15 members but the controlling shareholder of Bezeq will nominate just 5 or 6.

* Since January, activist investor Elliott, which holds a 4.8 percent stake in Bezeq, has been pushing for significant changes in Bezeq’s corporate governance in the wake of a securities investigation into the company’s management and owners.

* Directors implicated in the investigation have resigned.

* Elliott said it welcomed the proposed reforms, especially that the board will be comprised of a majority of independent directors while the role of the controlling shareholder has been sharply reduced.

* “A period of instability and dysfunction in the company’s governance is now coming to an end. Following next month’s general meeting, Bezeq will have a board befitting a company of its scale and strategic importance. All stakeholders will be able to look forward with confidence,” Elliott said. (Reporting by Steven Scheer; Editing by Tova Cohen)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below