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)