Israeli panel proposes major overhaul of corporate reporting to the stock exchange

A public committee appointed by Israel’s Securities Authority has published its final recommendations for changing the way companies report to the stock exchange. The panel, known as the Hamdani Committee, says annual and financial reports have become bloated, with some stretching to hundreds of pages, and argues that the system should be trimmed while the quality of information for investors is improved.

The committee was formed in February 2025 by Securities Authority Chairman Sefi Singer to review corporate reporting from the ground up and propose changes that would strengthen transparency and trust in the capital market. Its main recommendation is to replace the current first section of the report, the board of directors’ report, with a focused management report that would analyze the company’s financial and business results. It also wants the report to include separate sections on corporate governance and financing, covering issues such as directors’ attendance, executive pay, and control-holder ring-fencing arrangements related to outside business activity.

Among the other proposed changes, the committee wants to cancel the “additional details” section and redistribute that information to the relevant parts of the report. It also recommends that the regulator’s staff examine report publication timing, including the possibility of pre-announcing results. In the business-description section, it calls for eliminating duplicative and generic material.

Beyond periodic reports, the committee recommends adopting a Wall Street-style approach to disclosure of negotiations, meaning companies would report only when a final agreement is reached, not during talks. It also wants disclosure of a material asset purchase or major agreement delayed until a binding contract is signed, and says immediate reports should be allowed up to 24 hours after the company first learns of an event. The panel also suggests considering a legal requirement to publish recordings of investor calls held after results are released.