Israel Securities Authority on Tuesday published the final recommendations of the Hamdani Committee, a package meant to reshape reporting by public companies after 20 years without a major overhaul. The regulator says the goal is to give investors more focused, material information, and it expects to be ready to implement the changes by the end of 2026, according to Amir Helmer, head of the authority’s corporations department.
The biggest change would replace the current board report with a management report. Companies would no longer produce the old, lawyer-driven corporate affairs section in its current form, but would instead provide a shorter business analysis, forecasts and an explanation of management decisions. The recommendations also call for removing duplicate material from the corporate affairs disclosure and separating factual information from management analysis.
Other planned changes include giving companies 24 more hours for immediate reports in order to reduce mistakes, and requiring disclosure of transactions only after a binding agreement is signed, not while negotiations are still underway. If information leaks to the press, companies would have to report it if the leak moved the share price, though the committee acknowledged that defining that threshold is not simple. Helmer said the ISA is considering a benchmark, such as a 5% to 7% move, and would clarify the standard during implementation.
The committee also wants narrower disclosure of executive pay. Instead of listing the five highest-paid officers, companies would disclose pay for the CEO, the chair and the three highest earners only, and only if annual compensation exceeds 1 million shekels. Helmer said the point is not weaker oversight, but focusing on what matters to investors, and added that the authority may later require reporting of average compensation for all officers. The committee is also targeting directors who attend less than 75% of board meetings, with companies required to name them. Helmer said the authority may eventually adapt reporting for AI, since current PDF filings are not machine-friendly.
Helmer also addressed the Israel Securities Authority’s probe into U.S. bonds issuer Simed, which raised 620 million shekels from Israeli institutions and is now in Chapter 11 proceedings after allegations that controlling shareholders the Shabsaleh brothers withdrew about $34 million from the company. He said, “The Simed prospectus was thoroughly reviewed,” and added that the authority stopped trading in the bonds when it believed investors needed to be warned. The ISA, he said, will use “every possible power” to complete the investigation, including possible extradition or criminal charges if needed.
