Shaul Kobrinsky Resigns from Migdal Investment Committee at Regulator's Demand

Shaul Kobrinsky, former chairman of Discount Bank, has resigned from his position as chairman of the "Amintim" investment committee at the insurance company Migdal. The resignation comes after the Israel Capital Markets Authority (ICMA) demanded it, citing a conflict of interest with Kobrinsky's role as deputy chairman of Strauss.

Kobrinsky's position at Migdal was approved by the ICMA in May, after Strauss was not initially listed as a significant concentration entity. However, an update to the list in July included Strauss, prompting the ICMA to rule that Kobrinsky could not hold both positions simultaneously.

The ICMA viewed Kobrinsky's role at Strauss as a potential conflict of interest because Strauss is a major supplier to retail chains in which Migdal, a significant financial corporation, holds shares and votes in shareholder meetings.

Yael Kfir Mazar will replace Kobrinsky on the investment committee. Kobrinsky was appointed to the Migdal role in January and previously served as chairman of Discount Bank from 2018 to 2023.