Tel Aviv Stock Exchange Directors to Justify Expertise
Translated & summarized from TheMarker by baba
Tel Aviv Stock Exchange directors will soon need to justify their accounting or financial expertise. Currently, appointments require only a declaration and board approval. Lobby 99's proposal mandates companies to explain these director roles, even retroactively. This change aims to ensure proper oversight of financial reports and investor information.
The story in 4 lines · by baba
- Tel Aviv Stock Exchange directors must now justify their financial or accounting expertise.
- The change follows a proposal by Lobby 99.
- Companies will need to explain appointments, even those already made.
- Directors are responsible for approving financial reports and ensuring accurate investor information.
Directors on the Tel Aviv Stock Exchange, including Moshe Ya'alon and Carmi Gillon, often fill roles requiring accounting or financial expertise to approve financial reports. Currently, these appointments depend solely on a director's declaration and board approval, without requiring any explanation of their qualifications. Following a proposal by Lobby 99, companies will now be obligated to provide justifications for these appointments, even for those already in place.