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Israel Securities Authority Warns Israel Railways Over Governance Failures Threatening Bond Trading
The Israel Securities Authority warned Israel Railways that the lack of external directors is halting financial report approvals and threatening bond trading.
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What happened
- 01Israel Securities Authority warns Israel Railways over missing external directors halting financial report approvals.
- 02Company holds about 70 million shekels in tradable bonds at risk due to governance failures.
- 03Board lacks independent directors with financial expertise, freezing key oversight committees.
- 04Recent departures include chairman and absence of permanent CEO for nearly a year.
- 05Operational failures have disrupted passenger services and damaged infrastructure.
- 06Israel Railways petitioned Supreme Court demanding ministers appoint directors immediately.
This governance crisis coincides with management vacancies and operational failures, prompting a Supreme Court petition demanding ministerial action to appoint directors.
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