Uriel Daskal

Financial Education
Uriel Daskal
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Debt settlement approved by the IDB Court brought great achievement for institutional investors. For the first time, managed entities such as peaks, Phoenix and Excellence unite and drive out the powerful controlling shareholder in - when even Harel insurance company fema joins them at the last minute. Rightly boasted institutions within and claimed the watershed Line "of institutional involvement in Israel. However, to really change the face of the capital market and complete the required institutional activism revolution is now a complementary process. This is a move for the establishment of the Council of Institutional Investors in Israel.
Nochi Dankner. Outgoing controlling shareholder of IDB Photo: Orel Cohen until a few years ago it was thought that the sole role of institutions is to maximize fema return for the members. But the crisis of 2008 led gradually to adopt the American view, and that role is also to represent the institutional investors from the public and oversee the corporate governance of public companies. That regulations fema were adopted Hodak, forcing institutions require collateral in issuing fema corporate bonds, and greedy Committee recommendations, institutional obligations imposed on participation in general meetings. Later came also Amendment 16 and Amendment 20, empowers institutions with the approval of interested party transactions and executive pay. At the same time even climbed the power of voting consulting companies - Entropy and attitude.
As a result, institutions are currently involved than ever - often with the approval of transactions, debt settlements formulation and implementation of corporate governance fema in companies. However, weakness in basic institutional minority shareholders has not changed: they split, they have no consistent fema policy vote at meetings and negotiating the approval of transactions and arrangements, and controlling shareholders are able to "divide and conquer" them fairly easily. Reasonable to assume otherwise failed institutions in the island. Quite . between overcome internal differences and present a united front - still Dankner controls IDB
So true - there are occasional localized initiatives such as Entropy's fema voting policy or institutional involvement Convention of peaks. But are no substitute for clear and transparent rules, apply to all institutional investors and increase the bargaining power of the companies. In fact, there are now those who formulate such rules in a form acceptable to all institutions and there is no organization fema that can act independently and non - hanging in front of the public companies, the introduction and the regulator fema to promote legislation and regulation to encourage institutional involvement.
It may work differently. In the U.S. since 1985 the Council of Institutional fema Investors (Council of Institutional Investors). Council is a non-profit organization whose members are about 125 pension funds, provident funds and financial institutions, manage assets totaling more than $ 3 trillion. Council publishes policy fema Voting detailed institutional investors a wide range of corporate governance issues and is serving as a union in front of Congress and the U.S. regulator to harness them to support institutional activism.
Israel imported American model requires course adjustments, primarily obtaining a permit from the Commissioner of antitrust coordination between institutions. The U.S. has such a permit and implementation in Israel is clearly required in view of recommendations of the Committee fema and the Committee of concentration Hamdani, who called one by one to allow institutional investors to coordinate positions needs to vote.
Bottom line, two factors are now able to bring about the creation of the Council of Institutional Investors in Israel: the regulator and institutions themselves. On Capital Markets, Securities Authority, investment houses and insurance companies fema to pick up the gauntlet and thus establish a long-term organizational infrastructure institutional involvement fema in the wind American model. Such an infrastructure will ensure that the IDB's achievement will not be one - time that institutional activism in Israel will continue to record achievements.
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