The meeting was supposed to take place yesterday but the day before Clal announced its postponement.

Clal claimed in the report that “the meeting is postponed at the request of the Securities Authority in order to examine the effect of appointing the two directors appointed on the agenda of the meeting, on the control of the company. The company was asked to submit its written position on this issue.”

The authority’s intervention was made even though the Companies Act allows any shareholder to nominate candidates for the board of directors in any company. Clal Insurance did not formally oppose a vote on the two, but claimed that in terms of its board of directors eight members are a sufficient number and there is no need to expand it to two more members.

Granot and Fogel were recommended by Alfred Akirov, who owns 15% of the company’s shares, and in the opinion of some of the company’s current directors, they are expected to increase Akirov’s influence in the company. In view of this view, the Securities Authority asked Clal’s Board of Directors to express its position regarding their merger and the effect that this step has on control of the company in more detail vis-à-vis Clal’s shareholders.

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