Clal Holdings – General Assembly 27/12

Alrov is in the opinion that a board which consist of up to 8 board members is the correct decision for the next vote.

 

Nonetheless, Alrov is in the opinion that in light of Clal underperformance compared to its competitors, in all the material aspects relevant to the shareholders (such as stock performance, equity multiple, Dividend distribution etc.), and in light with the severe corporate governance problems of Clal and the fortification of the management control in the company, all are under the responsibility of Chairman Samet. Therefore the vote should be against his continuous tenure in the board in the election of the 6 board members out of the 7 candidates.

 

Modification of the board to a board with board members with extensive know-how in the core business of the company which are free of any personal interest is for the good of the company and its shareholders.

 

The candidates proposed by Alrov, David Granot and Aharon Fogel, are candidates with profound know-how in the core business of the company. They both have many years of proven experience, and thus their service in the board will greatly contribute to the company and its shareholders. Therefore, voting for Mr. Granot and Mr. Fogel is the right thing to do.  

 

In conclusion, in light of Clal underperformance, the corporate governance problems and lack of adequate experience of the current board in the core business of the company calls for a change!

 

Modification of the board to a board with board members with deep understanding in the core business of the company and which are free from any personal interest will be for the greater good of the company and its shareholders.