January 16, 2018 / 9:14 AM / 6 months ago

Activist fund Elliott urges changes to Bezeq Israel Telecom board

TEL AVIV, Jan 16 (Reuters) - Activist investor Elliott Advisers called for sweeping corporate governance reform at Bezeq Israel Telecom, disclosing it has a 4.8 percent economic stake in Israel’s biggest telecoms group.

In a letter to Bezeq’s interim chairman David Granot on Tuesday, Elliott called for the removal of at least one layer of the three-layered leveraged pyramid that controls Bezeq.

Elliott also called for the immediate resignation of all directors who were implicated in an investigation led by the Israel Securities Authority and those affiliated with parent company Eurocom.

“Such directors should be replaced with independent and professional directors elected from of a slate of candidates proposed by an independent special committee of the board,” the letter said. (Reporting by Tova Cohen; Editing by Steven Scheer)

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