The two leading regulators of the capital market today continued their public confrontation at the economic conference of the Association of Public Companies. Securities Authority Chairman Anat Guetta accused Dr. Moshe Barkat, who is in charge of the capital market, of “thinking as a supervisor who wants stability. I want to protect the rights of shareholders and prevent harm to value. “Barkat did not remain obligated and accused Guetta of making baseless statements -” Anat was wrong … and I think today she understands that. ”
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“I agree with the union’s demand and the stock exchange’s demand for securities – a tax reduction on capital gains in Israel should be made for those who save for a long time,” said Moshe Barkat, head of the Capital Markets, Insurance and Savings Authority, at the opening of the Public Companies Association’s economic conference. ‘One on One’ with the union’s CEO Ilan Pelto. Barkat was asked about his relationship with Anat Guetta after a series of public confrontations between the two and said that “despite the headlines, everything is fine, everything is good, and everyone is working in their field.”
Barkat referred to the intervention of the Capital Market Authority in Migdal and said: “We act carefully, in accordance with the law, and respect the property rights of everyone and the rules in the capital market. We do not intend to infringe on the rights of shareholders, or the value of companies.” Anat Guetta, is a baseless statement. Anat made a mistake in this statement and I think she understands it today. Our intervention in Migdal actually raised the value of the stock. I bet only where there is market failure. “We do not interfere in them. When a maintenance company overturns the corporate governance of the insurance company, we say stop. We do not interfere, for example, in the appointment of directors in Clal Holdings, we are supervisors of the insurance field and there we will intervene.”
On the subject of institutional advisory firms, Barkat argued that “institutional investors do not stop using advisory firms, only in companies whose interests are conflicting. The goal is for members’ bodies to vote independently, not nostro bodies, which is an important move. At the same time, institutional bodies must take responsibility . In addition, Barkat said that “I intend to promote an exemption from institutional voting in dual societies, and also to promote exemptions from the sweeping obligation of institutional voting in assemblies.”
The chairman of the Securities Authority, Anat Guetta, spoke with the chairman of the Association of Public Companies, Gideon Tadmor, and said: “I have known Barkat for many years, I appreciate him and we have professional discussions, but the Market Authority is a stability supervisor while the Securities Authority comes to defend The investor public must take care of market development. As a result, significant disagreements arise between the entities. When Barkat looks at insurance companies as an inspector who sees stability, there is justification for his actions. Investors in insurance companies. ”
Referring to PA measures during the crisis, Guetta said “governments and foreign banks are operating in global markets, drawing confidence and conditions for further fundraising. Alongside this, in the first and second wave we saw a change in the mix of industries represented in the economy – more tech and less real estate or energy.” Our challenge was the heavy redemptions in mutual funds in the first wave, which were unnecessary in retrospect, and this exchange of hands between the public and the institutions, which benefited from the wave of increases, and this should be a lesson in public financial education – the market cannot be timed. “Our challenge was to produce the necessary flexibility, even in a time of crisis, and that is what we did with steps that allowed the industry to function.”
Regarding the issue of the end of the controlling shareholders era, Guetta said, “It is important for us as regulators to ensure that there is protection of the investing public from executive rule, and therefore the status of minority shareholders is still of great importance, even in an era of non-controlling companies.”
Chairman of the Association of Public Companies Gideon Tadmor: “In a time of leadership shortages, this could be the big hour for regulators – Anat Guetta, Moshe Barkat and Bank of Israel Governor Amir Yaron – each of you has enough authority and opportunity to think outside the box and promote leadership economic moves.”
Ilan Pelto, CEO of the union: “If the government were a public company, they would have opened an investigation against it. Israel’s credit rating is in jeopardy. It is possible to transfer a budget by the end of the year, it is only a matter of decision. We are in an unprecedented economic crisis, which we have not yet seen begin. “With grants that cannot last forever and some companies are held to defer debts that will also end sometime. Unlike the 2008 crisis, this is a very real crisis, not financial in nature, but there is a fundamental fear that the real crisis could also lead to a financial crisis.”