Text size

Israel's "tycoons" are pressuring the committee tasked with increasing competition in the economy and have met with members before hearings begin next month, sources have told TheMarker.

The businessmen, who lead some of Israel's biggest business groups, and their representatives, including accountants and lawyers, want the panel to change its recommendations that would break up control pyramids and impose new limits on executives' salaries.

Sources at the Finance Ministry denied that any such meetings were held, though they did confirm that there have been many attempts to contact committee members.

The committee is scheduled to meet for four days in early December to hold hearings for parties with objections to or comments on its recommendations. It recently extended the deadline for submitting requests to appear before the committee.

One committee member said the recommendations were dramatic but that members were approaching any objections with an open mind.

Companies and businessmen have hired a battery of lawyers, accountants, lobbyists and strategists in an attempt to influence the committee.

Sources say that most people who appear at the hearings will be professionals including lawyers and accountants. The lobbyists are expected to focus on influencing ministers and MKs as they work to turn the recommendations into law.

The cabinet is expected to receive the final recommendations by the end of the year or the beginning of 2012, and the Finance Ministry hopes to have a bill drafted by March, before the Knesset disbands for the Passover break.

Sources say they fear that if the process is delayed, the recommendations may never be implemented; Knesset sources expect the next elections to be moved up to the end of 2012.