New Capital Markets Chief Barred From Dealing With Long List of Companies

Dorit Salinger agrees to recuse herself from matters dealing with the Delek Group and S&P Maalot, among others, for up to two years.

Dorit Salinger, the newly-appointed commissioner for capital markets, insurance and savings, will be barred from dealing with a long list of companies with which she was previously affiliated, under an agreement signed last week. The purpose of the agreement is to prevent conflicts of interest in her new role.

Salinger agreed to recuse herself from handling issues involving the credit rating agency S&P Maalot, where she served as CEO, information services company Hilan Tech, real estate developer Melisron and biotechnology company Procognia. The embargo will last from six months to two years, depending on the degree of influence her decisions could have on her previous workplaces.

Salinger also agreed to recuse herself from handling matters that could directly affect the Delek Group, where she was previously retained as a consultant, its controlling shareholder Yitzhak Tshuva and companies owned by Delek or Tshuva for the next six months. Delek is one of Israel’s largest holding companies, with interests in energy, infrastructure and finance. It also controls the Phoenix Holdings insurance company, which in turn controls the Excellence Nessuah Investment House.

Salinger’s appointment as capital markets commssioner was approved by the cabinet this week, putting her in charge of the country’s long-term savings and certain other aspects of the financial markets. She replaces Oded Sarig.

Other companies to which the embargo applies are Alto Private Investments, which invests in overseas real estate and where Salinger served as an investment committee member, and the non-profit organization Maala – Business for Social Responsibility - where she served as a pro bono member of the executive committee. She will also abstain from addressing issues that directly affect the interests of the controling shareholders in any of her previous employers for 12 months following her last day of work at each company.

Issues involving companies included in the conflict of interest agreement will be handled by one her deputies in the Finance Ministry, unless she receives the specific approval of the ministry's legal counsel. Her deputies will operate independently of her and not include her in decision-making.

In addition to these conflict of interest restrictions, Salinger resigned from her positions at the Amitim pension fund and Maayan Ventures, before taking up her new appointment. She served as an outside director on Amitim's credit committee and as a court-appointed expert at Maayan. She also resigned her from position on the committee for vetting appointments to government-owned companies.

Dudu Bechar