Tel Aviv Stock Exchange (TASE) external director Bracha Litvak, who heads the search committee for a new chairman, has recommended herself for the job. The search committee has been working for months, since Sam Bronfeld announced his resignation in July 2013.
Litvak's duties include membership on the TASE audit committee, which oversees the activities of various parties in the stock market. These duties require objectivity and independence, so how is it possible that Litvak is proposing herself for the job of TASE chairman?
"Litvak confirmed that she had received queries on the matter in the past few days," says a source at the TASE.
"I didn’t suggest myself; I was approached," Litvak says.
Even if that is the case, why didn’t Litvak take the proper step and immediately step down from the search committee? How is it possible that the person responsible for the process, and who found no one suitable from all the candidates for the job, consider proposing herself? Are these the norms that Litvak applies when auditing the TASE?
It can only be hoped that the TASE directors, some of who are calling Litvak's conduct "scandalous" will demand that she answer these questions.
Published by Globes [online], Israel business news - www.globes-online.com - on February 6, 2014
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