Prof. Stanley Fischer joins the Board of Directors of Bank Hapoalim

Prof. Stanley Fischer, former Governor of the Bank of Israel, joins the Board of Directors of Bank Hapoalim; This emerges from the results of the shareholders' meeting published on Thursday evening. Alongside Fischer, the former CEO of Union Bank, Israel Trau, was elected to the board of directors.

 The shareholders' meeting also elected Dalia Lev and Ronit Abramson, who have served in the bank for three years, to serve as public directors for another term. The two defeated former MK Issawi Frij.
Fischer's entry into Bank Hapoalim's board of directors could lead to shocks, as he is marked as someone who could run for the position of chairman of the bank - which is currently held by Reuven Krupik. % - and argued before them that assuming he is elected he does not intend to run for the position of chairman of the bank in the first year of his tenure. He also said that he intends to return to live in Israel regularly following the position.
The process of electing the directors involved a major uproar over Fischer's candidacy and his election by the Bank of Israel's Board of Directors Committee, contrary to the opinion of the Bank's Board member David Avner, who claimed that the committee acted in violation of the expected fairness rules.
As mentioned, Fischer served as Governor of the Bank of Israel during the crisis of 2008, is considered the "responsible adult" of Israel's economic policy team and has been appreciated in Israel and around the world. Subsequently, he was the Chief Economist of the World Bank, Deputy CEO of the International Monetary Fund and Deputy Chairman of the Federal Reserve. In 1984, together with Shimon Peres and Yitzhak Modai, he drafted a stabilization plan for the inflation-hit Israeli economy.
The American consulting firm ISS, which has an influence on quite a few foreign investors, recommended choosing Fisher, Bar Noy-Gutlin, Lev and Abramson - so as before, this time too, ISS's recommendation reflected the election results, as an estimated 15% of shareholders In the bank they are foreign investors, a significant proportion of whom follow the ISS recommendation.
In response to his election, Fischer said: "I am pleased to join the board of directors of Bank Hapoalim. I intend to study the bank and its activities in depth, as well as the competitive and regulatory environment, so that I can contribute my experience to the bank and its growth." I believe that with the help of a select team of directors and managers - we can succeed and grow. "