Amim Development strengthens board: Appointment of two new external directors approved for board and audit committee

The real estate company is refreshing its oversight roster with the appointment of two external directors possessing financial and professional expertise, who will also join the audit committee. The move aims to comply with legal requirements and strengthen corporate governance.

The general meeting of Amim Development approved the appointments of Jonathan Meir Bezalel and Anna Oliker as external directors effective October 1, 2026. Bezalel was designated as having accounting and financial expertise, and Oliker as possessing professional qualifications; both will also serve on the company's audit committee.

Real estate and development firm Amim Development Ltd. reported on Thursday the approval of two new external directors to its board. The appointments of Mr. Jonathan Meir Bezalel and Ms. Anna Oliker were approved at the company's general meeting and will take effect on October 1, 2026. While a standard corporate procedure, the move represents an important step in strengthening corporate governance and oversight at the construction sector company.

According to the TASE filing, the two new directors will also join the company's audit committee. The board highlighted the specific qualifications of each candidate in accordance with regulatory requirements. Mr. Jonathan Meir Bezalel was designated as a director with "accounting and financial expertise," while Ms. Anna Oliker was designated as possessing "professional qualifications." These designations are not merely symbolic; they are rooted in Companies Law regulations aimed at ensuring that the board, and particularly the audit committee, includes members capable of delving into financial statements, evaluating complex transactions, and effectively supervising internal control processes. The appointment of a director with accounting and financial expertise to the audit committee is a mandatory requirement for public companies and is critical to ensuring the reliability of financial reporting to the investing public.

The role of external directors in Israeli corporate governance

The institution of external directors is a cornerstone of corporate governance in Israel. The primary role of external directors is to act independently, safeguarding the interests of all shareholders, particularly public and minority shareholders. They serve as a counterweight to controlling shareholders and play a crucial role in approving extraordinary interested-party transactions, executive compensation policies, and ensuring proper board procedures. The appointment process for external directors is subject to strict requirements under the Companies Law, including the need for a special majority at the general meeting that includes a majority of shareholders without a personal interest in approving the appointment, to guarantee independence from management and controlling shareholders.

Compensation and implications

Amim Development further noted in its filing that the general meeting approved fixed compensation for the new external directors in accordance with relevant corporate regulations and based on the company's classification. Additionally, they will be entitled to expense reimbursement. Setting compensation in line with standard regulations reinforces the routine and proper nature of the move, aimed at fulfilling legal requirements and refreshing the board. For a real estate firm like Amim Development, operating in a capital- and regulation-intensive environment, a strong and independent board is a vital strategic asset.