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Leading female executives from the Israeli listed companies and the capital market gathered at the Tel-Aviv Stock Exchange (TASE) this morning to participate in the opening bell ceremony to mark International Women’s Day.
For the first time this year, TASE has joined the worldwide initiative of ringing the opening trading Bell to mark this day, which is being celebrated at more than 50 stock exchanges around the world. The initiative is the product of an exceptional collaboration between six international organizations: UN Women, World Federation of Exchanges (WFE), the UN Global Compact, the Sustainable Stock Exchanges Initiative, International Finance Corporation (IFC), and Women in ETFs.
The opening bell was pressed by three senior female Israeli regulators: Hedva Ber, the Supervisor of Banks at the Bank of Israel, Anat Guetta, the Chair of the Israel Securities Authority and Michal Halperin, the Antitrust Commissioner and Orly Grinfeld, EVP, Head of Clearing Department at TASE.
Hedva Ber, Supervisor of Banks, Bank of Israel stated: “We are proud that many women have reached the top of the pyramid in the banking and regulation sector. As a primary example of this, at the Bank of Israel, both the governor and her deputy are both women; at the Banking Supervision Department, 65% of department heads are women and in the banking system women have reached the summit with the CEOs of three major banks and the Chair of one bank all being women – and all these are not just major organizations, but also have considerable influence on the economy. In the financial regulation field, as can be seen here today, women fill all the senior positions – at the Israel Securities Authority, at the Capital Market, Insurance and Savings Commission, at the Antitrust Authority and at the Banking Supervision Department. What can we learn from this? That there is no glass ceiling for women; that women have made enormous advances in filling senior positions in the economy; and that the success of women in banking needs to be duplicated in other economic sectors. However, it is also not enough just to focus on women at the top of the pyramid; we all need to act in order to ensure that women have economic independence and do not experience economic abuse. This is a subject that is dear to my heart and we at the Banking Supervision Department are working on this in cooperation with the bankers and the Centers for Battered Women in Israel”.
Anat Guetta, Chair of the Israel Securities Authority, reminisced about her first public appearance: “I’m proud to be here today together with my sister regulators. It is our intention to join forces to advance the Israeli economy in the coming years. In the meantime, 2018 has begun in an excellent fashion, as exemplified in the willingness of companies to raise equity and debt on TASE. I shall shortly be revealing the Authority’s strategic plan for the coming years, the main aim of which will be to develop the local capital market for the benefit of the Israeli economy, while safeguarding the interests of the entire investing public”.
Michal Halperin, Antitrust Commissioner: “When I think of Women’s Day, I am reminded of those women on whose shoulders we all stand: the women who fought the battles before us and through whose efforts we have learned to set our sights higher, to stand proud and to burst through the glass ceiling. In my case, these were my grandmother and my mother, and I invite you to spend a moment thinking about your own grandmothers and mothers who are probably the ones who equipped you to attain your achievements and to get to where you are today. If I look at the women in the Antitrust Authority who are fully integrated in all the senior and junior positions, I see young women who have displayed exceptional ability: they are professional, serious and wholly motivated. While they are ambitious, they are also successful in maintaining the delicate balance between their professional and private lives. They fill me with pride every day”.
Orly Grinfeld, EVP, Clearing Department at TASE: “the Israeli capital market is an example of a place where change is not just theoretical, but has become fact: we have female CEOs at three of the largest banks in the country and four women who hold top financial regulation positions, some of whom are with us here today, as well as many dozens of women in senior management positions. Nevertheless, there is still a long road ahead of us: only a third of the companies listed on TASE have appointed a woman as their chair, CEO or CFO, and the average percentage of women on boards is less than 25%. This shows that the revolution has still a way to go”. Ms. Grinfeld added that: “TASE employs 141 women, constituting a proud majority of almost 60% of the entire TASE staff, and 19 women in senior managerial positions (unit heads and higher), constituting some 56% of the entire senior management, and four women on TASE’s executive management, constituting 40% thereof. While this is not a majority, it is substantially higher than the average for public companies. This healthy and happy mix leads to the expression of strong feelings, imagination and creative thinking within this building, which has achieved so much recently; our praise should also be extended to the companies that are now listing on TASE and those that are going to do so in the future”.
Pictured from right to left: Michal Halperin, Antitrust Commissioner, Anat Guetta, Chair of the Israel Securities Authority, Hedva Ber, Supervisor of Banks, Bank of Israel, and Orly Grinfeld, EVP, Clearing Department at TASE.
Photo credit: Guy Assiag, for no financial consideration.
