DOCSLIB.ORG

Bluestar Israel Equity Update November 2012

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Bluestar Israel Equity Update November 2012 BlueStar Israel Equity Update November 2012 This monthly column discusses ideas and events related to Israeli equities traded worldwide. The relevant benchmark for this theme is the BlueStar Israel Global Index (“BIGI” BLS:IND on Bloomberg), which we believe represents the opportunity set of Israeli equity investments better than other benchmarks (such as the TA- 25/TA-100 and MSCI Israel). It is becoming widely known that Israel has one of the most resilient economies in the world and that its technology sector plays an integral part in the global technological revolution. Fewer are aware of the global footprint of Israel’s companies in other sectors, and fewer still are aware of how to make their knowledge of the Israeli economy actionable. This column helps investors gain insight into the macro forces (including the geopolitical environment under which Israel’s economy operates) and the individual stock investment opportunities that have contributed to global Israeli equities’ outperformance of U.S. equities by nearly 1,500% over the past two decades. “Building a Solid Foundation” In October, Israeli global equities continued to build on September’s rebound. Despite the slight lowering of 2013 GDP growth rate forecasts, investors should be encouraged by the resiliency of Israel’s economy and prudence of its economic leadership. Domestic-oriented companies once again led the Israeli Global equity market this month while the stock prices of Israel’s technology companies have reflected slower global economic growth. The major developments in October were a surprise interest rate cut alongside measures taken to cool the housing market; meetings between executives of global oil and gas majors and Israeli officials; and more visibility on the stability and security that the emerging energy industry will bring. Additionally, the developments of September and August (credit rating affirmations, confirmation of Israel’s financial system stability, and geopolitical developments) continued in October, and will continue into the foreseeable future, to provide solid support for Israel’s economy and global Israeli equities. A two-month rally in global Israeli equities is not insignificant, but there could be obstacles ahead due to: continued deterioration of the global economy and the European debt crisis; the looming US “fiscal cliff”; early Prime Ministerial elections; potentially lower- than-expected yield of gas and oil drilling; further and stronger intervention in the real estate and mortgage markets; socioeconomic-related unrest; and potential geopolitical instability. BIGI (BlueStar Israel Global Index) Performance Versus the TA-100 and S&P 500 Indices Since 2010 Benchmark October 2012 Performance BIGI 2.83% TA-100 3.36% MSCI Israel 2.74% S&P 500 -1.98% MSCI EAFE 1.09% MSCI EM -0.44% Israeli equities, as measured by the BlueStar Israel Global Index (BLS:IND), gained 2.83% in October. Israeli equities outpaced developed and emerging market equities and global Israeli equities outperformed the S&P 500 by 4.81%. The divergence between Israeli and U.S. equities (with U.S. equities outperforming) over the past twelve months or so represents the largest performance differential between the two markets in recent years. We attribute this mostly to overblown fears of geopolitical risks in the Israeli market. As we have seen repeatedly, investors in Israeli markets typically overreact to geopolitical risks and long-term investors are rewarded with strong outperformance once fear-based selling subsides. [See the chart at the end of the column on this subject]. We are not surprised to see Israeli equities playing catch-up based on strong economic fundamentals, a stable Shekel, and geopolitical risks pushed forward. 1 © 2012 BlueStar Global Investors, LLC These are not recommendations to buy or sell any security Israeli Sector Performance In October, the Financials sector led global Israeli equities higher, gaining 2.14%. Leadership within the Sector Financials was mixed between subsectors but Discount Investment Corp (84.08%), Harel Insurance and (As Defined by October 2012 Investments (25.02%), Clal Insurance Investments (24.12%), and Israel Discount Bank (18.14%) were BlueStar Indexes) among the top performers. The surge in Financials stocks was broad-based as half of the 21 Financials stocks within the BlueStar Israel Global Index had double digit gains and only three experienced stock Financials 2.14% price declines. This sector’s October performance is a continuation of last month’s rise, which came on the heels of Israel’s sovereign debt rating affirmation and stable outlook despite increased restrictions on Oil & Gas 0.90% fees charged to banks’ customers. There is also increased awareness among the investment community that some of the largest banks ought to be more profitable, and banks are planning to streamline their Basic Materials 0.43% operations in order to operate more efficiently. Bank Leumi has committed to reducing its workforce by Consumer Goods 0.22% 8% by 2014 and Bank Hapoalim is reducing its headquarters staff by 20-30%, which equates to 400-650 people. Industrials 0.18% Telecommunications 0.11% The major news for the industry and economy came towards the end of the month. The Bank of Israel surprised the market and cut its November policy interest rate by 25 bps to 2.00%, citing low inflationary Health Care 0.04% pressure and the need to support economic activity. On the other hand, the Bank is taking steps to cool down the housing market and prevent a real estate price bubble. [These topics will be discussed in the Utilities -0.01% Economic, Fiscal and Market Outlook section towards the end of the column.] It is apparent that at least some sort of housing market restrictions were baked into Financials’ stock prices as the sector held onto Consumer Services -0.03% October gains after the report. Mizrahi Tefahot Bank (the top mortgage bank in Israel), which has been Technology -1.15% one of the top performing companies in the sector over the last couple of months pulled back more sharply than other large banks on the news. Last month we wrote that we would hold an overweight position in the Financials sector. We expect the Financials to continue to gain moving into the last months of the year, perhaps at a slower pace. The operational adjustments discussed above and an undervalued domestic banking sector relative to international peers is encouraging. Basic Materials stocks were once again among the best performing stocks within the BlueStar Israel Global Index. All four components of the sector gained, led by Koor Industries (36.44%) and followed by Frutarom (9.40%), Israel Corp (7.03%), and Israel Chemicals (3.21%). Israel Corp owns a majority share of Israel Chemicals. It was announced late in the month that Potash, a Canadian company and the largest supplier of Potash in the world, is seeking a merger with Israel Chemicals, likely to gain greater exposure to Asian markets. Frutarom is a great global Israeli growth company that creates and markets high quality flavors and fine ingredients for customers in the food, beverage, fragrance, and pharmaceuticals industries. Frutarom has employed a successful synthetic growth strategy over the years to reach markets all over the world, from Western and Eastern Europe to Asia and South America. Like the Financials, shares of companies in the Oil & Gas industry continued to build on previous months’ gains, rising 0.9% in October. After the Tzemach Committee announced plans to allow companies to export between 50% and 75% of natural gas reserves, major license holders and global oil and gas majors began the process of deciding on the most suitable major to assist in developing Israel’s energy export market in terms of operational know-how and financial strength. Maybe Russia’s Gazprom was the initial front runner but Australia’s Woodside energy entered a competitive bid for 30% of the Leviathan Partners’ gas licenses. Woodside Energy’s CEO and top executives met with Prime Minister Netanyahu to discuss why Woodside would be the best fit for Israel’s partner on this, citing namely their ability to market to South East Asia where competition is less fierce than in Europe. Though the recommendation of the Tzemach Committee opened the gates to allow such talks, Israel’s ability to export natural gas is still contingent upon the continued finding of sufficient reserves. Last month, the partners involved with the Myra 1 well, once thought to be a potentially significant well, announced that there was no gas to be recovered there. Nonetheless, it has become abundantly clear that Israel’s energy market is well on its way to self-sufficiency. Several natural gas supply deals (highlighted below) to energy producers and major industrial corporations, are being announced as are pipeline and gas terminal plans. We expect that domestically produced natural gas will begin affecting Israel’s current account and CPI as early as the second quarter of 2013. The key developments and deals struck in October were: - Shishmom reservoir has a best estimate of natural gas at 0.55 trillion cubic feet -Tamar Partners stated: “The largest infrastructure project in Israeli history is moving ahead on schedule.” The Tamar field’s production platform is on its way to Israel and production is set to begin in March 2013 - Shikun and Binui is borrowing NIS 300 million to expand its Ashdod power station and convert it to natural gas - Noble energy raising its probability of success in finding oil at Leviathan
Load more

Recommended publications
  • 2013 Catalyst Census and Include Information on 777 Board Members in Office in 2013
    The Strauss Group and the Israel Women's Network are proud to present: THE ISRAELI CATALYST REPORT WOMEN LEADING BUSINESS The Fourth Israeli Census Report 2013 Women's Representation in the TA-100 Companies Index MARCH 2014 DIVERSITY IS AN OPPORTUNITY Table of Contents Foreword 3 Executive summary 4 Part A: The 2013 Israel Catalyst Census Report 1. Main findings – the 2013 Israel Census 5 2. Introduction – What does the future hold? 8 3. Background, goals and methodology 9 4. Detailed findings – women on boards of directors 10 4.1 Women on boards of directors 10 4.2 Chairperson of the board positions held by women 11 4.3 Companies according to the number of women on the board of directors 11 4.4 Women on the board of directors by industry 12 4.5 International comparison – women on boards of directors 13 4.6 International comparison – companies with at least one woman on the board of directors 14 4.7 Summary – women on boards of directors 14 5. Detailed findings – women in top executive positions 15 5.1 Women in top executive positions 15 5.2 Chief Executive Officer positions held by women 15 5.3 Companies according to the number of women in top executive positions 16 5.4 Women in top executive positions by industry 17 5.5 Area of occupation in top executive positions - gender comparison 18 5.6 International comparison – women in top executive positions 18 6. Annexes 19 6.1 Census size 19 6.2 2012 Census data: Ranking of companies with 25% and more of women on the board of directors and in management 19 Part B: Accompanying research – how many women are "enough"? Adequate representation on the boards of directors of public companies 1.
    [Show full text]
  • List of Section 13F Securities
    List of Section 13F Securities 1st Quarter FY 2004 Copyright (c) 2004 American Bankers Association. CUSIP Numbers and descriptions are used with permission by Standard & Poors CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. All rights reserved. No redistribution without permission from Standard & Poors CUSIP Service Bureau. Standard & Poors CUSIP Service Bureau does not guarantee the accuracy or completeness of the CUSIP Numbers and standard descriptions included herein and neither the American Bankers Association nor Standard & Poor's CUSIP Service Bureau shall be responsible for any errors, omissions or damages arising out of the use of such information. U.S. Securities and Exchange Commission OFFICIAL LIST OF SECTION 13(f) SECURITIES USER INFORMATION SHEET General This list of “Section 13(f) securities” as defined by Rule 13f-1(c) [17 CFR 240.13f-1(c)] is made available to the public pursuant to Section13 (f) (3) of the Securities Exchange Act of 1934 [15 USC 78m(f) (3)]. It is made available for use in the preparation of reports filed with the Securities and Exhange Commission pursuant to Rule 13f-1 [17 CFR 240.13f-1] under Section 13(f) of the Securities Exchange Act of 1934. An updated list is published on a quarterly basis. This list is current as of March 15, 2004, and may be relied on by institutional investment managers filing Form 13F reports for the calendar quarter ending March 31, 2004. Institutional investment managers should report holdings--number of shares and fair market value--as of the last day of the calendar quarter as required by Section 13(f)(1) and Rule 13f-1 thereunder.
    [Show full text]
  • Periodic Report As the Group Or the Bezeq Group
    Chapter A – Description of Corporation’s Operations In this report, which contains a description of the Corporation’s business operations as at December 31, 2008, the Company has included forward-looking information, as defined in the Securities Law 5728-1968 (the Securities Law). Such information includes forecasts, targets, appraisals and assessments which apply to future events or matters the realization of which is not certain and is not under the Corporation’s control. Forward-looking information in this report will usually be identified specifically, or by employing statements such as “the Company expects”, “the Company assesses”, “it is the Company’s intention”, and similar statements. Forward-looking information is not a proven fact and is based only on the Company’s subjective assessment, based, inter alia, on a general analysis of the information available at the time of drafting of this report, including public announcements, studies and surveys, and they contain no undertakings as to the correctness or completeness of the information contained therein, and the Corporation does not independently check the correctness thereof. The Company’s assessments vary from time to time, depending on circumstances. In addition, the realization and/or otherwise of the forward-looking information will be affected by factors that cannot be assessed in advance, and which are not within the control of the Company, including the risk factors that are characteristic of its operations as set out in this report, and developments in the general environment, and external factors and the regulation that affects the Company’s operations, as set out in this report. Bezeq The Israel Telecommunication Corporation Limited (the Company or Bezeq) along with the subsidiaries that it owns in whole or in part, whose financial statements are consolidated with the Company's, shall be jointly referred to in this periodic report as the Group or the Bezeq Group.
    [Show full text]
  • Delek Cover English 04.2006
    ANNUAL REPORT 2005 Delek Group Ltd 7, Giborei Israel St., P.O.B 8464, Industrial Zone South, Netanya 42504, Israel Tel: 972 9 8638444, 972 9 8638555 Fax: 972 9 885495 www.delek-group.com Table of Contents: Chapter A Corporate Description Chapter B Director's Report on the Corporation Chapter C Financial Statements for December 31, 2004 Chapter D Additional Information on the Corporation Chapter E MATAV - CABLE SYSTEMS MEDIA LTD IMPORTANT This document is an unofficial translation from the Hebrew original of the 2005 annual report of Delek Group Ltd. that was submitted to the Tel-Aviv Stock Exchange and the Israeli Securities Authority on March 29, 2006. The Hebrew version submitted to the TASE and the Israeli Securities Authority shall be the sole binding version. Investors are urged to review the full Hebrew report. Part One – A Description of the General Development of the Company's Businesses 1. The Company's Activities and the Development of its Business ......................... 3 2. Sectors of Operation .................................................................................................. 6 3. Equity Investments in the Company and Transactions in its Shares................... 7 4. Dividend Distribution ................................................................................................. 8 5. Financial Information Regarding the Group's Sectors........................................... 9 6. The General Environment and Outside Influences................................................. 9 7. Oil Refining Sector
    [Show full text]
  • Cellcom Israel Ltd
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20–F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from___________ to __________________ OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report ……………………………. Commission file number 001-33271 CELLCOM ISRAEL LTD. (Exact name of Registrant as specified in its charter and translation of Registrant’s name into English) ISRAEL (Jurisdiction of incorporation or organization) 10 Hagavish Street, Netanya 4250708, Israel (Address of principal executive offices) Liat Menahemi Stadler, 972-52-9989595 (phone), 972-98607986 (fax), [email protected], 10 Hagavish Street, Netanya 4250708, Israel (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act. Title of each class Trading Symbol Name of each exchange on which registered Ordinary Shares, par value NIS 0.01 per share (CEL) New York Stock Exchange (“NYSE”)*1 Securities registered or to be registered pursuant to Section 12(g) of the Act. None (Title of Class) Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. None (Title of Class) * We voluntarily delisted our ordinary shares from the NYSE on February 8, 2021.
    [Show full text]
  • Life Sciences in Israel
    STATE OF ISRAEL Ministry of Industry Trade and Labor Investment Promotion Center Inspiration Invention Innovation Life Sciences in Israel www.investinisrael.gov.il Table of Contents .......................................... 3 Israel: A Powerhouse of Opportunities ............................................................ 3 Israel’s Life Science Sectors Medical Devices ........................................................................ 4 Healthcare IT ............................................................................ 4 BioPharmaceutical .................................................................... 7 Israel’s Biomedical Engineering - ................................................... 11 Spotlight on Stem Cell Research ....................................... 15 Israel’s Life Sciences Competitive Edge ..................................................................... 19 Government Support 2 Life Sciences in Israel Israel: A Powerhouse of Opportunities Why Israel’s Life Sciences Over the last decade, Israel has introduced a wealth of groundbreaking More than 1,000 Life and valuable innovations in Life Sciences. Israel’s Life Sciences sector Sciences Companies - is supported by a strong foundation of academic excellence, including Biopharma and Medical some of the world’s leading research institutes, renowned R&D Devices facilities and cutting-edge medical centers. Bolstered by a highly skilled Over 1/3 of LS Start-Ups workforce, a flourishing high-tech environment, and an entrepreneurial already generate revenue
    [Show full text]
  • Economic Models Ltd
    Economic Models Ltd Company Overview Internal Drufft Company Overviwe 1. The company Economic Models has extensive experience with complex economic projects in a wide array of economic fields, including long-term analysis of anticipated Israeli economic trends and feasibility studies for complex economic projects. The company was founded in 1986 by Dr. Yacov Sheinin, an economist with considerable experience in applied economics and management of large projects in Israel and the United States. Dr. Sheinin has served as the CEO of the company since its establishment. Economic Models is Israel's leading economic consulting firm. It offers services focused on its five main areas of expertise: Outlooks and analysis of current Israeli economic trends Compilation of information and assessments of the economic developments in key countries worldwide Analysis and demand forecasts for key products Feasibility studies, business analysis and valuations Economic opinions Analysis of and consulting on the capital market Economic Models is made up of two divisions: macroeconomic and microeconomic. The Macroeconomic Division provides subscribers with ongoing analysis of the developments and forecasted trends for the Israeli economy and key economies around the world, and sectoral analysis. We have offered this service for over 25 years. The Microeconomic Division offers a variety of consulting services, including complex feasibility studies, company valuations, cost-benefit analysis, recovery plans, business plans and economic opinions. Economic Models is the Israeli representative to Project LINK, a unique United Nations project that provides outlooks on global economic trends and international trade. The outlooks are performed by connecting the economic models of key countries worldwide to a single model in a consistent and comprehensive system.
    [Show full text]
  • Corporate Responsibility Report 2011-2012 Gazit-Globe Table of CONTENTS
    CORPORATE RESPONSIBILITY REPORT 2011-2012 Gazit-Globe Table of CONTENTS A Message From Our President 88Section 5 About This Report Section 3 Environmental Labor Practices Performance & Human Rights Section 1 60 About Gazit-Globe Green Building Labor Practices Conservation & Recycling HR Programs Energy Introduction Recruitment Energy conservation Our Vision Job Training and Career Global Presence Development Water Binding Values Performance Reviews Emissions Sewage & Waste Code of Conduct & Ethics Transitioning to Retirement Global Compact Diversity and Equal 8 Maala Opportunity FTSE4GOOD Index Green Building Human Rights Corporate Governance Global Compact Board of Directors Forced and Section 4 Directors Section 2 Compulsory Labor 74 Social Performance Executive Management Economic Performance Child Labor Compensation of Senior Employees 48 Freedom of Association Stakeholders Benefiting the community Direct Economic Value Shareholders Support the community Board of Directors Indirect Economic Influence Customer satisfaction Subsidiaries Community – Charitable Investment Employees Anti-Corruption Financial Implications & Risks Customers: Tenants and Consumers Risk management and Opportunities Due to Suppliers Climate Change Anti-competitive behavior Regulatory Authorities 126Section 6 Health and safety Analysts & Institutional Investors Global Reporting Media Initative (GRI) Community Environment Information Membership in Associations 2 > Gazit-Globe Corporate Responsibility Report 2011-2012 Gazit-Globe Corporate Responsibility Report 2011-2012 < 3 A Message From Our PRESIDENT Dear Stakeholder, responsibility to uphold social and environmental, as well as corporate, Millions of consumers shop at our centers, which are located mostly in high-density standards in all of our operations. urban areas. While more people use - and are linked by - electronic devices and social We are proud to present Gazit-Globe’s The Corporate Responsibility policies Corporate Responsibility report for media than ever before, there is still a deep need to connect in person.
    [Show full text]
  • Cellcom Israel Ltd Announces Appointment of New Director
    Cellcom Israel Ltd Announces Appointment of New Director NETANYA, Israel, March 14, 2011 /PRNewswire-FirstCall/ -- Cellcom Israel Ltd. (NYSE: CEL) (the "Company") announced today that the Company's Board of directors appointed Ms. Edith Lusky as a member of the Board, effective March 15, 2011, for an initial term that will expire at the Company's next annual shareholders meeting. At the Company's next annual meeting, her re- election for an additional term, if nominated by the Company's Board of Directors, will be brought for shareholders approval. Ms. Lusky serves as an external director at Israel Discount Bank Ltd. since 2009. From 2004 to 2008 Ms. Lusky served as senior vice president of retail banking and risk management of Union Bank of Israel Ltd. and from 2001 to 2004 she served as chief executive officer of Mishcan - Bank Poalim for Mortgages Ltd. Ms. Lusky holds a B.A. in Economics and Statistics and an M.Sc in Economics, both from Tel Aviv University. About Cellcom Israel Cellcom Israel Ltd., established in 1994, is the leading Israeli cellular provider; Cellcom Israel provides its approximately 3.376 million subscribers (as at September 30, 2010) with a broad range of value added services including cellular and landline telephony, roaming services for tourists in Israel and for its subscribers abroad and additional services in the areas of music, video, mobile office etc., based on Cellcom Israel's technologically advanced infrastructure. The Company operates an HSPA 3.5 Generation network enabling advanced high speed broadband multimedia services, in addition to GSM/GPRS/EDGE and TDMA networks.
    [Show full text]
  • Leumi Le'israel
    Leumi loader in Katzerin, “a settlement of 6,444 people situated in the occupied Le’Israel Golan Height[s].” Katzerin, it says, “was established on the land of the Syr- Canada Pension Plan ian area of Fakhura.” The Bobcat ve- Investments F-15 hicle which is shown at work in this town, is easily identified as an S150 2012 shares=$9 million loader. This model is also listed in Bob- (Direct & indirect investments) cat’s catalogue as using a Kubota-made diesel engine. In fact, of the 18 varie- 2011 shares=$11 million F-16 (Direct investments only) ties of loaders in Bobcat’s catalogue, every one uses a Kubota engine. eumi Le’Israel, the “National The Kubota Engine Division’s Bank of Israel,” has its origins website lists one service representative in the “Jewish Colonial Trust” in Israel, F.K.Generators and Equip- L and the “Anglo-Palestine Company.” ment Ltd. It’s customers includes Isra- Founded in the UK in 1899, as “the fi- Merkava el’s Ministry of Defence, Bezeq, Ta- MK4 nancial instrument of the Zionist Or- diran Electronic Systems (owned by El- ganization,” Leumi is now Israel’s larg- bit Systems) and state-owned Israeli est bank. After Israel’s 1983 financial weapons-maker, Rafael. (See previous crisis, when bankers illegally manipu- issue, pp.11, 28-29 and 49.) Also on lated stock prices, Israel’s government Kubota’s client list are Leumi Le’Israel took over Leumi. Also nationalized and Paz Oil (See pp.13-14 and 30.) Leumi has financed Israeli were Hapoalim and Israel Discount war industries such as TAT Bank.
    [Show full text]
  • Accelerating Medical Solutions in Israel: Building a Global Life Science Industry
    Volume 6 May 2008 May Financial Innovations Lab Report Lab Innovations Financial Accelerating Medical Solutions in Israel: Building a Global Life Science Industry FINANCIAL INNOVATIONS LAB REPORT Volume 6 May 2008 May Financial Innovations Lab Report Lab Innovations Financial Accelerating Medical Solutions in Israel: Building a Global Life Science Industry FINANCIAL INNOVATIONS LAB REPORT Acknowledgments This "Financial Innovations Lab Report for Accelerating The Israel Presidential Conference "Facing Tomorrow" will Medical Solutions in Israel: Building a Global Life Science be dedicating a special session to the translation of medical Industry" was prepared by Glenn Yago, Ronit Purian-Lukatch innovation in Israel into business success, based on the and Ilan Vaknin. Liza Ireni-Saban drafted Appendix 1 on current report. We thank President Shimon Peres for his regulation and legislation concerning clinical and genetic vision and inspiration of the process whereby the Financial trials. We are grateful to all participants of the Financial Innovations Lab took place. Innovations Lab and workgroups for their contributions to the ideas summarized in this report. A list of participants may be found in Appendix 2. We give special thanks to the Sacta-Rashi Fund and the Yeshaya Horowitz Foundation for their interest and continuing support of this work. The Milken Institute is an independent economic think tank whose mission is to improve the lives and economic conditions of diverse populations in the US and around the world by helping business
    [Show full text]
  • Israeli Catalyst Census Report Was Written and Edited in Accordance with the Research Methods and Professional Advice of Catalyst Inc
    The Strauss Group and the Israel Women's Network are proud to present: THE ISRAELI CATALYST REPORT WOMEN LEADING BUSINESS The Third Israeli Census Report 2012 Women's Representation in the TA-100 Companies March 2013 Diversity is an Opportunity Table of Contents Foreword 3 Executive summary 4 Part A: The 2012 Catalyst Census 1. Main findings – the 2012 Catalyst Census on women's representation in TA-100 companies 5 2. Introduction 8 3. Background, goals and methodology 9 4. Detailed findings – women on boards of directors 10 4.1 Women on boards of directors 10 4.2 Chairperson of the board positions held by women 11 4.3 Companies according to the number of women on the board of directors 11 4.4 Membership of more than one board of directors – gender comparison 12 4.5 Women on the board of directors by industry 13 4.6 International comparison – women on boards of directors 14 4.7 International comparison – companies with at least one woman on the board of directors 15 4.8 Summary – women on boards of directors 15 5. Detailed findings – women in top executive positions 16 5.1 Women in top executiVe positions 16 5.2 Chief ExecutiVe Officer positions held by women 16 5.3 Companies according to the number of women in top executiVe positions 17 5.4 Women in top executiVe positions by industry 18 5.5 International comparison – women in top executiVe positions 19 6. Annexes 19 6.1 Census size 19 6.2 2011 Census data for comparison: ranking of companies with 25% and more of women on the board of directors and in management 20 Part B: Accompanying research – the Talent Index 1.
    [Show full text]