The Shufersal retail chain has new owners, brothers Shlomo and Yossi Amirov, who have a controlling stake in the company. Initially, the Amir brothers wanted to hold both the positions of general director and chairman of the board of directors. However, this was not allowed by the securities market management. As a result, they appointed themselves as general directors while Professor Yitzhak Shapira was intended to serve as a ceremonial chairman of the board of directors.
The decision to appoint Professor Shapira as the chairman of the board of directors with a part-time salary prompted negative reactions in economic circles before the Securities Market Supervision Authority could voice its opinion on the matter. The Ministry of Health intervened and blocked the appointment. The ministry prohibited Professor Shapira from holding both positions simultaneously but left open the possibility for him to join the board of directors if he outlined a plan to prevent conflicts of interest.
This incident highlights how important transparency and avoiding conflicts of interest are in corporate governance. It also shows that corporations must be held accountable for their actions and decisions, especially when it comes to appointing key figures like chairmen and general directors.