ISRAEL: El Al Schedules Special Shareholder Meeting for November 26, 2026

TEL AVIV, Israel

• El Al has issued notice of a special annual general meeting of shareholders on Thursday, 26 November 2026, at the company’s offices at Ben Gurion Airport.
• The agenda covers approval of corporate and personal measures including an update to the terms of Board of Directors Chairman Amikam Ben Zvi, legal protection letters for senior management, and director appointments.
• The meeting focus is a proposal to raise Amikam Ben Zvi’s position from 90% to 100% full time with a gross monthly salary of ILS 157,000 (approximately USD 50,300) linked to the consumer price index.
• Ben Zvi’s total annual salary cost is estimated at ILS 7.03 million (approximately USD 2.25 million), comprising ILS 2.63 million (approximately USD 843,000) in direct salary, ILS 1.966 million (approximately USD 630,000) in bonus, and ILS 2.43 million (approximately USD 779,000) in share-based payment. He holds 0.02% of the shares.
• The company justifies the increase by expanded group activities, including chairmanship of the El Al Travel Ltd. subsidiary without extra compensation.
• The request seeks approval of liability exemption and indemnity letters for three years from 30 October 2025 for Ben Zvi after his classification as a member of the controlling shareholder group.
• Controlling shareholder Eli Zacharia Rosenberg holds 250,006,006 ordinary shares, equal to 42.25% of capital and voting rights and 41.5% fully diluted.
• Shareholders will vote on a liability exemption letter for CEO Levi Halevi (holding a 100% position from 21 January 2026) to align protection with Israeli public company standards.
• Letters of exemption and indemnity for three years are sought for vice chairmen Kenneth Neil Rosenberg and Darrell Hagler, plus a blanket exemption for non-controlling directors.
• Appointment of Shalom Naaman as external director for a three-year term with maximum compensation and roles on the audit and compensation committees is put to the vote.
• Shareholders are asked to re-approve the terms of non-executive directors until the next annual general meeting.
• The periodic report for 2025 and reappointment of Kost Forer Gabbay Kasirer as auditor are brought for discussion.
• The eligibility deadline for participation and voting is set for Thursday, 29 October 2026.

Sources:

• El Al Investor Relations