Business

Cellcom Israel Ltd. Announces Upcoming Shareholder Meeting and Agenda

NETANYA, Israel - In a press release dated May 15, 2024, Cellcom Israel Ltd. (TASE: CEL), a leading telecommunications company, unveiled plans for an upcoming shareholder meeting. The important assembly is scheduled to take place on Thursday, June 20, 2024, promptly at 15:00 p.m. Israel time. The venue selected for this occasion is the corporate offices of Cellcom Israel, situated at 10 Ha'gavish Street in the coastal city of Netanya, Israel. Should there be a need for an adjourned meeting, it is set to be reconvened on the following Thursday, June 27, 2024, at the same time and location. The cut-off date for determining shareholders eligible to participate in the meeting has been marked as Wednesday, May 22, 2024.

Key Agenda Highlight: CEO Compensation

The primary item on the agenda that stands out is the approval of a special one-time grant for the company's CEO. This decision concerns a pivotal aspect of executive compensation and governance, which is typically of significant interest to investor stakeholders and the broader market.

Stipulations for Voting at the Meeting

Particulars on how shareholders can exercise their voting rights were elaborated upon, providing a clear pathway for shareholder engagement. Shareholders were advised that detailed documents concerning the meeting, labeled as "Meeting's Documents," were published and made accessible since May 15, 2024. The company has made these documents available on two platforms for convenience; the Magna distribution website, which can be viewed at www.magna.isa.gov.il, and the Tel-Aviv Stock Exchange Ltd. website, accessible at www.maya.tase.co.il.

It is further detailed that section 3.11 of the summon statement contains specific voting instructions catering to different groups of shareholders. Those whose shares are not settled via a member of the TASE Clearinghouse but through a member of the Depositary Trust Company (DTC) or those who are directly registered with the American Stock Transfer & Trust Company, the firm's U.S. transfer agent, may find tailored advice on how to proceed with their voting rights.

Voting Mechanisms Made Easy

The convening notice also highlighted the ability of unregistered shareholders to vote using the Electronic Voting System. This system enables votes to be cast electronically up to six hours before the shareholder meeting is set to begin. Furthermore, the provision is made for unregistered shareholders to submit certificates of ownership through the same electronic system.

For those preferring conventional methods, voting at the meeting can be conducted using a physical voting card. Instructions dictate that voting in writing must be done through the second part of the provided voting card, which accompanies the Report. To ensure valid processing, the voting card, along with necessary documents as listed in the card’s instructions, must reach Cellcom's offices at least four hours before the meeting. "Time of delivery" is defined as the moment the voting card and its attachments arrive at the company's premises.

Contact Information for Shareholders

For assistance or inquiries, shareholders may reach out directly to the concerned officials at Cellcom Israel Ltd. Gadi Attias, the Chief Financial Officer, is available for financial queries and can be contacted via email at [email protected] or by phone at +972-52-998-4774. Additionally, for investor relations matters, Elad Levy, the Investor Relations Manager, is the point of contact and can also be reached at [email protected] or by the same telephone number.

In conclusion of the statement, a formal indication that Cellcom Israel Ltd. is the source of this news was noted, attributing all the foregoing information to the company itself and underscoring the transparency and openness towards its investors and the public.

Echoing the importance of such boardroom activities, early distribution of the company's plans demonstrates Cellcom Israel’s adherence to corporate governance standards, embodying the practice of accountability to shareholders. The announcement is crucial not only for the effectiveness of shareholders' participation in the meeting but also for ensuring a quorum and the legal standing of the meeting.

Robust Framework for Shareholder Participation

Cellcom Israel's elaborate preparations for shareholders to vote, whether through electronic means or in written form, serve as a cornerstone for promoting active participation. This arrangement ensures that all shareholders, irrespective of their location or the way their shares are held, are afforded the ability to influence key company decisions, thereby fostering a sense of inclusivity and respect for their rights.

Indeed, the decision to make all pertinent documents available well in advance of the meeting date via easily accessible online platforms is a testament to Cellcom Israel’s commitment to transparency and stakeholder engagement. The provision of detailed voting instructions tailored to diverse categories of shareholders further reinforces the company's recognition of the varied circumstances under which investors may hold shares.

Potential Implications of the CEO Grant Approval

The agenda's highlight regarding the special grant for the CEO may have broad implications for the company's governance and financial strategy. It is a critical issue that may sway investor sentiment and could be an indicator of the company's future direction. Shareholders are typically keen on understanding the rationale behind such specific executive remuneration proposals, as well as how they align with the company's performance and long-term value creation.

The intricate subject of executive pay often invokes discussion on the alignment between compensation and company performance. In this upcoming meeting, shareholders will have the opportunity to cast their ballots on a compensation package that could reflect the leadership’s effectiveness and long-term strategy imperatives. It will be a topic to watch, as it encapsulates deeper governance principles and the stewardship role of shareholders.

Embracing Effective Communication for Shareholder Engagement

Cellcom Israel’s announcement demonstrates the company's understanding that effective communication is pivotal to fostering robust relationships with its investor community. By providing multiple channels for shareholders to participate and vote, the company paves the way for broader engagement and involvement in its strategic decisions.

With a clear outline of the procedures, even unregistered shareholders who might be navigating the voting process for the first time are given a comprehensive framework to follow, ensuring that no shareholder's voice is left unheard. The company's move to allow voting cards and supporting documents to be delivered by registered mail acknowledges the need for versatility and convenience in the contemporary corporate environment.

Ensuring a Smooth Voting Experience through Technology

The decision to employ an Electronic Voting System for unregistered shareholders reflects Cellcom Israel's embrace of technology to streamline the voting process. This modern approach is indicative of the telecom giant's forward-thinking posture, leveraging digital solutions to optimize governance processes and enhance the shareholder experience.

As companies globally continue to adapt to technological advancements, electronic voting systems have become increasingly prevalent. They not only provide ease and efficiency to shareholders but also ensure quicker tallies and reporting of results, thereby improving the overall efficiency of shareholder meetings.

Transparency and Responsiveness as Core Values

Cellcom Israel's commitment to its shareholders is further reflected in the accessibility of senior management for queries and support. The direct lines of contact provided for the Chief Financial Officer and Investor Relations Manager signify the company's value on transparency and responsiveness. Such open lines of communication are imperative for guaranteeing that investors' concerns and questions are addressed in an equally transparent and prompt manner.

The advance notice and elaboration of the voting process exemplify Cellcom Israel's proactive approach to governance and its respect for shareholder rights. This announcement serves as an essential bridge between the company's management and its investors, ensuring a well-informed stakeholder base ready to participate in the critical decision-making process concerning the future of the company.

Anticipation for the Outcome

As June 20 draws nearer, the anticipation around the results of the special grant approval for the CEO and the influence it will have on Cellcom Israel's corporate strategy and investor relations will likely increase. The stakeholder community and market analysts will be closely scrutinizing the outcome, often viewing such decisions as indicators of corporate culture, executive leadership confidence, and strategic direction.

In preparation for this significant date, shareholders are encouraged to review the materials provided, attend to the voting procedures, and contribute to the governance of Cellcom Israel by making their voices heard. The upcoming shareholder meeting not only serves as a forum for critical strategic decisions but also as a representation of the collective influence that shareholders possess in shaping the direction of the company.

The communication channels provided for inquiry and clarification ensure that stakeholders remain well-informed and that any uncertainties regarding voting proceedings or the contents of the agenda may be promptly resolved. It’s an initiative that underscores Cellcom Israel’s ethos of maintaining an engaged and well-informed investor base.

A Future Defined by Shareholder Voice

The forthcoming general meeting of Cellcom Israel Ltd. marks a significant event where shareholders have the power to impact the company's trajectory. It is an exemplar of shareholder democracy, where every vote could be pivotal in the approval or rejection of the proposed special grant for the CEO, among other items that may be revealed on the full agenda.

On June 20, 2024, the collective decisions made by the vested parties of Cellcom Israel will reverberate through the company's future strategies and operations. This upcoming shareholder assembly is not just about making pivotal decisions, but also about reinforcing trust, commitment, and shared vision among the company's leadership and its investors.