Maala 2010 Index
Maala Organization unveiled the “2010 Maala Index for Social Responsibility” at the Tel Aviv Stock Exchange Wednesday, 9.6.10. Most of the ranking data serve to indicate an increase in the number of companies participating in the index, rising attention to the issue of waste management, growth in the number of companies that have adopted a code of ethics, an increase in the number of companies that maintain a risk management function and that regularly discuss and monitor their ability to reduce greenhouse gases.
However, the ranking data also indicate that no significant improvement has been recorded in the number of women who serve as board members nor in the number of women in senior management positions who enjoy a high level of wages. The growth that has been recorded in the number of ethnic Arab employees is marginal, as was the employment of disabled employees.
The Maala 2010 ranking includes 75 companies, representing an increase of 21% in relation to the number of participants in the 2009 ranking (62 companies), of which 47 companies are publicly traded.
The new publicly traded companies participating in the 2010 index include: Bezek, Tambour, New Hamashbir Latzarchan, Mellanox Technologies, Dan Hotels corp., Y.H. Dimri Construction and Development, Mehadrin, Tigbur Temporary Help and Scailex Corporation. The privately-held companies include Leumi Card, CTS Group, SAP, G4S, Siemens and Israel Post (Government).
The New Maala Index
On the basis of the 2010 ranking, the stock exchange has updated the composition of the “Maala Corporate Social Responsibility (CSR) Index”.Starting this year the index will include all publicly traded companies participating in the ranking (excluding privately-held companies and companies whose shares are traded overseas) and not only the top 20 publicly traded companies appearing in the Maala Index, as was the case in the past.
According to Momo Mahadav, President of Maala, “The Maala 2010 ranking reflects a significant increase in the importance that managers in companies in Israel associate with issues of responsibility, ethics, transparency and reporting to shareholders and interested parties. Israel’s acceptance into the OECD is a contributing factor that integrates well within this trend but is also indicative of the challenges facing Israeli companies that are now included in the MSCI developed economy Index, while being compared to companies in Europe and in the United States, rather than to companies in emerging markets – which was the case previously”.
The Maala CSR ranking is entirely voluntary and all participating companies have made their own decision to participate and report, with no legal obligation to do so. The participants in the ranking include publicly traded companies in which the public’s funds are invested, thereby accounting for their higher degree of obligation toward the public and the interested parties. The ranking also includes privately-held companies, or companies whose shares are traded overseas.