Keeping it in the family

A Globes report from the data presented at the Government Companies Authorities human resources conference, which took place earlier this week at Neve Ilan, includes this shocker:

Ashdod Port is the company with the highest rate of employees related to one another, at 42%. It is followed by Rafael, with 33%, IEC with 27%, and Haifa Port with 26%. At Israel Railways the figure is 3%, while at NTA [building the Tel Aviv light railway] it is zero.

How the hell do you get 42% of the employees of such a large business related to one another? That is mind boggling.

If the apparent clear cut cases of nepotism were not bad enough, the article discloses some of the big salaries bonus payments being made. A sensible observer would not criticize these payments without knowing the context: what were they paid for, how do they compare to other payments, and so on. But, you do get the impression, to put it mildly, that corporate governance is not exactly operating at the highest level in some of these organizations.

 

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