David Granot
ORMAT TECHNOLOGIESAbout David Granot
David Granot is an independent director of Ormat Technologies (ORA), age 78, serving on the Board since May 2012. He holds a BA in Economics and an MBA from the Hebrew University, with extensive management, banking, and financial experience, including prior service as CEO of First International Bank of Israel (2001–2007) . The Board has affirmatively determined he is independent under NYSE standards and Ormat’s Corporate Governance Guidelines .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| First International Bank of Israel Ltd. | Chief Executive Officer | 2001–2007 | Led bank operations and strategy |
External Roles
| Organization | Role | Tenure/Status | Notes |
|---|---|---|---|
| Bezeq The Israel Telecommunication Corp. Ltd. (TASE: BEZQ) | Director | Current | Public company board |
| M.L.R.N. Projects and Trading Ltd. (TASE: MLRN) | Chairman | Current | Public company board |
| CLAL Insurance Enterprises Holdings Ltd. (TASE: CLIS) | Director | Current | Public company board |
| Rav-Bariach (08) Industries Ltd. | Director | Retiring effective May 1, 2025 | Public company board; retirement notice submitted |
| Sonol Israel Ltd. | Director | Current | Private company |
| Tel Aviv University | Chairman, Investment Committee | Current | Governance role |
| Selected prior boards (past 5 years) | Director/Chair roles | No longer serving | Akerstein, Fritz Companies Israel (chairman), Alrov (Israel), Geregu Power, Harel Insurance (committee chair), Calcalit Jerusalem, Tempo Beverages, Protalix BioTherapeutics (NYSE: PLX) |
Board Governance
- Independence: The Board determined all director nominees other than the Chairman (Isaac Angel) are independent; Granot is independent .
- Committees (2024): Nominating & Corporate Governance (member), Investment Committee (Chair), Sustainability Committee (member) .
- Lead Independent Director: Stanley B. Stern serves as Lead Independent Director (Chair and CEO roles are separated) .
- Meeting cadence and attendance: In 2024 the Board met 7 times; Audit 6; Compensation 4; Nominating & Corporate Governance 2; Sustainability 2; Investment 1. No director attended fewer than 75% of Board and relevant committee meetings; directors were expected to attend the annual meeting and executive sessions are held regularly .
- Term limits: Ormat has a 15-year director term limit; Granot’s tenure (since 2012) is within policy .
| Committee | Role | Meetings in 2024 |
|---|---|---|
| Nominating & Corporate Governance | Member | 2 |
| Investment Committee | Chair | 1 |
| Sustainability Committee | Member | 2 |
Fixed Compensation (Director)
| Component | FY2024 Amount/Structure | Vesting/Notes |
|---|---|---|
| Cash Fees (Board + Committee) | $105,000 | Reflects annual board retainer and committee chair/member fees |
| RSU Annual Grant | $120,000 grant-date fair value | RSUs vest in full on the first anniversary of grant |
Program changes for FY2025: Annual equity grants for non-employee directors increased to $130,000; chair retainers increased to $25,000 (Audit), $15,000 (Nominating & Governance), $20,000 (Compensation), $12,500 (Sustainability), $12,500 (Investment) .
Performance Compensation (Director)
| Equity Type | Performance Metrics | Weight | Vesting |
|---|---|---|---|
| RSUs (Director annual grant) | None (time-based only) | 100% | Vest in full after one year |
Ormat’s performance-based PSU constructs (TSR/MW) apply to executives, not non-employee directors; director equity is time-based RSUs .
Other Directorships & Interlocks
- Current public company boards: Bezeq, M.L.R.N. (Chairman), CLAL Insurance; retiring from Rav-Bariach effective May 1, 2025 .
- Policy constraints: Ormat’s overboarding guideline limits directors to four public company boards (including Ormat). Granot’s planned retirement from Rav-Bariach reduces his board commitments and mitigates potential overboarding risk .
Expertise & Qualifications
- Education: BA in Economics; MBA, Hebrew University .
- Core expertise: Management, banking, financial oversight; chairs Ormat’s Investment Committee overseeing hedging and investment policies .
- Sustainability oversight: Member of Sustainability Committee (formerly ESG), reviewing environmental performance and climate-related risks .
Equity Ownership
| Item | Amount |
|---|---|
| Beneficial Ownership (Common Stock) | 6,188 shares; less than 1% of outstanding (*) |
| Unvested RSUs (as of 12/31/2024) | 1,753 |
| Options/SARs | None outstanding |
| Shares Outstanding (reference) | 60,610,141 (as of 3/12/2025) |
Company policy prohibits directors, officers, and employees from hedging or pledging Ormat stock (anti-hedging/anti-pledging), supporting alignment with shareholders .
Related-Party Exposure
- The proxy’s related party transactions section details ORIX’s historical agreements and the December 2024 secondary offering that terminated ORIX governance and cooperation rights; no transactions involving Granot are disclosed in FY2024 .
Insider Trades
| Date | Type | Shares | Price | Notes |
|---|---|---|---|---|
| Not disclosed in proxy | — | — | — | Form 4 transactions for directors are not included in the DEF 14A; none specific to Granot disclosed therein . |
Say-on-Pay & Shareholder Feedback (Context)
- 2024 say-on-pay approval: Approximately 86% support (excluding broker non-votes), indicating investor alignment with compensation practices; Compensation Committee considered stockholder feedback and maintained program structure .
Governance Assessment
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Strengths:
- Independent director with deep financial and risk oversight experience; chairs Investment Committee that reviews hedging and investment policy .
- Active sustainability oversight via Sustainability Committee membership, aligning with Ormat’s ESG focus .
- Transparent director pay structure with modest cash retainer and time-based RSUs; anti-hedging/anti-pledging policy reinforces alignment .
- Attendance: Board and committee meeting participation across directors met thresholds; executive sessions held regularly .
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Potential risks/RED FLAGS:
- Overboarding vigilance: Ormat’s guideline caps at four public boards; Granot’s planned retirement from Rav-Bariach (effective May 1, 2025) reduces public board count and mitigates potential overboarding concerns .
- No related-party transactions disclosed involving Granot; continued monitoring advisable given multiple external board roles, including in energy and financial sectors .
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Signals for investors:
- Committee leadership in investment/hedging enhances oversight of financial risks and derivatives exposures, a positive governance signal for capital allocation discipline .
- Board independence, separated Chair/CEO, and Lead Independent Director structure support robust oversight .
- Director compensation changes in 2025 modestly increase chair retainers, reflecting workload while maintaining primarily fixed-plus-time-based equity mix .