S&P Maalot Israel CEO: Capital market needs more women

Ronit Harel Ben Zeev is CEO of S&P Global Ratings Maalot – the Israeli branch of the international ratings agency. She is married with seven children.

Childhood and family: I was born in Haifa to a family of lawyers. My parents were lawyers and my grandfather was a district judge in Haifa. At a relatively young age, we moved to Herzliya in the center of the country, when my father was appointed legal advisor to one of the major banks. Neither my brother, who is a doctor, nor I continued the family tradition.

Economics or aesthetics: From childhood, I was exposed to the world of economics in general and the capital market in particular, because my father was the legal advisor to Discount Bank. But I dreamed of a career in fields more related to aesthetics, especially architecture.

First involvement in the stock market: During the Yom Kippur War, when I was 14, the schools were closed and I volunteered to work at the Tel Aviv Stock Exchange. I quickly fell in love with the dynamism of the trading floors. I returned to work at the stock exchange for a few months, at the age of 17, after graduating high school.

Army and studies: I started out in the army’s Center for Computing and Information Systems and afterwards moved to managing the office of the IDF’s deputy head of manpower. It was a very interesting service. After I was discharged I studied for a degree in economics and business administration at Tel Aviv University.

Back to the stock exchange for the third time: After graduation, I became a full-time employee of the Tel Aviv Stock Exchange. It was a very meaningful place of work for me, for more than 20 years. For about 15 years, I served as senior vice president, director of the economic department. The stock exchange at that time was very different. I think everyone who worked there has a positive memory of the magic of the trading floors, the dynamism, the noise and the hustle and bustle.

From the trading floor to the computer: Without a doubt, the transition to computerized trading systems was one of the most significant changes, which improved the speed of transactions, enabled increased activity and increased investors’ accessibility to the capital market – but there was also an emotional element in the closing of the floors.

S&P Maalot: I had a deep and close acquaintance with the capital market in all its aspects, and it was only natural for me to want to diversify and advance to the position of CEO. So when S&P approached me, it was a great fit for me, partly because it is a global company, one of the most significant entities in global and domestic economic activity.

About the company: Maalot was established more than 35 years ago at the initiative of the Israel Securities Authority, banks and other stock exchange members and was the first rating company in Israel. In 2008, it was acquired by the world’s largest rating company S&P and has since been an integral part of the international rating company S&P Global Ratings, which rates debt worth approximately $46 trillion and operates in 128 countries.

State of the economy: The latest data on Israel’s economic performance in 2024 is slightly more positive than predicted, partly due to the fact that the government has injected large amounts of money to stimulate economic activity. However, the outlook for 2025 is for low growth compared to potential, and the deficit and debt-to-GDP ratio are still high. Despite geopolitical uncertainty, which has diminished, the bottom line is that even after two rating downgrades, Israel’s outlook remains negative and reflects relatively high risks.

Real estate deals: Marketing campaigns, such as 80-20 (20% equity now and 80% on occupation when construction is completed), reflect a significant financial value, which is not necessarily reflected in the housing price index. We believe that benefits that were not priced into the sales price are reflected in slower cash flow and erosion of companies’ profitability. The ongoing shortage of manpower and the increase in the cost of raw materials and construction products are also increasing pressure on profitability. In general, the risk in the industry increased with the outbreak of the war. In the context of financing agreements, we see a high commitment by mortgage holders to meet repayments over the years. Currently, in the base scenario, the unemployment rate remains low and the economy is returning to a growth path. We do not see a risk of extreme developments.

A minority of women:Maalot has always been managed by women. I am the third CEO. Although I personally did not experience the glass ceiling, I have been exposed to discrimination against women in employment and career. The most striking example is the small number of women in key positions in the capital market and in central financial institutions. Almost a decade ago, there were female CEOs of large banks (Leumi, Discount and First International), the Governor of the Bank of Israel, the Supervisor of Banks, the Chairman of the Securities Authority, the Supervisor of the Capital Market, the Director General of the Ministry of Finance, today all of these positions are filled by men. It is clear to me that this is not a coincidence and perhaps it is part of a broader process.

Looking to the future: The dramatic development in AI will also have a great impact on the capital market. This revolution will require many adjustments, the full scope of which is difficult to see, and I hope to be part of them. On a personal level, I look forward to expanding my activities in the fields of the third sector.

Published by Globes, Israel business news – en.globes.co.il – on March 3, 2025.

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