The Israeli corporate governance landscape is characterised by ownership concentration and family control of a significant number of listed companies. Recent research has estimated that three-quarters of Israeli listed companies (of a total of 640) are controlled by family or individual interests. Institutional investors accounted for 18% of market capitalisation, foreign investors for 17% while government ownership accounted for only 1% of market capitalisation. While the role of the state in capital markets has been on the decline, the role of institutional bodies has grown. The free float on the Tel-Aviv Stock Exchange (TASE) is limited (31% in 2007), despite efforts to increase it. The tendency toward a concentrated ownership structure applies to even the largest listed companies.