To view this press release as a Word file



The Governor of the Bank of Israel, with the authority granted him under the Banking Laws, appointed the three permanent members of the Committee to Propose Candidates and Appoint Directors of Banking Corporations. Supreme Court Justice (retired) Ms. Ayala Procaccia was appointed Chairperson. The other two Committee members who were appointed are former Minister and MK Mr. Haim Oron and former Israel Antitrust Authority director general Dror Strum.




In a March 2012 amendment to the Banking Laws it was established that the Governor of the Bank of Israel will appoint a committee for the appointment of directors at banking corporations. The committee has two roles: at banks without a controlling core, its role is to propose candidates to serve as directors at shareholder meetings. In addition, at all banks (whether or not there is a controlling core), the committee's role is to appoint directors under certain circumstances.


Under the law, the Committee consists of 5 members. The permanent members are the Chairperson—a retired Supreme Court Justice or District Court Judge, and two others who are from the business or economic sectors, or who are leading senior academics at institutions of higher education in fields which are relevant to the issue or who were in such positions. The revolving members are two directors who serve as external directors at the specific bank which is the subject of the Committee's meeting. (That is, they are external directors under the Companies Law or external directors under the Proper Conduct of Banking Business Directive—Board of Directors, issued by the Supervisor of Banks.)


Since March 2012, when the Banking Laws were amended, until the current appointments, a Committee functioned in accordance with the transition directive. That Committee was chaired by District Court Judge (retired) Ms. Shulamit Wallenstein, and included Mr. Nachman Ratner and Mr. Moshe Shalit.




Governor of the Bank of Israel Prof. Stanley Fischer and Supervisor of Banks David Zaken thanked the outgoing committee members for their dedicated work. The Governor and the Supervisor of Banks also thanked the incoming members of the committee for taking on their role, and wished them success in their task.