Pursuant to the Bank of Israel Law, the Supervisory Council, among the functions of which is to supervise the proper and efficient functioning of the Bank, shall consist of seven members: the Governor of the Bank of Israel, the Deputy Governor of the Bank of Israel, and five members from among the public, one of whom serves as Chairman of the Council.


Since the departure of Mr. Don Propper, who served as Chairman of the Council, in September 2014, the Supervisory Council has operated with a diminished composition.  In October 2017, the terms of all members from among the public on the Supervisory Council, which was chaired by Mr. Uri Galili, came to an end.


A search committee led by Adv. Yehoshua Lemberger decided, after consulting with the Governor, to recommend to the government that Prof. Yehoshua (Shuki) Shemer, Ms. Sagi Eitan, and Prof. Efraim Sadka be appointed to the Supervisory Council as members from among the public.  These recommendations come after the Senior Appointments Advisory Committee led by retired Judge Bilha Gilor found the candidates to be fit for service.  The Government accepted the committee’s recommendations today, and the appointments are now in effect. The appointments will be valid for a term of four years.  In the coming weeks, the process for appointing two additional members from among the public will continue, and those appointments will also be brought to the government for approval.


In view of this, the following members from among the public will now serve on the Supervisory Council, in addition to Bank of Israel Governor Dr. Karnit Flug, and Deputy Governor Dr. Nadine Baudot-Trajtenberg:


Prof. Yehoshua (Shuki) Shemer (Council Chairman) – Professor Emeritus in the Sackler Faculty of Medicine at Tel Aviv University, and previously a senior lecturer in the university’s Faculty of Management and an expert in medical administration.  Prof. Shemer currently serves as Chairman of the “Assuta” network of medical centers, and as a director of leading companies in the economy.  Prof. Shemer has previously served as Director General of the Ministry of Health, Deputy Director General of Maccabi Health Services, and Chief Medical Officer of the IDF.


Ms. Segi Eitan – An accountant with a Bachelor’s degree in Economics and Accounting from Bar-Ilan University, and graduate of the Advanced Management Program at the Harvard University School of Business.  Ms. Eitan currently serves as CEO of the Property and Construction company, Chairperson of MATAM, and Chairperson of Gav Yam Negev.  She has previously served in management and auditing positions at various companies.


Prof. Efraim Sadka – Professor Emeritus at the Eitan Berglas School of Economics at Tel Aviv University.  Prof. Sadka currently serves as a director at leading companies in the economy, and has previous served as Chairman of large corporations, and in various positions in academia, as well as a member of many public committees.  Prof. Sadka has published numerous books and scholarly articles in the international professional literature in area of macroeconomics, taxation and welfare.


The Governor of the Bank of Israel, Dr. Karnit Flug, welcomed the government’s decision to appoint the members from among the public to serve on the Supervisory Council, and thanked the members of the search committee and the Senior Appointments Advisory Committee for their professional and thorough work over the past few months.  The Governor noted that the members appointed to the Supervisory Council have tremendous and varied experience in management in both the public and private sectors, and bring with them knowledge and experience that will contribute to the administrative decision-making process at the Bank of Israel.