Regulatory Alerts2022-01-18
Amendment to Proper Conduct of Banking Business Directive No. 301 Regarding Gender Representation on Boards of Directors
The Banking Supervision Department of the Bank of Israel amended Proper Conduct of Banking Business Directive No. 301 to mandate proper gender representation on the boards of directors of banking corporations and credit card companies. The amendment requires these entities to establish a board policy defining gender diversity targets, including specific milestones and timeframes for achievement. Additionally, banking corporations must report to the regulator if their board composition falls below the established minimum gender diversity percentage due to circumstances such as director replacements.
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