Regulatory Alerts2021-12-12
Remuneration Policy in a Banking Corporation
The Bank of Israel's Banking Supervision Department, through Supervisor of Banks Yair Avidan, has amended Proper Conduct of Banking Business Directive no. 301A concerning remuneration policy in banking corporations. The main amendment revises Section 9(e) to establish that the internal audit function shall examine the implementation of the remuneration policy at least once every three years, extending it from the previous two-year frequency. This change, effective upon publication, was made in view of experience accumulated since the directive's initial release and aims to focus the internal audit function more effectively.
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