Regulatory Alerts2017-07-05
Added
Revision of Proper Conduct of Banking Business Directive No. 301 on Board of Directors
The Bank of Israel revised Proper Conduct of Banking Business Directive No. 301 to enhance the effectiveness and professional qualifications of the Board of Directors in banking corporations and credit card companies. The amendments reduce the maximum board size to ten members, increase the required share of directors with banking experience to one-third for banks, and mandate at least one director with proven technology experience. The revision also introduces a requirement for the board to set a maximum term policy for the Chairperson, replaces residency requirements with Hebrew fluency, and allows for the delegation of certain resolutions to board committees without mandatory plenary ratification.
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