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Proposed Amendments to the Israeli Companies Law: Corporate Governance |
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By Adv. Yael Navon and Moshe Abady
The Israeli Companies Law, which was enacted in 1999, included various orders related to corporate governance. However, since the law was enacted, corporate governance principles have been developed throughout the world. In 1999 the Organization for Economic Co-operation and Development (the OECD) published its principles of proper corporate governance. Various countries have adopted the OECD principles by publishing codes on corporate governance and by legislation.
In December 2006 a committee which was established by the Israel SEC to examine the issue (the Goshen Committee) published its findings and recommendations.
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Banks' Level of Exposure Towards Clients & Third Parties |
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Israeli statutory law relates to the banks as powerful and proficient entities which have the advantage over the typical client, and therefore imposes on the banks a series of specific and general duties towards their clients. According to the Banking Law (Service to Customers) - 1981 the bank owes special duties towards its clients such as: a duty of proper disclosure of the services provided by the bank and of the banking commission charged, a duty not to mislead, a duty not to take advantage of language barriers or of a client in mental or physical distress, etc.
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