Fischer appoints Bank of Israel new audit committee

This will be the first time that the committee has included external members since 2005.

Governor of the Bank of Israel Prof. Stanley Fischer yesterday appointed a new audit committee which will include external member for the first time since the committee was established in February 2005. The committee will be chaired by Deputy Governor Prof. Zvi Eckstein, and it will have four members: Bank of Israel General Counsel Adv. Varda Lusthaus, Bank of Israel Chief of Staff to the Governor Gabi Fiszman, former Tel Aviv Stock Exchange (TASE) chairman Prof. Yair Orgler, and Prof. Nina Zaltzman of the Faculty of Law at Tel Aviv University. Bank of Israel Internal Auditor and Ombudswoman Shula Mishli will not sit on the committee.

The role of the audit committee is to carry out efficient and ongoing auditing of bank activity, review the bank’s internal audit programs, follow up auditing activity, and review reports and results.

The Bank of Israel said that an auditing committee consisting of internal staff members only had been operating since February 2005. Under the new Bank of Israel bill, the bank will have an auditing committee consisting of external members.

Published by Globes [online], Israel business news - www.globes.co.il - on February 19, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

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