A committee of the Israel Securities Authority on Wednesday recommended implementation of a corporate governance code in Israel aimed at preventing accounting scandals and integrating Israel into the global market.
"The code puts in place procedures to provide investors with greater confidence and transparency," said Moshe Terry, chairman of the ISA. "The added level of compliance can reflect directly in the share price of the company, the liquidity of its stock and the cost of capital."
The Goshen Committee, which is responsible for formulating a corporate governance code for Israeli publicly traded companies, published its recommendations stipulating changes to the structure of the board of directors, improved disclosure of financial information and establishment of a securities and corporate court.
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