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34 BUSINESS STRUCTURE with respect to the approval of specific transitions that are more common and dynamic. ♦ In view of the global trend to establish the concept of corporate social responsibility (CSR), since 2001 publicly traded corporations are required to report on their social contribution policy in the directorate statement. ♦ In light of the increasing importance attributed in the last years to risks management, new regulations were published in 2002 compelling companies to disclose information regarding exposure to market risks, including quantitative information. In addition, the Israeli Knesset (Parliament) amended, at the end of 2006, the Regulations in accordance with the "Second GALAI Committee" resolutions. The Amendment obligates companies to file annual and periodic reports integrating accounting regulations and Board reporting disclosure requirements. This implies that corporate reports will reflect the exposure of companies to market risks and risk management. The said Amendment includes 2006 reports as well. ♦ In 2003, the Israel Securities Authority published new guidelines requiring companies to publish information with respect to the number of directors who possess accounting and financial skills. Each company should assign a minimum number of such directors, bearing in mind its size, operations, etc., and disclose this number in its annual reports and whether the current board of directors complies with it. ♦ Other new guidelines published in 2003 by the Israel Securities Authority concern significant valuations. Companies are required to attach to their financial reports each valuation applied to determine the value of an asset, liability, engagement, capital or activity considered to be of significance to the company's business. Furthermore, there is a requirement for disclosure regarding the work contracted to the appraiser and the method and information forming the basis of the valuation. ♦ In 2004 the Israel Securities Authority published new amendments to the Securities Law, in accordance with the Barneah Committee. Those new amendments are based BDO Israel
BDO Israel DOING BUSINESS IN ISRAEL mainly on the American SEC. The Barneah Committee's recommendations include: simplification of the structure and size of IPO’s, comparison of reporting and liability levels in annual reports to those common in IPO's, creation of a clear and written structure for the section describing the company’s business, its ability to provide information vis-àvis data already published and as well as projected data. Adoption of the new adjustments will create a revolution in the reporting procedures applied by public companies in Israel. It will also facilitate recurrent public offerings and simplify the integration of Israeli public companies in international markets. ♦ New regulations were published in 2005, to simplify the procedure of issuing new shares to the public, for the benefit of public companies whose shares are already listed on the stock exchange. Subject to certain conditions, essentially concerned with the listed company’s adherence to obligations under the Securities Law and Regulations, the company is entitled to issue new shares by publishing an off-the-shelf prospectus. ♦ In 2007, the Israeli Securities Authority ratified the recommendations submitted by the "Goshen Committee"- a Corporate Governance Inspection Committee defining the level of disclosure public companies are obligated to provide pursuant to the Securities Law. Based on the said Committee's resolutions, the Securities Authority approved the outline of disclosure requirements to be included within the Securities Law. This applies to corporate articles of association and decisions made by companies' relevant agents, all in regard to corporate governance and as provided by the Companies Law. Appropriate corporate governance provisions will be compiled in an Addendum to the Companies Law, entitled: "Public Companies' Recommended Corporate Governance Provisions". Once these are published, companies will be obligated to address them as well. Furthermore, the Securities Authority and Justice Ministry have granted their consent to the Committee's 35
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Page 7: 7. INVESTMENT INCENTIVES AND TRADE
Page 10 and 11: 8 THE ISRAELI ECONOMY IN 2010 The I
Page 12 and 13: 1.2.4. Fiscal Developments 10 THE I
Page 14 and 15: 12 THE ISRAELI ECONOMY IN 2010 1.2.
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Page 18 and 19: 16 ISRAEL - GENERAL OVERVIEW Israel
Page 20 and 21: 2.4. ISRAEL’S CURRENCY 18 ISRAEL
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Page 24 and 25: 22 OVERVIEW OF ISRAEL’S HIGH-TECH
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Page 54 and 55: 5.2. ANTITRUST LAW 52 BUSINESS ENVI
Page 56 and 57: 5.3. INTERNATIONAL TRADE 54 BUSINES
Page 58 and 59: 5.4. TRADE AGREEMENTS 56 BUSINESS E
Page 60 and 61: 5.5. PROPRIETARY RIGHTS 58 BUSINESS
Page 62 and 63: 60 ACCOUNTING AND AUDITING PERSPECT
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84 INVESTMENT INCENTIVES AND TRADE
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106 TAXATION Under the recent tax r
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108 TAXATION (d) More than 50% of o
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110 TAXATION 8.2.2.6. Dividends Rec
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112 TAXATION (3) Location of fixed
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114 8.2.3.4. Rental Income from Out
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116 TAXATION "Accommodating Year”
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118 TAXATION "Privileged Securities
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120 TAXATION 8.2.4.3. Tax exemption
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8.3.4. Sale of Stocks 122 TAXATION
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124 TAXATION 8.3.7.3. Setting-off C
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126 TAXATION ♦ According to the r
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8.5. TAXATION OF TRUSTS 128 TAXATIO
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8.6.1. Definitions: 130 ♦ Israeli
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132 5) Certain services rendered to
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8.8.6. Real Estate Companies 134 TA
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8.10. TAX TREATIES 136 TAXATION As
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138 Dividends % Interest % TAXATION
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140 FOREIGN EXCHANGE CONTROL AND PR
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10.3. ISRAEL LAND ADMINISTRATION OF
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11.2. KEY FIGURES FOR DECEMBER 31,
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Example A NIS Example B NIS APPENDI
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APPENDIX 2 Industrial enterprises m
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Ministry of Justice 29 Tsalch Adin
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Israel - US Binational Industrial R
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BRAZIL Embassy of Israel S.E.S Av.
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ECUADOR Embassy of Israel Av. La Co
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IVORY COAST (COTE D’IVOIRE) Embas
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PANAMA Embassy of Israel Edificio P
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THAILAND Embassy of Israel Ocean To
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REPUBLIC OF THE FIJI ISLANDS Embass
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