On February 17th, 2016, Amendment 27 to the Companies Law (the “Amendment”) was published in the records.

Within the framework of the Amendment, provisions of the Companies Law dealing with the following matters were amended: (i) the conditions under which the Audit Committee may act as the Compensation Committee; (ii) the majority required to authorize the chairman of the board of directors of a public company to hold the position of CEO; (iii) the appointment of non-Israeli residents as external directors; and (iv) the holding of office by external directors in a bond company that becomes a public company.