Pursuant to the Bank of Israel Law, the Supervisory Council, among the functions of which is to supervise the proper and efficient functioning of the Bank, shall consist of seven members: the Governor of the Bank of Israel, the Deputy Governor of the Bank of Israel, and five members from among the public, one of whom serves as Chairman of the Council.


On December 28, 2017, three new members from among the public were appointed to the Supervisory Council: Prof. Yehoshua (Shuki) Shemer, who serves as Chairman of the Council, Ms. Sagi Eitan, and Prof. Efraim Sadka.  A search committee led by Adv. Yehoshua Lemberger decided, after consulting with the Governor, to recommend to the government that two additional members from among the public be appointed: Prof. Yifat Biton, and Accountant Naim Najjar. These recommendations come after the Senior Appointments Advisory Committee led by retired Judge Bilha Gilor found the candidates to be fit for service.  The Government accepted the committee’s recommendations, and the appointments are effective as of April 19, 2018. The appointments will be valid for a term of four years. 


Prof. Yifat Bitton – Professor in the Stricks Law School at the College of Management’s academic track.  Prof. Bitton is a graduate of the Hebrew University of Jerusalem and of Yale University. She is a researcher in the field of law and society, equality and distributive justice. Her articles in the field have been published in Israel and abroad.  She has tremendous experience in a variety of positions in the public services, including as Chairperson of the “Tmura Center”, which works to advance equality for weaker population groups; she was among the founders of the “Noga Center”, which provides legal counsel to victims of crime; and she was a member of a variety of public committees.  Prof. Bitton is among a select group of directors from the Government Companies Authority, and currently serves as Director and Chairperson of the Audit Committee of the “Oil and Energy Industries Ltd.” government company.


Naim Najjar, CPA – An accountant and co-manager of the Gerst, Sadeh, Kirzon, Najjar accounting firm in Haifa. He has vast experience in conducting audits of local authorities, public entities, government companies, and private businesses, and has worked as a tax consultant, a financial advisor, an analyst of financial reports, and has provided guidance for rehabilitating companies.  In addition, he serves as Chairman of the Board of Directors of the El’in Regional Water and Sewage Company, and has filled other positions in public entities and organizations.  Mr. Najjar holds a Bachelor’s degree in Accounting and Economics from the Hebrew University of Jerusalem, and a Master’s of Business Administration from the University of Haifa.



The Governor of the Bank of Israel, Dr. Karnit Flug, thanked the members of the search committee and the Senior Appointments Advisory Committee, and noted that with the completion of the appointments of members from among the public, The Supervisory Council now has a quality group of members with tremendous knowledge and experience in a variety of relevant fields in both the public and private sectors, which will bring tremendous value to the administrative decision making process at the Bank of Israel.