Judge Heshin will replace retired District Court Judge Moshe Gal, who notified the Governor of the Bank of Israel on March 3, 2020 that he would like to step down from the position upon the excepted completion of the process for appointing banking corporation directors for 2020. Following his request, the Governor approached the then-Minister of Justice on March 10, 2020 with a request to propose a candidate to serve as the new chairman of the committee, as required by law. Two other currently serving committee members are Prof. Momi Dahan, and former Deputy Attorney General Orit Koren.
According to the law, the committee includes five members. The permanent members are the Chairman—a retired Supreme Court or District Court judge proposed by the Minister of Justice after consulting with the President of the Supreme Court, and two members who are economists or senior academic staff at institutes of higher education in fields related to the matter, or who have been such academic staff members, proposed by the committee chairman in consultation with the Chairman of the Israel Securities Authority. The temporary members are two serving external directors of the specific bank being discussed by the committee, proposed by the permanent members of the committee in consultation with the Supervisor of Banks.
The committee’s functions include proposing candidates to the Shareholders Meetings of banks without a controlling core to serve as directors. For the interface system operator (Shva) the committee’s function, under certain conditions is to propose to the Shareholders Meeting most of the members who will serve on the Board of Directors.