Audit committees members

Background

In recent years, the number of suits filed against directors and senior officers of companies in the U.S. and around the world has risen. Directors are aware that if they do not act in good faith for the good of the Company, they may face lawsuits in civil actions and possibly even in criminal proceedings. At present, the saying "shoot first and ask questions later" is prevalent when it comes to suits against directors. The increase in the number of lawsuits derives from the additional liability of officers and directors, with the leading targets being members of the audit committee. The Sarbanes – Oxley Act, the recommendations of the Goshen Committee and the regulations issued by the regulators in Israel have added considerable liability to this group of people.

Goals of the program

The major goal of the program is to enrich the knowledge of members of the audit committees at public companies, regarding the means at their disposal to assist them in conforming to the requirements they face as directors. Fahn Kanne Control Management Ltd. has taken notice of the need of directors to obtain in condensed and ongoing format the relevant information they need and, as a result, we have launched an enrichment program.

The program is designed for directors who are members of the audit committee.

As part of the enrichment program:

We will hold meetings of directors from Israel's leading companies, in the format of a breakfast club, at which lectures will be given on professional issues that relate to the work of the audit committee.

Special lectures will be given on professional issues that crop up at board meetings or meetings of the audit committees of the participating companies.

Professional material will be circulated to the participants in order to assist them with their ongoing work.

For additional information, contact Galia Ron: Galia.Ron@il.gt.com