Directors and Other Senior Corporate Officeholders

Contending with the challenges of holding positions of personal responsibility in the highest echelons of business and public sector organizations

Academic Director: 
Professor Joseph Gross

At no other time in history has such great importance been attached to the role of directors and other senior corporate office holders, and the attendant responsibility that they bear.  At the same time, the role of the director has never been so challenging and appealing.  The fact that recently 14,000 people have applied to the Israeli Government Companies Authority requesting to be included in its roster of directors is witness to these contentions.

The perception of the role of the director has changed substantially in recent years.  In the words of the Supreme Court:  “To be a director means to fill a central role in the company.  To be a director means taking all the steps that a reasonable director would take in order to play a meaningful role in the company”.  This set a new standard for the rank of director.  The behavior of the director was not to be determined by the criteria attaching to the behavior of the reasonable individual but by the criteria attaching to the behavior of the reasonable professional.  Consequently, amongst its recommended precepts, the latest amendment to Israel’s Company Law stipulates the obligation of the company to make sure to institute a training program for new directors and continuing training programs for incumbent directors.  These are programs that LAHAV Executive Development has been conducting for many years, and which recently have taken on a legal facet.

A direct outcome of the changing perception of the role of directors and senior officeholders has been the ever-growing number of class action and associated claims against them, and their actions are being examined closely by potential plaintiffs seeking reasons to bring them to court.  

These developments require comprehensive training and ongoing updating. LAHAV Executive Development has been conducting training programs for directors and senior officeholders for the past 38 years.  In the last year alone it conducted six regular ongoing programs and three special programs for senior officeholders from Israel’s Ministry of Finance and other government offices. The hundreds of participants in these programs, who hold senior positions in the business and public sectors, will be happy to describe just how much the training they received has contributed to improving the way they function in their roles.  

Target Group:
The program of studies, which is updated annually, is the leading and most prestigious quality framework for training directors in Israel.  It is designed for directors, CEOs, senior officeholders in the public and private sectors, legal consultants, accountants, internal auditors, corporate secretaries and managers.  Senior officeholders in the world of management take part in these training programs, within the LAHAV framework.  

Aims of the Program:
To train directors and senior officeholders to contend with the new challenges that they face in functioning in corporations and in appropriately managing corporate affairs 
To acquaint participants in the program with the new regulatory requirements and to update them on the developing trends in corporate governance
To develop the relevant and advanced capabilities and expertise to manage a board of directors, to supervise and control corporate functioning.

The Main Subjects of Study:
The board of directors of the 21st century The constraints on today’s board of directors The triangle of power in the corporation: shareholders, board of directors, and CEO The obligations and rights of the director  The obligation to exercise due diligence and to acquire due diligence expertise  The obligation of trust and confidence Compensating officeholders The ways in which the board of directors functions, challenges, dilemmas and solutions Safeguarding the bearing of responsibility, insurance, indemnity, immunity, adoption of an ethical code Transactions of controlling shareholders ▪ Relations between the chairperson, director and CEO The structure of a mixed board of directors Auditing and control The accountant and the internal auditor Accounting methods The internal auditor Supervision by the board of directors through the auditing entities Acting through committees Risk management The implications of the International Financial Reporting Standards (IFRS) Reading financial reports Analyzing financial reports and financial ratios Criminal responsibility The external director Case studies
Simulations of board meetings The government company

Academic Director:
Professor Joseph Gross, Chairman of the Union of Directors in Israel, an expert in corporate governance, corporate law and securities, professor emeritus at Tel Aviv University.  He was a member of the Barak Committee, which was responsible for redrafting Israel’s Company Law.  He has recently published two editions of his book Directors and Officeholders in an Era of Corporate Governance, has a broad academic background, is the author of 15 books and hundreds of articles in his area of expertise, has a rich background of membership in dozens of boards of directors, in public committees and in consulting to many companies in the Israeli economy.

Among the High-Caliber Lecturers:
Professor Joseph Gross Ms Regina Unger, CPA Dr Shlomo Ness, CPA, LL.B.  Professor Moshe Zviran Mr Nir Zichlinsky, CPA Ms Esther Koren, LL.B., CPA Ms Kinneret Ratzon-Pikovsky, LL.B. Ms Sarit Levitan, LL.B. Dr Eli Buckspan  Professor Orly Yehezkel ▪ Professor Dan Weiss and other CEOs.

 

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