Corporate Governance – Strauss Group

As of the end of 2020, the Strauss Group Board of Directors had 12 members, of which seven are women. None of the members of the board have ever served as a manager in Strauss Group. Besides the Chairperson of the Board, eight directors were defined by the company as having expertise in accounting and finance as per the company’s regulations.

In 2020, one director resigned, and one director was appointed to the Board of Directors of Strauss Group. There are three external directors on the board, and one additional independent director, so the number of independent directors who serve in the company stands at four. The need to recruit members of the Board is an opportunity to add new skills and to create a diverse, optimal composition. The task of selecting and appointing a director is an ongoing process, which focuses not only on recruiting the specific director, but also on assessing the composition of the entire board. The aim of this process is to ensure that at any given time, the Board of Directors is comprised of members with diverse capabilities and talents, who are able to efficiently cope with the business and strategic opportunities, and the challenges facing Strauss Group. The recruitment process takes place with full transparency towards the stakeholders, and includes internal and external communication of the process, and of the profiles we are looking for. In order to expand the search parameters to bring about greater diversity in the composition of the board, we contact a wide range of stakeholders including leaders in various sectors, as well as using the services of specialized recruitment agencies. The newest members of the board, who was appointed in 2020, brought with her extensive experience in the fields of strategy, technology, marketing and global management.

In addition to our processes regarding the composition of the board, we work intensively in the field of director training, from on-boarding new directors to enrichment and updating processes for incumbent directors to ensure that they become very familiar with the company, the business environment in which it operates, and the demands and expectations we have of them.

With the goal of assessing and improving the effectiveness of the board’s work, we carry out self-assessment processes. In 2020, we performed a self-assessment process guided by an expert consultant from the US. The process examined the effectiveness of the work of the board, the committees, and the leadership of the chairperson of the board. As a product of the process, an action plan to improve the effectiveness of the board was formulated.

For more information about our new board members, please see our website: https://www.strauss-group.co.il/aboutus/board_of_directors/

For more information about the Board of Directors, please see our website: https://www.strauss-group.co.il/management-2/board-committees-rules/

The members of the Board of Directors are constantly updated about the Group’s activities, and are familiar with our work and business status, so that they can effectively contribute to the creation of value for the Group and its stakeholders in the long term. In 2020, as a result of the constraints of the Corona crisis, the board’s activities were mainly carried out on digital platforms. In a period of uncertainty and rapid changes, continuous on-time reporting and updating are extremely important. We improved the organization’s administrative reporting systems, including increasing the scope and frequency of updates to the board, in order to give the board a broad picture of the developments both within and outside the company. The board stepped up to support and assist the management. We set up an ad hoc committee of the Board of Directors to closely assist the management in every aspect of the crisis – risk management, assessments and updating the company’s work plans, protecting the health of the employees, HR, and cashflow management. In addition, we increased the frequency of board meetings in order to enable the board to be involved and to keep a close eye on developments. At the same time, the way the Board of Directors operates is different. The committees’ work plans were updated in order to focus on issues related to the crisis, and for some of the committees, the frequency of meetings was increased, so, for example, the Control Committee made changes to its annual work plan with a supplementary audit of the crisis management. 

This activity supports 3 of the UN Sustainable Development Goals

  • Gender Equality (5)
  • Industry, Innovation and Infrastructure (9)
  • Peace, justice and strong institutions (16)