Latest Updates / Corporate Governance and ESG

July 6, 2023

Conference: ESG – What’s the Story?

Our firm hosted a morning workshop of experts from the ESG and sustainability field. Dr. Zvi Gabbay lectured on the legal angle of ESG. Michal Weiss, the ESG manager at Doral, discussed how to undertake ESG activities within an organization. Hagit Genish Gil lectured on how to make ESG activity suitable for a large organization. Michal Gat, the CEO of Titan, closed the event with a lecture on how to build a branding story that is right for a company’s activities.

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April 24, 2023

Tel Aviv Stock Exchange Publishes ESG Questionnaire

The publication of the questionnaire aligns with global trends and reflects the importance of this subject for investors. According to the TASE press release, only 70 companies currently publish full ESG reports.

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April 18, 2023

Greenhouse Gas Emissions: Scope 1, Scope 2 and Scope 3

The monitoring of greenhouse gas emissions is not only important for protecting environmental quality, but it also offers commercial benefits, such as monitoring energy and supply chain expenses and participating in carbon emissions trading markets.

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March 15, 2023

The Israeli Arrangements Law of 2023-2024: Significant Harm to Environmental Quality

Notwithstanding growing awareness and the measures being taken to reduce greenhouse gas emissions (as part of Israel’s commitment under the Paris Agreement), the emerging Arrangements Law could cause a regression in environmental legislation and hinder efforts to protect Israel’s population from environmental hazards.

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February 9, 2023

Webinar for Legal Counsels on Role of Legal Advisor in Relation to ESG Risks

Our firm held a webinar for members of the In-House Counsels for In-House Counsels Organization, in which Dr. Zvi Gabbay presented existing regulation in Israel in the field of ESG and the trends in the US and Europe. He also discussed ESG risk management in an environmental context.

October 25, 2022

All Government Ministries Must Submit Climate Action Plans by the End of 2023

This week, the Israeli government approved the joint proposal submitted by the Prime Minister and the Minister of Environmental Protection to obligate all government ministries to formulate climate action plans. The proposal was approved ahead of the upcoming United Nations Climate Change Conference, which will be held in Sharm El Sheikh, Egypt.

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June 8, 2022

The Rules of the ESG Game Have Changed- Zvi Gabbay Column in TheMarker

USD 1.5 million fines, preliminary administrative proceedings, dramatic resignations—growing enforcement on ESG issues is becoming a bigger trend. Who should be preparing for this change and how will it affect Israeli companies?

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May 17, 2022

ESG, from Voluntary Process to Legislation

As part of the compliance forum our office leads, in collaboration with the ACC and with Tali Guy, Teva's VP of Compliance, we hosted a meeting of legal counsels. Dr. Zvi Gabbay lectured on ESG’s implications for the compliance field and how companies should prepare for future regulations.

December 5, 2021

Israeli Ministry of Environmental Protection: ILS 3 Million Sanction on Shufersal

The Israeli Ministry of Environmental Protection announced this week its imposition of a pecuniary sanction totaling about ILS 3 million on the leading supermarket chain Shufersal for violations of the Clean Air Law. (In particular, the company violated provisions mandating the reduction and prevention of air pollution from its vehicles).

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November 22, 2021

Indictments Filed in Israel over Officers’ Responsibility for Ecological Disaster

About seven years ago, one of the worst ecological disasters in Israel’s history occurred. During work to divert an oil pipeline, one of the old pipelines belonging to the government company Eilat Ashkelon Pipeline Co. Ltd. (EAPC) ruptured near the Evrona Nature Reserve. As a result, about five million liters of crude oil poured from the pipeline into the nature reserve located in the Arava Valley.

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June 13, 2021

Bank of Israel: Environmental Considerations and Risks Should Be Part of Banking Corporations’ Risk Management

The Bank of Israel published its latest annual review at the end of May. The review includes an announcement by Supervisor of Banks Yair Avidan that he is promoting the formulation of updated comprehensive regulations on environmental risk management, considering the considerable importance he attributes to the subject of the environment.

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May 4, 2021

Israel Securities Authority Recommendations on Corporate Responsibility and ESG Risks

In light of global capital market investors’ growing interest in the topic of responsible investments, the Israel Securities Authority recently published a proposed outline for corporate responsibility and ESG risk disclosures.

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December 20, 2020

An Act of Deterrence against a Polluting Plant

Israel's Ministry of Environmental Protection imposed a financial sanction of NIS 634,000 on Bazan Group's Gadiv Petrochemical Industries for not complying with a deadline to stop harmful emissions. The ministry stated that due to the severity of the violation, both a financial sanction and administrative enforcement measures would be imposed.

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October 27, 2020

Israeli Government Encourages Companies to Publish Corporate Responsibility Reports

A recently launched government program aims to encourage companies to publish social responsibility reports, or ESG (environmental, social, and government) responsibility reports. The Ministry of Strategic Affairs in the Prime Minister's Office announced the launch of the “Impact Nation" program, as part of a broad move to promote publication of positive economic information regarding Israeli companies, following the publication of the Israeli companies database by UN Human Rights Council.

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Latest Updates / Corporate Governance and ESG