OECD Corporate Governance Factbook 2025: Israel
Table of contents
This Country Note consolidates information published in the 2025 edition of the OECD Corporate Governance Factbook. Along with the summary of recent developments, it provides an overview of Israel’s corporate governance framework and related information benchmarked against 51 other jurisdictions covered by the Factbook, including all OECD and G20 members.
The information in this document is as of 31 December 2024 unless otherwise specified.
For further details, please refer to the OECD Corporate Governance Factbook 2025.
In April 2025, the Constitution, Law and Justice Committee of the Israeli parliament (Knesset) approved a bill to amend the Companies Law in order to strengthen the corporate governance standards in companies with dispersed ownership, i.e. requiring a majority of independent directors (currently it is only a recommendation). 1
In July 2025, a bill aimed at regulating non-bank broker-dealer activity was submitted to the Knesset for approval. The bill would replace the existing oversight by the Tel-Aviv Stock Exchange (TASE) over non-bank brokers with supervision by the Israel Securities Authority (ISA). It establishes a licensing and supervisory framework, aligning it with key principles of the EU MIFID II directive.
In February 2025, the ISA Chairman appointed a committee2 to conduct a review of the periodic disclosure requirements (including disclosure contained in a prospectus) and immediate disclosure. The committee’s mandate is to evaluate the relevance of the current regulatory framework, with particular attention to Board of Directors’ report, the 'Description of the Corporation’s Business' section in the annual report and the immediate disclosures.
In November 2024, an inter-agency taskforce published an interim report analysing the deployment of AI technologies within Israel’s financial system. The report addresses key regulatory and legal considerations associated with AI adoption by financial institutions including recommendations to relevant bodies and regulators on these issues and offers a set of tools to manage the risks posed by AI. After processing the comments from the public and other stakeholders, the team is expected to publish a final report.
In January 2026, the initiative to change the trading days on the TASE, promoted by the ISA together with TASE and the Bank of Israel, is expected to be implemented.3 TASE would operate on a Monday - Friday (instead of Sunday - Thursday) schedule, aligning trading more closely with global markets. The initiative’s main aim is to boost global investors’ participation and enhance market liquidity.
As of the end of June 2025, nine companies issued IPOs on TASE, exceeding the total number in 2024. Over USD 20 billion of debt was raised through corporate bond issuances, on track to pass the 25 billion raised in 2024 and 22 billion in 2023.
Over the past two years, the ISA regulatory mandate has expanded to encompass financial information and payment services operating outside the banking system. In parallel, the ISA and the Ministry of Justice advanced the development of a regulatory framework for securitisation, the ISA also promoted the development of a regulatory framework for money market funds.
|
No. of listed companies in Dec 2024 |
Change since Dec 2021 |
Market capitalisation in Dec 2024 |
Ratio to GDP |
||
|---|---|---|---|---|---|
|
Israel |
435 |
|
-6.3% |
USD 287 bn |
53.1% |
|
OECD members |
21 618 |
|
4.3% |
USD 92 518 bn |
136.5% |
|
World |
46 086 |
|
11.3% |
USD 124 536 bn |
112.7% |
Note: “World” covers 98 jurisdictions. “OECD members” covers 38 countries.
Source: OECD Capital Market Series Dataset. IMF.
Note: “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
Note: The share of companies in each jurisdiction where the single largest shareholder and the three largest shareholders own more than 50% of the company’s equity capital. “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
* In Israel, the corporate governance code comprises both binding provisions and voluntary recommendations that are embedded in the Companies Law.
The categories that the jurisdiction fits into are highlighted in blue.
The bold numbers and words indicate country-specific additional information.
The numbers within parentheses indicate the number of jurisdictions applicable to each category.
For further information on the methodologies used for the categorisations, please see the OECD Corporate Governance Factbook 2025.
* Some jurisdictions belong to multiple categories because of the additional requirements other than a percentage of shareholding.
* Jurisdictions where mandatory takeover bid rules exist are included.
** Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
** Companies without a controlling shareholder are recommended to have a majority of independent directors, while companies with a controlling shareholder are recommended to have at least one-third independent directors.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Member countries of the OECD.
This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.
The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in the West Bank under the terms of international law.
The full book is available in English: OECD (2025), OECD Corporate Governance Factbook 2025, OECD Publishing, Paris, https://doi.org/10.1787/f4f43735-en.
© OECD 2025
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