Global Bank’s decision-making structure consists of the Board of Governors, the Board of Executive Directors and the President and staff. The Board of Governors is the highest decision-making authority. Members of the Board Governors are appointed by the shareholders of Global Bank for five-year terms, which are renewable. The Board of Governors may delegate authority to the Board of Executive Directors to exercise any of its powers, with the exception of certain powers enumerated in Global Bank’s Articles.In accordance with its Articles, members of the Board of Executive Directors are appointed or elected every two years. The Board is composed of 22 Executive Directors. These Executive Directors are neither officers nor staff of Global bank. The President of Global Bank, Ron Nechemia, is the only member of the Board of Executive Directors from management, serving as a non-voting member and as Chairman of the Board.