Corporate Governance
Part of practicing good corporate governance in ICL, includes close oversight of its business strategy and fiscal accountability, ethical corporate behavior and fairness to its shareholders and stakeholders. Accordingly, the Company abides by advanced principles of corporate governance that define the relationships between the Company’s management, Board of Directors, shareholders and stakeholders.
ICL is incorporated in Israel and therefore complies with various corporate governance requirements under the Israeli Companies Law, 1999. These are in addition to requirements which apply to ICL as a publicly traded company on the New York Stock Exchange and the Tel Aviv Stock Exchange.
Furthermore, the Company has adopted, and will continue to adopt as necessary, voluntary rules to ensure maximum transparency towards all its stakeholders, as well as an enforcement plan that ensures its strict compliance with both the law and internal regulations.
Read more regarding specific Corporate Governance Practices in our 2019 Annual Report Item 16G.
ESG-based Executive compensation
ICL has implemented personalized performance management processes based on individual KPIs. These include goals and performance evaluation for senior management, as well as the overall workforce. Annual monetary rewards (bonuses) are dependent on these performance evaluation processes. Some of the senior management KPIs are directly related to ESG performance. ESG related issues include performance in: Energy savings; GHG reduction; Safety performance; Internal and External audits completed; Training programs implemented; Employee engagement and enablement levels reflected in surveys; and more.
