Principles Declaration

Guiding principles for Discount Group operations

This document presents the corporate governance principles that guide Discount Group operations, designed to ensure that the Group manages risk appropriately and beneficially, maximizing profit for its shareholders and acting to preserve its clients' interests.

The corporate governance principles reflect Discount Group's beliefs with regard to the Group’s values, decision making processes, risk management and proper control and supervision processes.

Corporate governance rules are based on role separation between the Board of Directors, whose role it is to determine strategy and policy and to supervise management activity, and management, who are responsible for the on-going management in accordance with the policy set by the Board of Directors.

The corporate governance principles are based on Basel II directives with regard to the reinforcement of corporate governance at banking corporations and on recommendations by the Goshen Commission on corporate governance; they are intended as an addition to corporate governance rules applicable to the Group pursuant to statutory and regulatory provisions, including the Companies Ordinance and Proper Conduct of Banking Business Directives.

The Bank is acting to update and adopt procedures that reflect the principles set forth in this document.

Discount Code of Ethics