NEW RESPONSIBILITIES AND ROLES OF CEO

The Chief Executive Officer (“CEO”) is responsible for leading the development
and execution of the Company’s long term strategy with a view to creating
shareholder value. The CEO’s leadership role also entails being ultimately
responsible for all day-to-day management decisions and for implementing the
Company’s long and short term plans. The CEO acts as a direct liaison between
the Board and management of the Company and communicates to the Board on
behalf of management. The CEO also communicates on behalf of the Company
to shareholders, employees, Government authorities, other stakeholders and the
public.
More specifically, the duties and responsibilities of the CEO include the following:
1. to lead, in conjunction with the Board, the development of the
Company’s strategy;
2. to lead and oversee the implementation of the Company’s long and
short term plans in accordance with its strategy;
3. to ensure the Company is appropriately organized and staffed and to
have the authority to hire and terminate staff as necessary to enable it
to achieve the approved strategy;
4. to ensure that expenditures of the Company are within the authorized
annual budget of the Company;
5. to assess the principal risks of the Company and to ensure that these
risks are being monitored and managed;
6. to ensure effective internal controls and management information
systems are in place;
7. to ensure that the Company has appropriate systems to enable it to
conduct its activities both lawfully and ethically;
8. to ensure that the Company maintains high standards of corporate
citizenship and social responsibility wherever it does business;
9. to act as a liaison between management and the Board;
10. to communicate effectively with shareholders, employees, Government
authorities, other stakeholders and the public;