Mizrahi-Tefahot's Code of Ethics

Mizrahi Tefahot Bank operates in an environment with multiple stakeholders, towards whom it is committed. As employees of the bank, we touch areas that are important to many people’s lives, and operate under frequently-updated laws and regulations.

The purpose of the code of ethics is to base our actions on the highest standards, both personal and organizational, while striving towards achieving maximum compatibility between the values of our Code of Ethics and the nature of our day-to-day actions, as we continue to aspire towards excellence. Our commitment is to act in accordance with the values of the code towards all of the bank’s stakeholders: Customers, Employees, Managers, Investors, Business partners, Suppliers and the community at large. The role of the Code of Ethics is to promote a system of values that will help balance these commitments.

The Code of Ethics does not replace working in accordance with the laws, regulations and bank procedures; rather, it -complements them.

The managers at the bank set personal examples in behaving according to the values of the code, and they are responsible for the ethical behavior of their unit and environment. This responsibility does not detract from each employee’s responsibility for his own behavior.

The values of the bank’s code are described below. In reality, the values may frequently clash, raising dilemmas as to the appropriate manner of action, and requiring us to choose between directions that are guided more by one value over the other. This is a natural situation, but one that requires deliberation and consultation.

Credibility

We shall fulfill our duties as bank employees with rectitude, integrity and good faith. We shall give credible, accurate and timely reports, while practicing prudence and discretion in all relationships, within the bank and towards the customers, investors, suppliers and various stakeholders. We shall only promise that which is within our authority and ability to fulfill and we shall keep our promises. At the same time, we shall maintain the credibility of the operational systems and banking products that we provide, as well as the advertising, marketing and sale activities to which we are party.

Loyalty to Customers

Loyalty to the economic, business and financial matters of our customers shall be the guiding principle in all of our actions. We shall always bear in mind that our customers place their confidence in us and entrust us with sensitive matters that are of the utmost importance to them. We shall view our customers as business partners, assist them in achieving their long-term goals, and make every effort to meet their exceptions and even beyond that.

Human Dignity

We shall treat every person respectfully, and pay attention to those who are similar and different as one, out of prudence and sensitivity towards their dignity and issue. We shall practice compassion, patience, tolerance and restraint with all persons that we may meet during the course of our work at the bank, and act businesslike towards them. We shall act with respect, listening to others’ opinions even during stressful situations, arguments or disagreements. We shall work towards the inclusion of employees that come from disadvantaged backgrounds and their integration in day-to-day work life.

Excellence, Professionalism and Service Orientation

We will follow high professional norms: improvement and self-improvement, advancement and progress, learning and drawing conclusions in order to provide our customers with the best service and professional response appropriate to their various needs. We shall become well-acquainted with all aspects of the role we perform, as well as the bank’s procedures, and fulfill the duties placed upon us at the bank professionally and being mindful of our service. We shall fulfill our tasks faithfully, with dedication, consistency and diligence; and work towards achievements and innovation in professional areas. We shall be available and attentive to the needs of external and internal customers; and initiate professional, innovative solutions through investment and initiatives, in order to achieve the best possible for them.

Commitment to the Bank

We shall regard ourselves as responsible and committed to the achievement of the bank’s business goals and objectives. We shall harness our professional knowledge, experience and talent in order to make substantial contributions to the bank’s development and prosperity, while maintaining its stability. We shall fulfill the duties placed upon us at the bank with professionalism, efficiency and responsibility, with efficient time management and efficient utilization of the resources available to us; and we shall work diligently towards the bank’s success and development as a business, while creating long-term value for the shareholders.

Fairness

We shall have fair, considerate relationships with our customers, all stakeholders at the bank and our colleagues, letting rectitude, logic and a striving towards truth guide us. We shall avoid discrimination, injustice and abuse of power or situation, as well as misrepresentations and biases. We shall offer customers the products and services that are right for them, and conduct fair business with the suppliers and the rest of our business partners.

Transparency

We shall act with transparency and clarity in our relations with all stakeholders, presenting them with the maximum information and a clear, comprehensive situation report, insofar as possible, on any subject, so as to enable them to make the best possible decisions for themselves. We shall act openly and in full cooperation between and within our groups of colleagues and management, and act to maintain the clearest possible working procedures and products. We shall keep inter-organizational communications open, in accordance with the sensitivity of the subjects at hand.

Social and Community Responsibilities

We shall strive to operate in all sectors of activity and in all segments of the population, while promoting the bank's business. We shall work and conduct business being mindful of social and environmental benefits, among others, by promoting recycling, energy efficiency and frugality. We shall promote behaviour that will enhance the quality of life of the communities in which we work, and contribute to the promotion of social goals through community engagement, volunteering, and donations.