According to the Israel company law, a general meeting is “an annual meeting or an extraordinary meeting of shareholders”. The annual general meeting is a mandatory for public companies. Article 57 of the Israel company law conferred exclusive powers on the general meeting, such as resolutions in respect of alterations in the articles of association, exercise of the powers of the board of directors, appointment of the company’s auditor and his employment’s conditions, appointment of External Directors, confirmation of acts and transactions requiring confirmation of the general meeting, increase of the registered share capital and merger. In addition, the annual general meeting should appoint the director unless stated otherwise in the articles of association. The company may confer additional powers on the general meeting in the articles of association or the founder’s agreement, subject to the law.