It is proposed that the Governor will chair the committee, which will have a majority of members from outside the Bank, who will be selected according to their qualifications in the relevant economic area and free of conflict of interests. The administrative council will authorize administrative issues such as the Bank's budget and staff salaries, and will report accordingly to the public.
In this council too members from outside the Bank will constitute the majority; one of them will be the chairperson (not the Governor, who will be an ordinary member). The members from outside the Bank of Israel will be selected according to their qualifications in the business and administrative sphere, and will be free of conflict of interests.