Ormat stands behind the principles of honesty, openness, fairness and trust as pillars of our approach to corporate governance. These principles are reflected in the exacting standards that are set out in our Corporate Governance Guidelines, and our Code of Business Conduct and Ethics, both of which were adopted in 2004 and took effect as our company was formally registered for trading on the New York Stock Exchange. Each provides a framework that is aligned with regulatory requirements and reflects 'best practices' principles.
Ormat established and maintains adequate internal control over financial reporting and is in compliance with Sarbanes-Oxley Act (SOX). The effectiveness of Ormat's internal control has been audited by Price Waterhouse Coopers.
Ormat is a publicly traded company managed by a fully independent eight-member Board of Directors as follows: Gillon Beck (Chairman), Ravit Barniv, Stanley Stern, Ami Boehm, Dan Falk, David Grant, Robert E. Joyal and Robert F. Clarke.