Business Context and Reporting Period
This Form 6-K filing by Evogene Ltd. covers the month of May 2016, with the report dated May 19, 2016. The filing addresses a corporate governance decision by the Board of Directors regarding compliance with the Israeli Companies Law.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is non-financial in nature and focuses solely on regulatory compliance and board composition.
Material Changes
On May 18, 2016, the Board of Directors adopted exemptions under the Israeli Companies Law that relieve certain Israeli companies traded on U.S. exchanges from the requirement to appoint external directors and specific audit/compensation committee composition rules. To maintain eligibility for these exemptions, the Company must continue to comply with NYSE majority board independence requirements and NYSE/SEC audit and compensation committee composition standards.
Guidance, Outlook, and Risks
The filing notes that the two currently serving external directors, Dr. Michael Anghel and Dr. Kinneret Livnat Savitsky, will continue to serve until the expiry of their current term on September 17, 2016. No financial guidance, outlook, or specific risk factors regarding operations were disclosed in this document.
Key Facts for Investors to Verify
- Confirmation that the Company continues to meet NYSE majority board independence requirements.
- Verification of compliance with NYSE and SEC audit and compensation committee composition rules.
- The specific end date of the current terms for external directors Dr. Michael Anghel and Dr. Kinneret Livnat Savitsky (September 17, 2016).