The Group attaches great importance to the involvement of the Board of Directors and the investment committees in the risk management process. The Board of Directors appointed risk management committees on its behalf for The Phoenix Insurance and The Phoenix Pension and Provident Funds, which convened 12 and 4 times, respectively, during 2023. The Phoenix Insurance's Risk Management Committee is composed of 5 directors: Hila Conforti (Independent Director) - Chairperson of the Committee, Benjamin Gabbay, (Chairman of the Board of Directors), Stella Cohen, Itzhak Shukrie Cohen, and Giorgia Rodigari. In February 2024, the Board of Directors decided to set up a Risk Management Committee for the Company, which will assess the risks at the level of the Group. This committee will be composed of 4 directors: Dr. Ehud Shapira (Independent Director) (Chairman of the Committee), Benjamin Gabbay, Chairman of the Board of Directors), Itzhak Shukrie Cohen, and Stella Cohen. [...] The risk management committees discuss issues pertaining to risk management, and even provide recommendations to the companies' Boards of Directors regarding, among other things, the following issues: Economic Solvency Regime, the capital plan, the ORSA report, risk management policies, and risk appetite framework. In addition, the board of directors' committees of The Phoenix Insurance and The Phoenix Pension and Provident set risk limits relevant to the area of activity, such as a stress limit, ALM limit, CPI linkage limit, interest rate sensitivity limit and liquidity limit, for exposure to market risks as well as limits for aggregate exposures for investment activity.