Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 221

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 6
Chunk 221
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 forth in the Nasdaq Listing Rules and the Exchange Act.
 
Under Nasdaq Listing Rules, we are required to maintain an audit committee consisting of at least three independent directors (within the meaning of the Exchange Act and Nasdaq Listing Rules), each of whom must meet certain requirements for financial literacy and one of whom has accounting or related financial management expertise, and none of whom has participated in the preparation of our or any of our subsidiaries financial statements at any time during the prior three years.
 
The Board of Directors has determined that all of the members of the audit committee meet the independence and financial knowledge requirements for audit committee service of the Nasdaq Listing Rules and the Exchange Act.  In addition, the Board of Directors has determined that Ilan Flato, Yoav Chelouche, Iris Avner and Avi Hasson meet the Nasdaq Listing Rules requirement regarding financial sophistication and that each of the above is an audit committee financial expert pursuant to the applicable SEC rules.
 
Audit Committee role
 
Our board of directors has adopted an audit committee charter setting forth the responsibilities of the audit committee consistent with the Companies Law, SEC rules and the Nasdaq Listing Rules, which include:

•   retaining and terminating our independent auditors, subject to the ratification of the board of directors, and in the case of retention,
                                to that of the shareholders, as applicable in accordance with the Companies Law;                            
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•   pre-approving of audit and non-audit services and related fees and terms, to be provided by the independent auditors;
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•   overseeing the accounting and financial reporting processes of our company and audits of our financial statements and the effectiveness
                                               of our internal control over financial reporting;                                           
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•   reviewing with management and our independent auditor our annual and quarterly financial statements prior to publication or filing
                                                   (or submission, as the case may be);                                               
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•      recommending to the board of directors the retention and termination of the internal auditor, and the internal auditor’s engagement   
    fees and terms, in accordance with the Companies Law as well as approving the yearly or multi-year plan proposed by the internal auditor,
                                             and review the results and findings of internal audits;                                         
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•   overseeing the Company’s risk assessment and reviewing regulatory compliance;
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•   determining whether to approve certain related party transactions (including transactions in which an office holder has a personal
                       interest) and whether any such transaction is extraordinary or material under Companies Law;                   
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