COMPENSATION POLICY FOR BOARD MEMBERS AND SENIOR EXECUTIVES
Aim
Compensation principles cover board members and senior executives. Their purpose is to ensure that remuneration practices are planned, implemented, and managed in accordance with relevant legislation and the scope and structure of the company’s activities, strategies, long-term objectives, and risk management structures, preventing excessive risk taking, and based on effective risk management.
Implementation Principles
Remuneration principles are presented to shareholders as a separate item at the general assembly meeting. They are also available on the company’s website.
Stock options or performance-based payment plans are not used in the remuneration of independent board members. Care is taken to ensure that the remuneration of independent board members is at a level that maintains their independence.
Authorized Committee
The company’s corporate governance committee develops a remuneration proposal based on the performance of the board of directors and senior executives, taking into account the company’s long-term goals, and submits it to the board of directors. The implementation of these procedures by the corporate governance committee does not relieve the board of directors of its responsibility for these procedures.
The principle of equal pay for equal performance is adopted. A balance is achieved between the remuneration paid, taking into account the importance, difficulty, and risk of the job. The Committee reviews all required documents related to compensation while fulfilling its duties and responsibilities. In making its decisions, the Committee considers the company’s current financial situation, goals, and projected future revenues, as well as applicable legislation.
Compensation
This is a regular monthly cash payment in fixed amounts, regardless of performance. A fixed salary is determined by considering the requirements and experience required for each position, based on the scope of duties and responsibilities.
Compensation Changes
Compensation is reviewed and updated at least annually, if deemed necessary, to support company goals and strategies, reflect changes in company business processes, and address increasing risks in the sector, and to increase motivation and loyalty.
Public Disclosure
Compensation and all other benefits provided to board members and senior executives are disclosed to the public through the annual activity report. The disclosure must, at a minimum, include a distinction between board members and senior executives.