1. PURPOSE and SCOPE
The Supervisory Committee, has been created for enabling the Board of Directors
to execute their duties and responsibilities duly; for the preparation of the financial
and operational activities soundly and in line with the laws, for the provision
of the compliance of financial statements and other financial information in terms
of their accuracy, transparency and conformity to regulations and international
accounting standards; for their public disclosure; for the investigation of the
operation and efficiency of independent auditing and internal audit system and for
their evaluation.
2. STRUCTURE OF THE COMMITTEE
The committee consists of minimum two members.
All members are elected among independent members of the Board of Directors.
Executive President/General Director can not take any duty in the Committees. The
Supervisory Committee is authorized by the Board of Directors. The members of the
Committee are assigned again by the Board of Directors after the yearly Ordinary
General Assembly. Committee members whose duty period is expired can be re-elected
to membership.
3. DUTIES and RESPONSIBILITIES
The Committee meets minimum every there month at the Headquarters of the Company.
The Committee meetings can only be attended by the members of the Committee. If
required and upon the invitation of the President of the Committee, it is possible
to invite executives of the company or independent consultants from outside of the
Company and to get their points of view.
As a general principle, Committee meetings are hold every three month by the majority
of the full number of committee members in line with the agenda of the announcement
of financial statements.
The Board of Directors will provide any source and support for the execution of
the duties of the Committee. The fee in return of the consultancy services required
by the Committee will be paid by the Company. The Committee issues a written report
for all the works it has carried out and keeps record of such. If necessary, it
prepares a report to send its comments and recommendations to the Board of Directors.
The Board of Directors will have the final decision and responsibility on issues.
4. REPORTING
It informs the Board of Directors on the actions to be taken or improvements to
be made within the frame of its duties.
It presents the Board of Directors a report containing the evaluation of
the offers for the selection of an independent auditing institution and of the committee
and regarding the independency of the independent auditing company.
5. VALIDITY
Duty and Working Principles of the Audit Committee come into force with the approval
of Board of Directors.