Corporate Governance Practices
Corporate Governance Practices
In an age when competition and change are increasing at an accelerated pace, the quality of corporate governance practices has become as important as financial performance. In order to achieve our goals and sustain our tradition of excellence, we have put together the corporate values that have earned Lider its current position, and the management practices based on these values in the form of a written document. The fundamental management principles that regulate the relationship between Lider's management, shareholders, employees and third parties, i.e. customers, suppliers and all types of individuals and institutions Lider does business with, are cited here below.
Integrity
In our activities and in our relationships with customers, employees, shareholders and other finance corporations, institutions and organizations, we remain committed to the principle of integrity.
Credibility
Aware that confidence lies at the heart of financing; we provide customers, shareholders and employees with clear, comprehensible and accurate information and excellent services that mirror our promises.
Non-discrimination
We refrain from harboring prejudices against customers, suppliers, employees and shareholders based on gender, behavior, opinion or ethnic origin and under no condition or circumstance do we discriminate against anyone.
Compliance
We abide by all laws, regulations and standards.
Confidentiality
We do not share any information or details of transactions concerning our shareholders, employees, suppliers and business partners and above all personal information regarding our customers, with any person or institution, except with those authorities with which the sharing of such information is permitted by law.
Transparency
Except for information that is deemed a commercial secret and not yet disclosed to the public, we disclose to the public financial and non-financial information about the Lider promptly, accurately, thoroughly, comprehensibly and in a manner that is open to clear interpretation and easy access.
Social Responsibility
In all of the Lider's operations, practices and investments, we take into consideration the Lider's image, benefit and profitability, as well as the public interest, the improvement of the Factoring industry and maintenance of the confidence in the industry. We consistently attempt to comply with all legal arrangements regarding the environment, the consumer and public welfare.
Shareholders
An Investor Relations Group was set up in 2008 to provide correct and timely answers to shareholder inquiries. This Group provides answers to all questions that are not commercial secrets based on the principle of equality, thus making it possible for management and the shareholder to be in constant communication. The agenda of the shareholders' general meeting is announced to the participants annually via the Internet and the relevant solutions are declared clearly on our web site. No shareholder of Lider has a right for preferred or privileged vote and all votes are equal. The Lider's shareholder records are kept by the Shareholders Service Division confidentially and safely, and updated periodically.
Public Disclosure and Transparency
Lider has charged the Investor Relations Department and the Financial Coordination Unit with the responsibility of informing the public duly and assuring the information given is thorough, credible, rational and interpretable. Announcements made to the public based on the disclosure policy of the Investor Relations Department include; announcement of the dividend policy and annual dividend distribution scheme on our web site, regular preparation and announcement of quarterly earnings releases for our financial statements, and announcement of the independent auditors' reports to the public through e-mail, Internet and conferences, regular submitting of investor presentations related to financial statements to public through e-mail and Internet, announcement of the general meeting agenda to public via Internet, announcement of our Lider's ownership structure through Internet and Annual Reports, and preperation and disclosure of our Annual Report to public through Internet and e-mail.
Beneficiaries
As stated in the vision, mission and goals section of the annual report, supporting the development of employees to achieve motivation and job satisfaction is among the Lider's main goals. Lider's written and spoken principles, code of conduct and aspects governing relationships with persons and institutions, both internal and external to the Lider, known to the entire Lider staff, have been compiled and put into written form under the title Ethics and Professional Principles. This document can be accessed on the Lider's Turkish or English website.
Ethics and Professional Principles aim to regulate the conduct and behavior of Lider's employees at all levels as well as their relationships with individuals and institutions within or outside the Lider. All employees are expected to observe this body of rules and principles, by resolution of the Board of Directors and to comply fully with them in the performance of their duties. The employees will act with due diligence in line with basic rules and principles in any situation not included in the document cited above.
Board of Directors
The Board of Directors has formulated Lider Factoring's vision, mission and short- and long-term strategic objectives and has presented them in a clear and comprehensible form in this annual report. The Lider's Articles of Association stipulate that the duties and responsibilities of the Board of Directors are subject to the provisions of the Turkish Commercial Code and the provisions of the Articles of Association. The Articles of Association also make it mandatory for the Board of Directors to meet at least once a month, the conditions thereof being clearly explained. At its meetings, the Board of Directors monitors the Lider's progress in light of its strategic objectives and evaluates its performance.
The Board of Directors and Executive Management are responsible for developing risk management policies and strategies. These policies are reviewed in the light of changing market conditions at the daily Asset-Liabilitiy Committee meetings and the monthly Executive Risk Committee meetings as well as periodically at the meetings of the Board of Directors.
Lider's Board of Directors, through the Executive Risk Committee, is heavily involved in the risk management process by developing strategies, policies, limit systems and procedures to be pursued, both on a consolidated and non-consolidated basis. The Executive Risk Committee holds monthly meetings to review the Lider's position and other developments in the economy.
The Audit Board, responsible for internal audits, and the Internal Control Center, responsible for the Lider's internal control systems, reports directly to the Board of Directors.
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