This policy document defines the remuneration system and procedures for our board members and senior executives who have administrative responsibilities under the regulations of the Capital Markets Board.
A fixed wage is set in the annual ordinary meeting of the general board and it applies to all the board members. Payment plans based on the company's performance cannot be used in the remuneration of independent board members.
Board members are paid on a pro-rata basis, taking into account the time they have been in office as of the dates of their assignment and departure. Expenses incurred by the board members due to their contributions to the company (transportation, telephone, insurance expenses, etc.) can be covered by the company.
Our remuneration policy and the management of wages and fringe benefits are regulated and applied in line with the main objectives of the fair, objective, competitive, awarding and motivating criteria that recognize high performance.
The main goals of our remuneration policy is to ensure remuneration based on business volume, performance, contribution to business, knowledge/skills and capabilities, to motivate and improve loyalty of employees by ensuring internal and intercompany wage balance and competitiveness in the market, and to recruit qualified workforce that will enable our company to achieve its goals.
Our Business Family Model in place defines the organizational roles, main responsibilities, performance indicators, knowledge/skills/experience, and competencies and our remuneration policy is based on an objective system built on our Business Family Model.
Senior Executive remuneration consists of 2 (two) main components - fixed (base) and performance-based:
For fixed wage, there is a gross remuneration system consisting of a total of 12 base wages and 12 bonuses per year.
Senior executives can be paid a variable wage (success bonus) once a year in line with a certain part of their annual gross wage, depending on the company results and their individual performance results. Our Variable Wage management in place aims to encourage our employees to give an outstanding performance, award their achievements, and build a goal-oriented performance culture in our company for the purpose of supporting our company in achieving its budget targets and obtaining business results above such targets.
"Fringe benefits" are addressed as a significant part of the total award management for supporting wage management with additional benefits. The fringe benefits provided by our company are based on the principles of being competitive and fair, in line with market conditions. In parallel, senior executives can be provided with certain fringe benefits such as private health and life insurance, personal retirement insurance with company contribution, company telephone line, and company car.