Rights Granted To Minority Shareholders

Pursuant to Article 411 of the Turkish Commercial Code No. 6102 ("TCC"), shareholders who hold at least 10% of the share capital in joint stock companies, and 5% in publicly held companies, are considered minority shareholders. Both the TCC and the Capital Markets Law No. 6362 ("CML") grant certain rights to minority shareholders in joint stock companies in order to prevent majority shareholders from acting against minority shareholders and to protect the balance of interests among shareholders.

The fair and equal treatment of minority shareholders, their effective participation in the management and operations of the company, and the availability of effective remedies in case their rights are violated are among the key elements forming the basis of the "G20/OECD Principles of Corporate Governance" published by the Organization for Economic Co-operation and Development (OECD) and the "Corporate Governance Principles" published by the Capital Markets Board of