Remuneration to be paid to the Members of the Board of Directors is determined monthly as a gross amount based on the opinion of the relevant committee and submitted to the approval of the General Assembly. It is essential that the compensation of Independent Members of the Board of Directors is at a level that enables them to maintain their independence. Dividends, share options, or performance-based payment plans of the Company shall not be used for the remuneration of Independent Board Members. The remuneration of senior management consists of two components, namely, base (fixed) payment, and performance-based payments.
As fixed payment, a system with a total of 16 (sixteen) base payments (annually) is available, and side benefits may be offered in addition thereto. Fixed payments are determined according to the macroeconomic data, developments in the market related to wages, long-term goals of the Company, and the seniority and positions of individuals. In addition to fixed payments, senior executives can be remunerated in the form of side benefits, based on the flexible wage (success fee) payment, by applying certain multipliers on annual gross wages once in a year, according to the Company’s and personal performance results. The purpose of flexible remuneration management in the Company is to encourage employees to deliver an outstanding performance by rewarding achievements, to instill a culture of goal-driven performance across the Company, and to help senior executives realize budget targets and deliver business results that exceed their targets.