Wages Policy
WAGES POLICY FOR THE BOARD OF DIRECTORS AND SENIOR MANAGERS
This policy explains the wages system and practices related to our BOD members and senior managers who have administrative responsibility, as defined under the Capital Markets Board regulations.
The General Meeting determines a fixed salary to be applied for all BOD members.
Payments to be made to the BOD members who have executive duties shall be within the scope of policy issued for the senior managers and explained below in details.
The company’s performance based payment plans shall not be used for the salary system of the independent BOD members.
Payments to the BOD members shall be based on pro-rata principle by taking into consideration their term of office as of the dates of appointment and dismissal. Costs paid by the BOD members while serving for the company (transportation, telephone, insurance etc. costs) might be reimbursed by the company.
The wages of senior managers have two components; fixed and performance based.
Our wages policy as well as wage and benefits management are established and applied in line with the fair, objective, competitive, rewarding and motivating criteria and primary goals that recognize high performance.
The essential goals of our wages policy are as follows: applying a salary system that prioritizes work volume, performance, contribution to work, knowledge / skills and competencies, motivating the personnel and improving engagement by assuring in-house and inter-company wage balance and competitiveness in the market and recruiting the manpower that have competencies capable of achieving our corporate goals.
Our Company’s Work Family Method defines the roles in the organization, examples to essential responsibilities, performance indicators, knowledge / skills / experiences and competencies, and our wages policy is based on an objective system built on our Work Family Model.
Also, the purpose of Variable Salary management applied by our Company is to support our personnel for achieving our company’s budget targets and having business results exceeding these targets and to encourage our personnel to have superior performance by rewarding success and to establish a company-wide target driven performance culture.
“Benefits” is addressed as an important element of the total reward management for supporting the salary management system with other benefits. The benefits we offer as a company are based on principles of being at arm’s length, competitive and fair.