ISTANBUL, October 19, 2011 /PRNewswire/ --
The recent Capital Markets Board ("CMB") communiqué pertaining to the Corporate Governance Principles marks a milestone, especially in terms of enabling the effective disclosure to, and fair representation of small investors. I regard this communiqué as being of great importance, not only for Turkey in general, but also for Turkcell in specific.
The presence of the independent board member in Turkcell's case has paved the way for highly successful outcomes. This recent CMB communiqué essentially binds the presence of independent members and their actions to clearer corporate principles. I personally believe that this communiqué in its present form will enable a balanced model wherein the increasing weight of independent members will ensure a management approach that safeguards the rights of all Turkcell shareholders. This will in turn support long term strategic targets, investments and international projects, simultaneously positioning Turkcell as "Turkey's international player" and sustaining the continuity of investments.
In the past, based on the support of non-obligatory corporate governance principles, I had attempted to determine the selection criteria for independent members and implement the requisite processes, with the aim of increasing the number of independent board members in order to resolve disputes among shareholders and avoid the conflict that affected Company management. And although my efforts were inconclusive, having not been approved at Board level, I became subject to the unfair and baseless claims of certain shareholders, who argued that I was personally preventing the implementation of corporate governance principles at Turkcell.
In recent days, these claims questioning my independence have escalated to both the courts and the Company's General Assemblies. Yet I believe that the process ahead of us will demonstrate that the claims laid against me are both unfair, and lacking in any legal grounds whatsoever.
To date, all my efforts have been expended in the best interests of the Company. And I firmly believe that this new legislation will contribute to the execution of corporate governance principles at Turkcell.
As Chairman, I am confident that Turkcell, in continuing to meet international standards, will in the future successfully remain the exemplary company that it has been thus far.
SOURCE Colin J. Williams (The Chairman of Turkcell)