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Protection of Shareholder Rights
The protection of shareholders rights shall be realized mainly
through providing clear and efficient information, and the encourage-
ment of participation in general assembly meetings.
The organs of the company and the investor relations department
shall act effectively in order to insure the protection of shareholders
rights and the facilitation of their usage. The corporate website of a
company shall contain updated information on facts that would poten-
tially affect the shareholders’ rights.
The procedures relevant to General Assembly (“GA”) meetings
and resolutions, which are important for the usage of shareholders
rights, are provided in Art. 1.3 in the Communiqué Annex. Some pro-
visions of the GA meetings must be compulsorily followed. Pursuant
to Art. 7 of the Communiqué, regarding enforcement, the Board may
seek cancellation of the transaction, which is in violation of the oblig-
ation of compliance. To sum up the principles relevant to the GA, the
convocation announcement must be detailed and comprehensible, and
issues which may affect the usage of rights or create changes in the
administration or activities must be highlighted. The Communiqué
places focus on the pertinent issues in this respect. The meeting shall
be conducted in an independent manner in order to transmit the items
of the agenda to the shareholders and shall effectively encourage their
participation. Further, pursuant to Art. 1.3.9, transactions that would
affect the company’s financial situation, due to their volume, necessar-
ily require the majority of votes of non-executive members in order to
be executed. In case said resolution is not adopted unanimously by
members of the Board of Directors (“BoD”), it shall be approved by
the GA and disclosed via the Public Disclosure Platform (“KAP”).
Public Disclosure and Transparency
In addition to the information that shall mandatorily be disclosed
pursuant to the legislation, a company’s corporate website shall contain
information important to stakeholders; such as information on privi-
leged shares, current shareholding and management structure, the lat-
est version of the articles of association, policy of profit distribution
and financial statements.
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NEWSLETTER 2014