CREDIT COMMITTEE
VakıfBank Credit Committee is comprised of two permanent members and two alternate members, in addition to the General Manager. Şahin Uğur and Serdar Tunçbilek are the Permanent Members. Dr. Adnan Ertem and Dilek Yüksel are the substitute members.
The functions of the Credit Committee are as follows:
AUDIT COMMITTEE
Dilek Yüksel and Serdar Tunçbilek were elected to the Audit Committee that was established in order to assist VakıfBank’s Board of Directors in carrying out its auditing and oversight responsibilities.
The Audit Committee has assumed the following duties and functions:
CORPORATE GOVERNANCE COMMITTEE
The Corporate Governance Committee of VakıfBank is composed of the Board Members Abdülkadir Aksu, Dilek Yüksel, Sadık Yakut, Ali Tahan, the Head of International Banking and Investor Relations, and Korhan Turgut, the Head of General Accounting and Financial Affairs. The Corporate Governance Committee is responsible for overseeing the Bank’s compliance with the Corporate Governance Principles.
The Corporate Governance Committee is in charge of performing the following tasks:
REMUNERATION COMMITTEE
VakıfBank’s Remuneration Committee was established upon the Board decision numbered 82893 dated January 26, 2012, pursuant to Principle 6 of the Corporate Governance Principles as amended by the “Regulation Amending the Regulation on Corporate Governance Principles of Banks” promulgated in the Official Gazette numbered 27959 dated June 9, 2011. Mustafa Saydam and Dr. Adnan Ertem are the Members of the Committee.
The Remuneration Committee:
ASSET & LIABILITY MANAGEMENT COMMITTEE
The Asset & Liability Management Committee convenes on a weekly basis to evaluate economic and market developments and to discuss the possible impacts of these developments on the Bank’s balance sheet. In this context, actions are taken to preserve the quality of the asset and steer the development of the balance sheet in line with the growth strategies planned by the Bank in a way of managing the funding cost and structural risks on foreign exchange, interest rate, liquidity and credit risks at the optimal level within the thresholds set by applicable law. In order to maintain effective liquidity and funding management, the Committee monitors borrowings and credit extensions that bring short-term cash inflows and outflows and evaluates measures and actions that will inform on liquidity/fund-raising and extensions in accordance with the Bank’s primary objectives and strategies.
The Committee is also in charge of evaluating alignment of the tasks performed by respective departments with the growth strategies embraced by the Bank; monitoring and analyzing profitability and net interest income; and taking actions to update policies, procedures, regulations and other documents. In addition, the Committee regularly reviews the efforts and practices related to the decisions taken in previous meetings.
Moreover, it reviews legal authorities’ decisions with an actual or probable effect on the Bank’ operations; and by tracking those novelties introduced by evolving technologies, it defines agenda items to decide on so that the Bank takes proactive actions. When necessary, the Committee meets on short notice and evaluates extraordinary liquidity and funding issues and/or the events occurring in the markets and enables measures to be taken promptly.
Chaired by the General Manager, the Committee is composed of Executive Vice Presidents, Head of Strategy and Planning, Head of Risk Management, and the Manager of Economic Research Department.
ETHICAL PRINCIPLES AND ETHICS COMMISSION
Duties and authorities of the Commission are indicated below.
Commission convenes at least every three months.
SUSTAINABILITY COMMITTEE
VakıfBank Sustainability Committee was established by the decision of the Board of Directors dated 30.12.2021 in accordance with the Operating Procedures and Principles of Internal Committees of VakıfBank. Under the chairmanship of the General Manager, it is composed of one independent Board Member elected by the Board of Directors, Executive Vice President of Financial Management and Strategy, Executive Vice President of Corporate, Commercial, and SME Banking Marketing, Executive Vice President of Support Services and Risk Planning, Executive Vice President of Digital Banking, Executive Vice President of Customer Experience and Corporate Communications, Executive Vice President of Treasury Management and International Banking and Investor Relations, Executive Vice President responsible for Credit Allocation Management, Executive Vice President of Human Resources and Corporate Development, Executive Vice President of Retail Banking and Payment Systems, Head of International Banking and Investor Relations, Head of Strategy and Planning, Head of Risk Management, Head of Support Services and Head of Corporate Loans Allocation Management. The Sustainability Committee determines the Bank’s sustainability strategy and policy and ensures that the necessary actions are taken in this regard. It is the highest-level decision-making body of the bank in terms of sustainability.
The Corporate Governance Committee is in charge of performing the following tasks:
Meeting Time and Frequency:
The Committee convenes under the Chairmanship of the General Manager. If the President is unable to attend the meeting, the Executive Vice President in charge of Treasury Management and International Banking chairs the meeting and meets when the secretariat deems it necessary, at least twice a year.
NUMBER OF MEETINGS AND DECISIONS OF THE COMMITTEES
Board of Directors
The Board of Directors convened 63 times and adopted 1,100 resolutions in 2021.
Credit Committee
The Committee convened 40 times and adopted 380 resolutions in 2021.
Corporate Governance Committee
The Committee convened 4 times and adopted 4 resolutions in 2021.
Remuneration Committee
The Committee convened 3 times and adopted 3 resolutions in 2021.
Audit Committee
The Committee convened 20 times and adopted 74 resolutions in 2021.
Asset & Liability Management Committee
The Committee convened 49 times in 2021.
Ethical Principles and Ethics Commission
The Committee convened 1 time in 2021.