Objective
Akbank management aims to be in close and transparent communication with its shareholders. The main objective is to turn Akbank’s shares into an attractive and predictable investment mean. For this reason, Akbank management has adopted as principle the implementation of its strategic plans and shared equally the results thereof with shareholders, investors and capital markets experts (capital markets participants collectively); timely, accurately, fairly and in a comprehensible manner, pursuant to generally accepted accounting principles and related legislation.
Akbank complies with the Capital Markets Legislation; Regulations of Capital Markets Board (CMB) and Istanbul Stock Exchange (ISE) Regulations with respect to public disclosure; show maximum attention to implement CMB’s Corporate Governance Principles.
The Disclosure Policy, covers all employees and consultants of Akbank, and regulates written and verbal communications with capital markets participants of Akbank.
Authorities and Responsibilities
The Disclosure Policy has been prepared by the Board of Directors within the scope of CMB Corporate Governance Principles and approved by the same Board. It is under the Board of Director’s authority and responsibility to follow, supervise and develop the public disclosure and information policy.
The Shareholders Relations Unit and Investor Relations Department within the Financial Coordination Division together with Corporate Communication Department within the Strategy and Corporate Communication Division are charged with monitoring and supervising every aspect concerning public disclosure.
Methods and Means of Public Disclosure
Disclosures are made via information means such as material events disclosures, financial statements and reports, annual reports, corporate web site, presentations, investor meetings, teleconferences, disclosure letters and press releases. The principal methods and means used by Akbank to inform the public are indicated below by reserving the provisions of Capital Markets Legislation and Turkish Commercial Code (TCC):
- Material events disclosures conveyed to Istanbul Stock Exchange (KAP - Public Disclosure Platform - notices are made simultaneously in electronic environment),
- Financial statements and footnotes, declarations, independant audit reports and annual reports which are sent to ISE periodically (KAP notices are made simultaneously in electronic environment),
- Declarations and announcements made via Turkish Trade Registry Gazette and daily newspapers (prospectus, circulars, announcement for general assembly etc.),
- Press and Visual Media Releases,
- Declarations to data vendors like Reuters, Bloomberg or Foreks etc,
- Informative meetings made face to face or via teleconferences with capital market agents,
- Corporate web site, (www.akbank.com),
- Announcement made through communication methods such as telephone, cellular phone (wap or similar technologies), fax, e-mail.
Public Disclosure of Financial Statements
The quarterly consolidated or non-consolidated financial statements of Akbank and footnotes thereof which have been prepared in accordance with the provisions of the Regulation on the Procedures and Principles for Accounting Practices and Retention of Documents by Banks published by Banking Regulation and Supervision Agency, Turkish Accounting Principles and Turkish Financial Reporting Standards and appendices and interpretations thereof; are independently audited and submitted to Istanbul Stock Exchange for public disclosure.
Before the public disclosure the financial statements and their footnotes are approved by the Chairman of the Board of Directors, Members of Audit Committee, CEO and the related Executive President and Senior Vice President of the related department
After the approval of the Board of Directors, the financial statements, footnotes, audit report and other documents are sent to ISE with a closed envelope in accordance with the CMB and ISE regulations. At that moment, when financial statements and footnotes are disclosed, they get published as Public Disclosure Platform (KAP) information electronically.
Public Disclosure of the Annual Report
The annual report is prepared in accordance with the “Regulation on Procedures and Principles Concerning the Preparation and Publication of Annual Reports by Banks” enacted by Banking Regulation and Supervision Agency and CMB’s Corporate Governance Principles and approved by the Board of Directors and disclosed via our branches and corporate web site (www.akbank.com).
Material events disclosures and Responsible Individuals
Material events disclosures of Akbank are prepared by the Financial Coordination and International Reporting Department which is within the body of the Financial Coordination Division.
Material events disclosures by Akbank are signed in principle, by the CFO and Senior Vice President of the Financial Coordination and International Reporting Department and submitted to the ISE. In cases where this is not possible the disclosure is submitted to the ISE after being signed respectively by the managers of Financial Coordination and International Reporting Department having authority to sign and submitted to the ISE. The material events disclosures are transmitted to the ISE by fax and also transmitted in electronic environment as KAP notices.
Information is considered as special and important information when there is a chance that a potential investor might find the information in question important and special enough to affect the price of shares.
If an employee of Akbank becomes aware that an important and special information which has not been disclosed to the public before is disclosed to the public involuntarily, he/she should immediately report it to Financial Coordination and International Reporting Department. In this case Financial Coordination and International Reporting Department provides the preparation of an appropriate material events disclosure in accordance with the provisions of Capital Markets Legislation and its transmission to ISE.
Akbank announces the material events disclosure in the corporate web site (www.akbank.com) no later than the first business day following the public disclosure and keeps the mentioned disclosures in the corporate web site for a period of five years.
Authorized Individuals to Make Public Announcements
Written and verbal information requests conveyed by the Capital Market Participants or any institution/individual are evaluated by The Shareholder Relations Unit and Investor Relations Department within the body of the Financial Coordination Division. In the evaluation the fact that whether the demand, according to its content, has the characteristics of a commercial secret and can affect the value of the capital market instruments and investment decisions within the scope of the Communiqué of the Capital Markets Board on Material Events Disclosure (Serial: VIII, No.54) are taken into account. Written and verbal information demands are responded by the Shareholder Relations Unit and Investor Relations Department after the evaluation of the CFO.
Disclosure to the press and visual media and to the data distribution channels is realised with the proposal of the Corporate Communication Department by the persons assigned by the Executive Vice President responsible of Corporate Communication and Strategy and the CEO. Employees other than the assigned spokesmen can not communicate with the media and can not make a declaration on behalf of the bank. The coordination of the media related activity is conducted by the Corporate Communication Department.
Employees of Akbank can not respond to questions coming from the participants of capital markets unless they are specially designated. Information requests are directed to the Shareholder Relations Unit and Investor Relations Department.
Individuals Having Administrative Responsibility
Individuals having administrative responsibility are the persons who reach regularly to the internal information directly or indirectly related to Akbank and having the authority to administrative decisions affecting the future development and commercial goals of Akbank.
Communication with the capital market participants
Akbank never makes any guidance on the expectations concerning the interim and annual financial results. Instead of this Akbank prefers to transmit to the capital market participants the critical subjects affecting its financial results, strategic approaches and important elements which may serve to better understand the sector and the environment where the activities are conducted. Unless otherwise stated in the disclosure policy the communication with the capital market participants can be established only by the persons authorised to make public disclosure on behalf of Akbank.
Market Rumours
Akbank does not comment in principle on market rumours and speculations. The news and rumours included in the press organs and web sites are tracked by the Corporate Communication Department and these are communicated to the Financial Coordination Division. The Financial Coordination Division evaluates whether these news and information have an impact on the capital market instruments.
Financial Coordination and International Reporting Department within the body of the Financial Coordination Division decides whether to make a material events disclosure according to article 18 of the Communiqué of the Capital Markets Board on Public Disclosure (Serial: VIII, No.54).
Akbank may however respond to rumours in case a confirmation request has been made by the CMB and/or ISE within the extent of the capital markets legislation or the management considers such response necessary and more appropriate.
Meetings and interviews with the analysts and investors
The Shareholder Relations Unit and Investor Relations Department within the body of the Financial Coordination Division is responsible to conduct proper relations with both the actual and potential shareholders, to resolve the problems of the investors in the most accurate way and to conduct activities aiming the increase of the company value. All questions which do not have a characteristic of a commercial secret are answered by these units by paying attention to the equality principle and a constant communication between the shareholder and management is attained.
The Investor Relations Department uses communications means such as teleconferences, e-mail, fax, presentations, roadshows and announcements/declarations for direct information which are necessary to increase its preferability and recognition level in the international investment environment, highlight the advantageous characteristics compared to similar institutions and bring Akbank in a preferable position compared to other companies for investment in emerging markets. All meeting requests of the shareholders are positively responded and the highest possible level of meeting is provided.
Akbank accepts analysts’ reports as proprietary information belonging to the analyst’s firm and does not provide such reports on its website (www.akbank.com). Akbank will not review, confirm, endorse, adopt or disseminate analysts’ reports or earnings models. However, in certain limited circumstances and upon request, Akbank may review the analysts’ reports by using the historical information that is publicly available and limited to a specific subject in order to prevent misinformation of the public.
Quiet Period
Akbank, to prevent asymmetric information distribution and unauthorized disclosure about activity reports, avoids discussing in specific periods of the year about its financial results and about other related subjects with capital market investors. These periods are called “quiet periods”. For Akbank, the quiet period starts on the 15th day of the month following the quarterly and annual accounting period and ends after the disclosure of financial statements and footnotes thereof. Akbank during the quiet period,
- Will not talk about the financial position of the bank at one on one meetings or group meetings with the capital market participants except for the information that has been disclosed to the public
- Will not comment about its activities and financial status unless it considers necessary and such comment is required within the provisions of Capital Markets Legislation.
Akbank Web Site (www.akbank.com)
The corporate web site (www.akbank.com) is actively used for public disclosure purposes as advised by the CMB’s Corporate Governance Principles. Information that the corporate web site contains does not replace the announcements required according to the provisions of the Capital Markets Legislation and material events disclosures. All information disclosed to the public is accessible through the web site. The web site is organised and classified to ensure this. All measures necessary for the security of the web site is taken. The web site has the content and form required by the Corporate Governance Principles of CMB and should be published in Turkish. Especially the announcements about the general assembly meetings, information document concerning agenda items and other information, document and reports relevant to the agenda items and methods to participate in the general assembly is included in a remarkable manner. The activities concerning the development of the web site is conducted continuously.
A list of the main headings which can be accessed through the Web-site is provided below:
- Detailed information concerning the corporate identity
- Vision, mission and strategic goals
- Information about the members of the Board of Directors and Executive Management
- Company’s organization and ownership structure
- Articles of Association of the company
- Commercial registration information
- Financial information
- Annual reports
- Press releases
- CMB Material Events Disclosures
- Explanations about the date, agenda, agenda items of the General Assembly Meeting
- Minutes of the General Assembly Meeting and the list of participants
- Proxy Statement
- Corporate Governance Compliance Report
- Profit distribution policy, its history and capital increases
- Disclosure policy
- Frequently asked questions
