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Corporate Governance Principles

In today's world where competition and change have gained pace, the quality of corporate governance principles has undoubtedly gained importance.

In order to achieve its targets and to maintain its traditional leadership in the market, Lider Factoring gathered the corporate values that have brought the Company into the present as well as its management practices that are based on such values in a written document.

The basic governance principles set out the relations between Lider Factoring's management, partners, employees and third parties (customers, suppliers and all types of persons and corporations that the Company has relations with).

Integrity

When carrying out various efforts and activities, Lider Factoring maintains a principle of integrity in its relations with customers, employees and shareholders, as well as other banks, corporations and institutions.

Trust

Aware that trust lies at the heart of the financial sector, Lider Factoring provides clear, understandable and precise information to its customers, shareholders and employees; and provides services in a timely and flawless manner and by keeping its promises.

Objectivity

Lider Factoring does not approach its customers, suppliers, employees and shareholders with prejudice based on their gender, attitudes, opinions or ethnic origin. The Company does not discriminate under any circumstances or in any environment.

Compliance

Lider Factoring fully complies with all laws, legislation, regulations and standards.

Privacy

Lider Factoring does not share the personal information of its customers, or any kind of information or details of transaction related to its shareholders, employees, suppliers and business partners with any person or corporation, except the authorities as permitted by the law.

Transparency

With the exception of trade secrets and information not yet disclosed to the public, Lider Factoring discloses all financial and non-financial information concerning itself to the public in a timely, precise, complete, understandable, interpretable and in an easily accessible manner.

Social responsibility

In all of its efforts, practices and investments, Lider Factoring protects its company image, interest and profits, and pays attention to social benefit, development of the financial sector and the preservation of trust in the sector. The Company also complies with all legal regulations concerning the environment, consumers, and public health.

The practices and efforts carried out by Lider Factoring within the framework of the Corporate Governance Principles – which are classified into four categories by CMB – are summarized below.

Relations with shareholders

The Investor Relations department was founded in 2008 to deal with shareholders' questions in a timely and accurate manner.

The department responds to all questions as long as they are not requests for trade secrets by protecting the principle of equality and ensures that shareholders are in continuous contact with the management.

Every year, items on the agenda of General Board meetings are announced to the participants and decisions made at the meetings are publicized on Lider Factoring's website.

Public disclosure and transparency

At Lider Factoring, the Investor Relations and Financial Coordination departments are assigned the duty of disclosing information to the public in a timely manner and to ensure that such information is complete, reliable, understandable and interpretable.

Announcements disclosed to the public within the scope of the Company's policy to inform investors are as follows:

  • Announcement of Lider Factoring's dividend policy on the Company's website,
  • Preparation of press briefings concerning the Company's financial statements and independent auditor reports on a quarterly basis and disclosure of this information to the public on a regular basis through the Internet and conferences,
  • Disclosure of investor presentations that are prepared based on the financial statements released to the public at regular intervals through the Internet,
  • Disclosure of the items on the agenda of general board meetings to the public via the Internet,
  • Disclosure of Lider Factoring's shareholding structure to the public through the Internet and the Company's annual reports,
  • Disclosure of Lider Factoring's annual reports to the public via Internet.
Relations with stakeholders

As set forth in the "Vision, Mission and Targets" section of the annual report, one of Lider Factoring's primary targets is to raise the level of motivation and satisfaction of its human resources by supporting their development.

Lider Factoring has gathered all written or unwritten principles and behavioral rules that are known and adopted by all of its personnel, as well as the issues that must be followed in relations with people from both inside or outside Lider Factoring and other corporations in the Ethical and Professional Principles document. The document can be accessed on Lider Factoring's website, which is prepared in both Turkish and English.

Ethics have an important role in shaping the attitudes and behavior of employees at all levels, and the relations with people from both inside and outside Lider Factoring and other corporations.

The personnel at all levels are expected to respect and honor the principles and rules approved by Lider Factoring's Board of Directors and to fully abide by them, as well as to demonstrate a high performance in their work.

Lider Factoring employees are aware that they must act prudentially in light of basic rules and principles in cases which are not mentioned in the Ethical and Professional Principles document.

Board of Directors

Lider Factoring's Board of Directors has set out Lider Factoring's vision, mission, and short- and long-term strategic targets in a clear and understandable manner.

It is stated in Lider Factoring's articles of association that the Board's duties and responsibilities are subject to the principles and provisions of the "Turkish Commercial Code" and the "Financial Leasing, Factoring and Financing Companies Law" as well as the provisions set forth in the Company's articles of association.

In addition, as stated in the articles of association, the Board is required to convene at least once a month. Conditions for the Board meetings are clearly set out in the articles of association.

In these meetings, the Board monitors whether or not Lider Factoring has developed in accordance with its strategic targets, and evaluates its performance.

Lider Factoring's Board of Directors and senior management are responsible for setting up the Company's risk management policy and strategies. These policies, according to the changing market conditions of the day, are reviewed and updated, if necessary, on a regular basis in the daily meetings of the Assets-Liabilities Committee and the monthly meetings of the Senior Risk Committee, as well as in Board meetings.

Lider Factoring's CEO is responsible for ensuring that all units of the Company are operational in line with the risk management policy and strategies determined by the Board of Directors. Moreover, through internal controls and inspections carried out in specific periods, necessary checks are performed to enable compliance with the risk management policy and strategies.

With the support of the Senior Risk Committee (SRC), Lider Factoring's Board of Directors set up the related strategies, policies, limit systems and procedure that will be monitored both on a consolidated and unconsolidated basis, thus being intensively involved in the risk management process.

Corporate Governance Compliance Report

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