TEE: TeliaSonera AB: Changes to the Board of Turkcell
UK Regulatory Announcement
The Capital Markets Board of Turkey (CMB) today announced that it has
appointed three independent board members to the Board of Turkcell, replacing
three Board members representing each of the major shareholders.
The CMB announced that it has ceased the duties of Mehmet Bülent Ergin, Tero
Kivisaari and Oleg Malis and replaced them by three independent board members
of its discretion due to Turkcell’s failure at complying with the corporate
The independent board members appointed by the CMB are Ahmet Akça, Atilla Koç
and Mehmet Hilmi Güler. The term of duty of the CMB appointees is until
Turkcell duly appoints its own set of independent board members as described
under the CMB regulations. The CMB also instructed Turkcell to change its
articles of association to comply with the new regulations.
“As TeliaSonera’s efforts to resolve the deadlock at the Turkcell Board have
failed, we welcome the decision by CMB to settle the matter by appointing
three independent board members. We see the CMB initiative as a step towards
fair corporate governance and efficient management that will enable Turkcell
to grow its local and regional leadership,” says Per-Arne Blomquist, President
and CEO of TeliaSonera.
“We will now focus on the actions needed to convene an AGM at the earliest
possible time, where the shareholders can approve changes to the articles of
association, new board members be elected to fairly reflect the ownership in
the company and financial accounts approved so that the company can start
paying dividends again, which are long overdue,” Per-Arne Blomquist continues.
The CMB has repeatedly requested that Turkcell should increase the number of
independent directors on the Board and has also implemented regulations,
applicable to all Turkish listed companies, to that effect.
These requests have been clearly supported by TeliaSonera. For years we have
argued that the number of independent board members has to increase, in order
to improve corporate governance and follow requirements by the CMB and the
U.S. Securities and Exchange Commission.
However, any attempts to increase the number of independent directors have
been effectively blocked by Cukurova exercising its veto right through
Cukurova Telekom Holding, a structure put in place to enable a minority
shareholder to block majority decisions.
An international company like Turkcell, listed in both Istanbul and New York,
has to adhere to international standards of corporate governance and
transparency to be an attractive target of international investments
TeliaSonera AB discloses the information provided herein pursuant to the
Swedish Securities Markets Act and/or the Swedish Financial Instrument Trading
Act. The information was submitted for publication at 11.20 a.m. CET on March
Statements made in the press release relating to future status or
circumstances, including future performance and other trend projections are
forward-looking statements. By their nature, forward-looking statements
involve risk and uncertainty because they relate to events and depend on
circumstances that will occur in the future. There can be no assurance that
actual results will not differ materially from those expressed or implied by
these forward-looking statements due to many factors, many of which are
outside the control of TeliaSonera.
TeliaSonera provides network access and telecommunication services in the
Nordic and Baltic countries, the emerging markets of Eurasia, including Russia
and Turkey, and in Spain. TeliaSonera helps people and companies communicate
in an easy, efficient and environmentally friendly way. Our ambition is to be
number one or two in all our markets, providing the best customer experience,
high quality networks and cost efficient operations. TeliaSonera is also the
leading European wholesale provider with a wholly-owned international carrier
network. In 2012, net sales amounted to SEK 105 billion, EBITDA to SEK 36.1
billion and earnings per share to SEK 4.59. The TeliaSonera share is listed on
NASDAQ OMX Stockholm and NASDAQ OMX Helsinki. Read more at
This information was brought to you by Cision http://news.cision.com
TeliaSonera press office
+46 771 77 58 30
visit our Newsroom(http://www.teliasonera.com/en/newsroom/)
follow us on Twitter @TLSN_Media(https://twitter.com/TLSN_Media).
Press spacebar to pause and continue. Press esc to stop.