Salaries of the Chairman, Vice-Chairman and the members of the Board of Directors are determined at the General Shareholders Assembly. In determining these salaries, the time to be spent by the individuals during, before and after Board meetings is taken into account. The honorarium to be paid to the participants for each meeting is also determined by the General Shareholders Assembly. No awarding system based on the performances of the members of the Board of Directors or of the Bank is implemented.
With the exception of the CEO, the Chairman and Members of the Board of Directors were paid TL 3,500 gross per month as an honorarium throughout their term starting in January 2004. The Vice-Chairman of the Board of Directors and the Managing Director were paid a monthly salary of TL 20,000 gross. Auditors were paid TL 500 gross per month.
No transactions involving payables, credit utilization and collaterals were carried out between the Bank and the members of the Board of Directors or executives.