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REMUNERATION POLICY

 

Wages and Premiums

While setting the wages in Şekerbank, the criteria such as the wage balance within the Bank, the market conditions, the strategic targets, the individual performance, and the responsibilities assumed are taken into consideration. The development of the sector is monitored closely by taking part in the wage surveys participated also by the similar banks in the market, and considering the data acquired from such surveys, a competitive and fair wage-setting policy, which meets the conditions of the market, is pursued. 

The annual performance premiums are reviewed in line with the Premium Regulation and allocated based on the Remuneration Committee decision, which considers the performance assessments of the bank employees together with the Bank's long-term performance, and paid in gross in January. The Board of Directors’ and Senior Management’ annual premiums are reviewed in line with the Premium Regulation, allocated based on the Remuneration Committee decision and paid in two tranches, using the deffered payment approach. To monitor the quantitative performance of the branch and Regional Office personnel the results of the Şeker Kazan (score card) system is used, and the Head Office employees’ evaluation is conducted using the results of the competency-based performance assessment. 

The additional financial benefits available to the senior and mid-level executives are set based on combination of the individual performance in professional competencies and managerial quality, capacity to achieve goals, and the effects of all of them on the long-term performance of the Bank. 

The remuneration and profit sharing of the Board of Directors Members is governed in accordance with the Bank’s Articles of Association and is under the ultimate discretion of the the Bank’s General Assembly. The decision is taken on annual basis and disclosed in the minutes of the General Assembly Meeting and related part of the Annual Report of the Bank.

 

Remuneration Committee

The Committee is responsible for monitoring the wage-setting practices on behalf of the Board of Directors within the scope of compliance with the BRSA Corporate Governance Principles, ensuring that they are compatible with the Banks' ethical values, internal balances and strategic targets, reviewing the remuneration policy and submitting the suggestions determined in line with the needs to the Board of Directors once a year, and for fulfillment of its other responsibilities determined by the provisions of the relevant legislation and the duties assigned by the Board of Directors within this framework.

 

Promotions

The promotions in the Bank are made twice a year. The employees can be promoted to an upper position if they display successful performance and meet the announced promotion criteria.

 

Payment of Wages

The wages are deposited into the Bank employees' wage accounts on the last business day of each month.

 

Union

Our employees who are members of the Banking and Insurance Employees' Union (Basisen) organized in our bank are considered Covered personnel, and represented by at least one person in each workplace. The monetary and personal rights of the Covered personnel are determined through the Collective Labor Agreement signed between our Bank and Basisen and renewed biennially.

 

COMPENSATION POLICY

 

The compensation policy for the Bank employees, as a part of the Human Resources Policy, is arranged within the framework of the legal legislation. The compensation policy does not provide extra payments.