The Supervisory Board supervises the Bank’s affairs and is composed in a manner in which it is able to perform its tasks properly. The combined expertise of the members of the Supervisory Board enables the Supervisory Board to carry out the interests of all parties involved in the bank, including its clients, shareholders and employees to the best degree.
The Supervisory Board is composed of the following members:
- Mr. Recep Bastug
- Mr. Avni Aydın Düren
- Mr. Johannes Hendricus de Roo
- Ms. Mirjam Halverhout
- Mr. John Hayes Boyles III
The Supervisory Board deems it useful that its tasks and responsibilities be further regulated by a Charter governing the Supervisory Board. This Charter supplements that which is provided for in the law and the Articles of Association concerning the duties, composition, procedures and decision making of the Supervisory Board and its relation with the Managing Board.
The Managing Board members perform their tasks in a meticulous, skilled, and equitable manner, taking into account applicable laws and regulations, codes of conduct, and best market practices. The Managing Board is composed of following members
- Mr. S. Erhan Zeyneloğlu, Chief Executive Officer
- Mr. Marco Witteveen, Chief Operating Officer
- Dr. Övünç Şişman, Chief Financial Officer
- Mr. Cem Bahadır Mutlu, Chief Risk Officer
The Managing Board deems it useful that its tasks and responsibilities be further regulated by a Charter governing the Managing Board. This Charter supplements that which is provided for in the law and the Articles of Association concerning the duties, composition, procedures and decision making of the Managing Board and its relation with the Supervisory Board and stakeholders.
Codes of Conduct
The Banking Code, which was drawn up by the Netherlands Bankers’ Association (NVB), came into effect on 1 January 2010. The Banking Code applies to all activities in the Netherlands performed by banks that are in possession of a banking license granted under the Financial Supervision Act (Wft). Thus, the Banking Code also applies to GarantiBank International N.V. The Banking Code focuses in particular on the role of the Bank’s Managing Board and Supervisory Board and on the function of risk management and auditing at banks. The Banking Code also contains principles about remuneration.
The Banking Code does not stand on its own but is instead part of a full set of national, European, and international laws and regulations, case law, and codes, which is viewed in its entirety. This national, European, and international context, as well as the activities and other specific characteristics of the parent bank and the group of which GarantiBank International N.V. is a part, shall all be taken into account when applying the Banking Code.
The Banking Code states that focus on the client is a necessary condition for the continuity of the bank. Since its incorporation in 1990, focus on the client has been one of the core values of GarantiBank International N.V. We are therefore delighted that our behavior is supported by the recommendations of the Banking Code. GarantiBank International N.V. prepared for the introduction of the Banking Code by assessing to what extent these principles were already met under its existing policies. Furthermore, risk management was strengthened, the remuneration policy was modified, and workshops were introduced focusing on one or more major themes as part of the program for permanent education available for the members of the Supervisory Board and the Managing Board.
Pursuant to principle 3.2.3 of the Banking Code, the members of the Managing Board of GarantiBank International N.V. have signed a declaration on moral and ethical conduct. This declaration forms a guideline for the behavior of the members of the Managing Board and all of the bank’s employees, and reads as follows:
“I declare that I will perform my duties as a banker of GarantiBank International N.V. (“the Bank”) with integrity and care. I will carefully consider all the interests involved in the bank. I will carefully consider all the interests involved in the Bank, i.e. those of the clients, the shareholders, the employees, and the society in which the Bank operates. In this consideration, I will give paramount importance to the client’s interests and inform the client to the best of my ability. I will comply with the laws, regulations, and codes of conduct applicable to me as a banker. I will observe secrecy in respect of matters entrusted to me. I will not abuse my banking knowledge. I will act in an open and assessable manner and I know my responsibility towards society. I will endeavor to maintain and promote confidence in the banking sector. In this way, I will uphold the reputation of the banking profession.”
In its annual report, GarantiBank International N.V. reports the manner in which it applied the principles of the Banking Code in the previous year, providing a substantiated explanation – where applicable – of why a particular principle may not have been applied, either partly or in full.
Pursuant to Article 96 of the fourth Capital Requirement Directive (CRD IV), institutions are required to explain how they comply with Articles 88 to 95 of CRD IV on their website. This requirement has been implemented in Dutch Law through Article 134b of the Decree on Prudential Measures of the Financial Supervision Act (Besluit prudentiële regels Wft). The document below provides an explanation of how GarantiBank International N.V. complies with the aforementioned requirements.