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ISTANBUL - Turkiye Garanti Bankasi (IS:GARAN) A.S. (TGBD), one of Turkey’s largest private banks, held its Ordinary General Shareholders’ Meeting on Thursday, where key financial decisions for the 2024 accounting period and board member elections were finalized.
In the meeting, shareholders approved the Board of Directors’ Integrated Annual Activity Report and the financial statements for 2024. The board members were released from their responsibilities for the past year’s activities.
A significant dividend distribution was also resolved, with a gross cash dividend of TL 18.43 billion set to be distributed to shareholders starting from Friday. Additionally, TL 36.29 million from previous periods’ income was transferred to the Extraordinary Reserves Account, in line with accounting standards.
The meeting saw the election of Halil Hüsnü Erel as an independent board member, filling the vacancy left by Mevhibe Canan Özsoy, whose term as an Independent (LON:IOG) Board Member had expired. Özsoy was subsequently elected as a real person Board Member to replace the resigned Belkıs Sema Yurdum.
Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. (EY) was selected as the auditor for the 2025 accounting period. The bank also set an upper limit for board member remuneration and charitable donations for the year 2025.
Shareholders were informed about the undistributed portion of the 2024 profit and CEO Mahmut Akten’s appointment, following Recep Baştuğ’s resignation in August 2024. The external duties of new and continuing board members were disclosed, along with the remuneration principles for board members and senior directors.
The bank reported charitable donations totaling TL 90 million in 2024 and provided information on significant transactions that may present a conflict of interest.
This announcement, based on a press release statement, reflects the bank’s compliance with the Capital Markets Board’s Corporate Governance Principles and the Turkish Commercial Code’s regulations.
The full details of the meeting, including the minutes, list of participants, and profit distribution table, are available in both Turkish and English, with the Turkish version taking precedence in case of discrepancies.
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