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Corporate Governance
Assessments on İşbank Committees
İşbank committees presented their decisions and reports to Board of Directors, and the necessary decisions have been taken as a result of
the assessment of Board of Directors.
The Audit Committee
The Audit Committee has two members and is chaired by Ms. Füsun Tümsavaş, Vice Chairman of the Board of Directors, by the resolution
of the Board of Directors dated 31.03.2014 and nr 39809. The other member of the Committee is Prof. Dr. Turkay Berksoy, who is also a
member of the Board.
Pursuant to its working principles, Audit Committee is responsible for holding meetings at least twice a year provided that six- month
periods are not exceeded, and it is obligated to inform the Board of Directors about the results of the activities it carried out and measures
to be taken based on these results and about necessary practices to be implemented. Moreover the Audit Committee is obligated to
provide its recommendations regarding other issues that are deemed significant for the Bank in order to carry out its activities safely. Audit
Committee works in collaboration with the Remuneration Committee and the Risk Committee.
The Audit Committee is in charge of:
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ensuring that the internal systems of the Bank function efficiently and sufficiently, that these systems and the accounting and reporting
systems operate within the framework of the related regulations and the Bank’s policies and that the information produced has integrity,
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making preliminary assessment necessary to select independent audit firms, rating, valuation and support service institutions; regularly
monitoring the activities of these institutions selected by the Board of Directors; evaluating them periodically within the context of the
provisions of the legislation; providing information to the Board of Directors,
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reviewing the assessments of the independent audit firms, evaluating independent audit results, and making discussions with the
independent auditors,
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informing the Board of Directors about findings of the independent auditors and internal systems departments, and about measures
taken by the top management and by the units reporting to the top management,
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ensuring that the internal audit functions of subsidiaries that are subject to consolidation are coordinated in line with the related
regulations,
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receiving information and reports about internal systems and functioning of departments within the scope of internal systems, their
operations including consolidated risks, and about related policies and regulations,
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ensuring that the financial reports of the Bank are issued in conformity with relevant legislations, regulations and standards,
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making assessments in order to ensure whether or not required procedures and principles have been implemented for detecting,
measuring, monitoring and controlling potential and existing risks incurred by the Bank; ensuring that risk framework and risk culture, in
line with the Bank’s structure and operations, are established within the bank,
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ensuring that internal capital adequacy evaluation process (İSEDES) includes all risks in a consolidated manner, auditing and control
processes are established to provide required assurance about its adequacy and accuracy,
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evaluating professional education levels and competency of managers and personnel assuming duties in departments within the scope
of internal systems; making suggestions to the Board of Directors for the selection of managers, as well as presenting opinion to the
Board of Directors during their dismissal,
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establishing communication channels to make sure that information will be provided directly to the Audit Committee or to the internal
audit unit or to the bank inspectors in case of Bank fraud.
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if required, gathering information, documents or reports from all Bank units, support service contractors and independent auditors and
being subject to Board approval, receiving consultancy from those who are specialists in their respective fields,
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reporting to and informing the Board about the results of its own operations, the measures needed to be taken in order for the Bank’s
operations to be within the framework of the related legislation and Bank policies in a continuous and secure way and its evaluation,
opinion and recommendation on any other issues that are deemed to be important,
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fulfilling other responsibilities determined by the related legislations and the duties given by the Board within this framework.
As the end of 2015, Audit Committee held 32 meetings with full participation and adopted 49 resolutions.
Turkish Republic of Northern Cyprus (T.R.N.C.) Internal Systems Committee
As per the resolution of the Board of Directors, dated 15.06.2009, Nr. 35546, T.R.N.C. Internal Systems Committee is established within
the framework of T.R.N.C. Banking Law and related regulations. The Committee has two members and as per the resolution of the Board
of Directors, dated 31.03.2014, Nr. 39810 the Committee is chaired by Ms. Füsun Tümsavaş, who is the Vice Chairman of the Board of
Directors. The other member of the committee is Prof. Dr. Turkay Berksoy, who is also a member of the Board.
The Committee holds meetings at least twice a year provided that a six month period is not exceeded and informs the Board of Directors
on the results of its own activities, its opinion on the measures needed to be taken and the necessary practices to be implemented by the
branches, that operate under T.R.N.C. office, and other important issues in order for these branches to operate in a secure way.
İşbank Committees
