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CORPORATE GOVERNANCE
İŞBANK
ANNUAL REPORT 2014
59
İŞBANK COMMITTEES
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.
The Audit Committee is responsible for holding meetings at least twice a year provided that a six month period is not exceeded and is obliged
to inform the Board of Directors about the results of its activities and the measures to be taken, practices that are required and its opinions on
other matters that are deemed to be significant for the Bank to conduct its business safely.
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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Carrying out the preliminary assessment of independent audit firms and rating, valuation and support services companies to be selected and
monitoring the firms that are appointed by the Board, on a regular basis,
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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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Reporting, presenting opinions and making recommendations to the Board on the functions, operations and related policies and regulations
of the internal systems and the divisions that are part of the internal systems,
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Evaluating the information and reports received from the independent audit firms and the divisions that are part of the internal systems,
about their operations,
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Ensuring that the Bank’s financial reports are prepared in line with the related legislation, regulations and standards,
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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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Fulfilling other responsibilities determined by the related legislations and the duties given by the Board within this framework,
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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.
As the end of 2014, Audit Committee held 33 meetings with full participation and adopted 44 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.
T.R.N.C. Internal Systems Committee is responsible for ensuring the efficiency and sufficiency of the internal systems provided by the Bank
in relation to the operation of the branches, that operate under T.R.N.C. office; ensuring the operation of the internal systems, accounting
and reporting systems in line with the law and related regulations and ensuring the integrity of the produced information; carrying out the
preliminary assessment of independent audit firms and other companies providing services directly related to other banking operations to be
selected by the Board; and monitoring regularly and coordinating these companies that are selected and contracted by the Board.
As of 2014 yearend, T.R.N.C. Internal Systems Committee held meetings 7 times and took 10 resolutions.
Credit Committee
İşbank’s Credit Committee makes resolutions on credit allocation within its authorization limit, makes decisions on demands to change the credit
allocation conditions within its authorization limit and carries out other assignments regarding credits given by the Board.
Credit Committee consists of three members; one of them is the Chief Executive Officer or Deputy Chief Executive, who is also the chairman of
the Committee and two members from the Board of Directors. Two alternate Committee Members are also designated who will stand if need
arises.