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CMB forces changes to Turkcell's board

2013-03-12 12:13:00| Telecompaper Headlines

(Telecompaper) TeliaSonera announced that the Capital Markets Board of Turkey (CMB) appointed three independent board members to the board of Turkcell, replacing three board members representing each of the major shareholders. The CMB ceased the duties of Mehmet Bulent Ergin, Tero Kivisaari and Oleg Malis and replaced them by three independent board members of its discretion due to Turkcell's failure to comply with the corporate governance regulations. The independent board members appointed by the CMB are Ahmet Akca, Atilla Koc and Mehmet Hilmi Guler. The CMB has repeatedly requested that Turkcell should increase the number of independent directors on the board and has also implemented regulations, applicable to all Turkish listed companies, to that effect. These requests have been clearly supported by TeliaSonera.

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