The Dividend Distribution Policy of Türkiye Sigorta AŞ is implemented in accordance with the provisions of the Turkish Commercial Code, the provisions of the Insurance Law, Capital Market legislation and other applicable legislation, and Article 24 of the Company’s Articles of Association.
The Company targets to distribute at least 10% of its distributable net profit as bonus shares and/or in cash. At the end of each fiscal year, the Board of Directors devises a profit distribution proposal decision, taking into consideration the Company’s cash projections, investment plans, financial structure, and the conditions in the capital markets, in a manner to maintain the delicate balance with shareholders’ expectations and the Company’s need to grow. The profit distribution proposal by the Board of Directors also covers the amount of dividends to be paid to non-shareholders who will participate in the share, as per the provisions of Articles of Association.
Once the profit distribution proposal of the Board of Directors is ratified at the General Assembly Meeting, dividend payout occurs within legally prescribed periods of time. The decision taken at the General Assembly Meeting for the distribution of profit is publicly disclosed by way of a material event disclosure on KAP and the website.
Our Board of Directors can also propose against the distribution of dividends to the General Assembly. Information is provided to the shareholders in the General Assembly Meeting regarding the reasons of not distributing the profit and the manner in which the undistributed profit will be used. Similarly, this information is made public by being included in the annual report and on the website.
There are no privileges regarding participation in the Company’s share; there is a provision regarding the distribution of advances on profit share in the Articles of Association, and paying advances on profit share is subject to the approval of the General Assembly, restricted to that specific fiscal year.
The Board of Directors’ profit distribution proposal or the Board of Directors decision for paying advances on dividends, together with the profit distribution table or advances on dividends table determined by the Board, are publicly disclosed subject to the material event disclosure requirements. The profit distribution table must be publicly disclosed on the date the General Assembly agenda is announced, at the latest.
Dividend payout begins on the date to be set by the General Assembly, which must not be any later than the end of the year in which the General Assembly meeting is convened.
The Dividend Distribution Policy is presented for the approval of shareholders at the General Assembly Meeting. Any revisions in this policy are updated by the Board of Directors, ratified at the General Assembly Meeting, and then publicly disclosed on the Company website.
