REMUNERATION POLICY OF
TSKB REAL ESTATE INVESTMENT TRUST:
This policy explains the principles, rules, conditions and implementation of the remuneration policy of the Company, that with the scope and structure of the activities of TSKB Real Estate Investment Trust ("The Company") contributes to risk management in line and efficient with its strategies, long term targets and risk management structure and is approved by the Board of Directors of TSKB Real Estate Investment Trust.
The Remuneration Policy completes basic principles of the company's remuneration policy approach, reflects the mission, vision, strategy and values of the Company used in this approach and highlights governance principles related to the implementaiton of the remuneration payment along with the requirements for compliance.
2. Principles of Pricing of the Board of Directors
The Remuneration Policy, created in compliance with the scope of the company activities and structure along with its strategies, long term targets and risk management structures is approved by the Board of Directors and reviewed minimum once a year to ensure its efficiency.
The Board of Directors provides, that the Board members, Executives of the Management and other personnel are paid a remuneration, that is in compliance with the ethical values, internal balance and strategic targets of the Company.
With reference to the fee system of independent members of the Board of Directors, the Company's share options or payment plans based on performance are used, so that the wages of independent members are determined in a level to protect their independency.
3. Performance and Remuneration System
3.1. Fixed Remuneration Payments
The fixed salary is determined according to the scope of the duty and responsibilities. Such a remuneration is calculated considering the conditions and experiences required for each individual position.
3.2. Remuneration Setting Criteria
- The remuneration to be paid to the members of the Board of Directors, to the Executives of the Management and other personnel cannot be only associated with short term performances such as the profit or revenues of the Company. The members of the committees consisting of the members of the Board of Directors can be paid considering the responsibilities they have been charged with. Attention is given, that the said fees are in compliance with the ethical values, internal balances and strategic targets of the Company.
- The fees of the members of the Board of Directors is approved by the General Assembly.
- Notwithstanding that it is possible to pay members of the Board of Directors and Executives of the Company based on the performance of the Company, such payments shall have positive effect on the corporate value of the Company and be subject to objective conditions.
- Job descriptions and assignments of employees along with the criteria related to payments based on performance are determined by the Executive Management of the Company. The subject criteria are reviewed regularly in line with the standards set and according to the responsibilities of the individual job.
- The amount of the fee based on performance cannot be granted in advance. Fees based on performance can be made considering the term of the taken risks and in instalments.
- For fees based on performance, assessed is the prior term performance of the employees.
- The Board of Directors have the final authorisation and responsibility in the efficient launch of the Remuneration Policy and its implementation. The Executive Management of the Company is accountable to the Board of Directors for the efficient implementation of the Company's remuneration system in line with the relevant regulations.
- Within the scope of this policy, essential is the compliance to the regulations required by the laws.
Changes and updates arising from current conditions and regulations shall come into force upon the approval of the Board of Directors.