ACTIVITIES
CORPORATE GOVERNANCE
FINANCIAL INFORMATION AND RISK MANAGEMENT
93
INTRODUCTION
İŞBANK
ANNUAL REPORT 2012
The Audit Committee
The Audit Committee has two members and is chaired by Mrs. Füsun Tümsavaş, Vice Chairman of the Board of Directors, by the resolution of
the Board of Directors dated 30.05.2011, Nr. 37575. The other member of the Committee is Prof. Dr. Savaş Taşkent, who is also a member of
the Board.
The Audit Committee is obliged to hold meetings at least twice a year provided that a six month period is not exceeded in accordance with
its working principles and 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:
• 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,
• Carrying out the preliminary assessment of independent audit firms and companies providing rating, valuation and support services to be
selected and monitoring the firms that are appointed by the Board, on a regular basis,
• Ensuring that the internal audit functions of subsidiaries that are subject to consolidation are coordinated in line with the related
regulations,
• 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,
• Evaluating the information and reports received from the independent audit firms and the divisions that are part of the internal systems,
about their operations,
• Ensuring that the Bank’s financial reports are prepared in line with the related legislation, regulations and standards,
• 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,
• Fulfilling other responsibilities determined by the related legislations in effect and the duties given by the Board within this framework,
• 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.
In 2012, Audit Committee held 28 meetings and adopted 32 resolutions.
Turkish Republic of Northern Cyprus (TRNC) Internal Systems Committee
As per the resolution of the Board of Directors, dated 15.06.2009, Nr. 35546, TRNC Internal Systems Committee is established within
the framework of TRNC Banking Law and related regulations. The Committee has two members and as per the resolution of the Board
of Directors, dated 30.05.2011, Nr. 37576 the Committee is chaired by Mrs. Füsun Tümsavaş, who is the Vice Chairman of the Board of
Directors. The other member of the committee is Prof. Dr. Savaş Taşkent, 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 TRNC Unit, and other important issues in order for these branches to operate in a secure way.
TRNC 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 TRNC Unit; 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.
In 2012, the TRNC Internal Systems Committee held 11 meetings and adopted 12 resolutions.
Credit Committee
İşbank’s Credit Committee makes resolutions on loan underwriting within its authorization limit, makes decisions on demands to change the
underwriting conditions within its authorization limit and carries out other assignments given by the Board regarding loans.
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.
The Committee makes decision on loan underwriting with consensus, after each Committee Member examines and signs the files.
Resolutions of the Credit Committee which have unanimous backing are executed directly while resolutions made on a majority basis are
executed following the approval of the Board of Directors.
By the end of 2012, by the evaluation of 100 files under the authority of the Credit Committee, 77 resolutions were adopted.
Corporate Governance Principles Compliance Report
1...,85,86,87,88,89,90,91,92,93,94 96,97,98,99,100,101,102,103,104,105,...300