TAV IT

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96 TAV Airports Holding Annual Report 2008 corporate governance prıncıples complıance report The Company makes its dividend distribution determinations taking into account the Turkish Commercial Code, Capital Markets Law, Capital Markets Board communiqués and resolutions, the Tax Laws and the provisions of other relevant legislation, as well as the Company’s Articles of Association. Accordingly, in principle, at least 20% of the “distributable net profit for the period,” calculated based on financial statements prepared within the scope of the Capital Markets Law, and in compliance with the International Financial Reporting Standards (IFRS), is distributed, based on the General Assembly resolution, either in cash or as gratis shares issued by adding that amount to the Company’s capital. It is among the Company’s primary goals to adhere to this dividend policy except for special circumstances when investment and other funds are required for the long term growth prospects of the Company or its subsidiaries and affiliates, as well as for extraordinarily unfavorable developments in the economy. As a result of the Company showing a net period loss as of the end of the 2006 fiscal year, the General Assembly at its meeting held on May 23, 2008, resolved not to make a dividend payment to shareholders for the 2007 fiscal year. 7. Transfer of Shares The Company’s Articles of Association do not contain any provisions that make it difficult for the shareholders to freely transfer their shares. SECTION II-PUBLIC DISCLOSURE AND TRANSPARENCY 8. Disclosure Policy of the Company The information disclosure policy of the Company, prepared pursuant to the Capital Markets Board Corporate Governance Principles, was discussed and approved at the Board of Directors meeting dated December 19, 2008. The information disclosure policy was also produced as a written declaration and posted on the http://ir.tav.aero website. The Board of Directors is responsible for monitoring, reviewing and improving the Information Disclosure Policy. The Corporate Governance Committee provides information and recommendations to the Board of Directors, the Audit Committee and the Investor Relations Department on matters regarding the “Information Disclosure Policy.” The Investor Relations Department is charged with overseeing and monitoring all matters regarding public disclosures. The public disclosure policy aims to establish active and transparent communication by sharing the past performance and future outlook of the Company with shareholders, investors and capital markets experts (capital markets participants) equally within the framework of generally-accepted accounting principles and Capital Markets Law provisions, in a complete, fair, accurate, timely and comprehensible manner. Public Disclosure Principles and Tools The information to be disclosed to the public is disseminated in a prompt, accurate, complete, comprehensible and easy to interpret manner. Attention is also focused on easy and equal access to information, with little cost, that will assist persons and companies who will benefit from the disclosure in their decision making. TAV Airports Holding complies with the Capital Markets legislation and İstanbul Stock Exchange regulations in all of its public disclosure practices. Information about the public disclosure principles and tools adopted by the Company are presented below: • The Investor Relations Department is responsible for overseeing and monitoring all issues related to public disclosures. Questions received from outside the Company are responded to by the CEO, the CFO, or within the knowledge of and authorization limits set by the CEO and the CFO, by the Investor Relations Department. All correspondence and meetings with capital markets participants are carried out by the Investor Relations Department. • Except for channels stipulated by legislation, other public disclosure tools and methods such as press bulletins, electronic data distribution channels, e-mails, meetings with shareholders and potential investors, as well as announcements posted on the Company website, are effectively utilized.
• The Code of Ethics stipulated within TAV Airports Holding, spells out the principles and rules that all managers and employees are obligated to comply with. These rules of conduct are posted on the Company website for public information. • Without prejudice to any of the provisions in the relevant regulations, the Company informs the public when a material change occurs, or is expected to occur in the near future, in the financial position and/or activities of the Company. • The Company continuously updates and publicly announces any changes or developments that arise regarding public announcements made by the Company. Periodic Financial Statements and Reports and Independent Audit in Public Disclosures The Company’s financial statements and accompanying notes are prepared on a consolidated basis in accordance with CMB Communiqué Series: XI, No. 25, as well as the International Financial Reporting Standards (IFRS); independently audited in accordance with the International Audit Standards (IAS), and announced to the public. 9. Material Disclosures Developments that have the potential to impact the value of the Company’s capital markets instruments are announced to the public on an expedited basis within the timeframe stipulated by legislation. The Company made 58 material disclosures during 2008, two of which were additional disclosures requested by the CMB or the İstanbul Stock Exchange. The Company has no additional disclosure obligations since the Company does not have any capital markets instruments listed on foreign exchanges. 10. The Company Website and its Contents As stipulated by CMB Principles, the Company website is actively used in public disclosures. All matters related to the Investors Relations Department are on the http://ir.tav.aero website. In addition to Turkish, all information on the Company website is presented in English for the benefit of foreign investors. All publicly disclosed information by the Company is also available on the Company website. The Company letterhead clearly indicates the address of its website. The following information is posted on the http://ir.tav. aero website: • Company history • Current management and shareholding structure • Summary balance sheet, income statement and cash flow statement • Summary operational data • Corporate governance guidelines • Code of ethics • Board of Directors and Board Committees • Most recent version of the Articles of Association and the dates and issue numbers of the Trade Registry Gazette where the amendments were published • Prospectuses and public offering circulars • Trade registry information • General Assembly Meeting agenda, proxy voting form, meeting minutes • Corporate Governance Principles Compliance Report • List of people with insider information • Annual reports • Periodic financial statements and reports • Financial calendar • Material disclosures • Presentations • Share information • News updated by the data provider company • Frequently asked questions • Analyst contact information • Company contact information As can be seen, of the types of information listed in Article 1.11.5 of Section II of the Capital Markets Board Corporate Governance Principles, the ones applicable to the Company are posted and updated on the Company website.
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annual report 2008
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Bringing people together...
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Batumi Tbilisi İstanbul GEORGIA An
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TAV Value Chain Value Creation: As
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Decisive strides on the way from lo
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Organizational Structure Board of D
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2006 >> Operation and construction
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After undertaking successful projec
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İlhan İl, Board Member, TAV Airpo
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senıor management Mustafa Sani Şe
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Ersagun Yücel, General Secretary,
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commıttees Müjdat Yücel, General
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key operatıonal ındıcators Passe
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€ 627,349 2008 € 507,529 2007
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40,948,987* 2008 34,646,216 2007 Ca
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368,810 2008 355,007 2007 TAV Airpo
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primarily from aviation income from
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(EUR million) 2008 2007 Net cash ge
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Esenboğa is the first airport in T
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TAV IT

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