CREDIt RAtING OF ANADOLU EFES
CREDIt RAtING OF ANADOLU EFES
CREDIt RAtING OF ANADOLU EFES
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Our Company’s Annual Report and Annual General<br />
Meeting Information Document have also been made<br />
available to shareholders in our registered office<br />
and our website at the date of announcement of the<br />
General Assembly and all information regarding our<br />
operations are kept updated in our website. Holders<br />
of the shares traded at the Istanbul Stock Exchange<br />
can also cast their votes by way of submitting a<br />
document showing the blockage of share certificates<br />
by Takasbank A.Ş. The minutes of the ordinary Annual<br />
General Assembly are published in our website<br />
thereby allowing for the analysis of shareholder<br />
questions in the meeting and the corresponding<br />
answers, advices and other assessments. Meeting<br />
minutes are forwarded to Istanbul Stock Exchange in<br />
the same day and also announced to the public via<br />
the Stock Exchange Bulletin.<br />
In the General Assembly, shareholders attending the<br />
meeting have not exercised their rights of asking<br />
questions on meeting agenda. Out of agenda<br />
questions which have been raised with respect<br />
to Company operations have been replied by the<br />
Company’s management.<br />
While our Company’s Articles of Association contain<br />
a provision with respect to rendering of resolutions<br />
by the General Assembly regarding the sale of<br />
immovable assets of the Company, there are no<br />
provisions therein with respect to passing of other<br />
major resolutions by the General Assembly regarding<br />
any splitting, purchasing, selling, renting and leasing<br />
significant amount of property, without prejudice to<br />
the provisions no 443/2 of the Turkish Commercial<br />
Code. The matter of adoption of such resolutions<br />
in General Assembly was discussed by the Board<br />
of Directors which resolved that delegating such<br />
decisions to the General Assembly would remarkably<br />
impede the operations of the Company, diminish the<br />
acting capability of the management against dynamic<br />
and changing business opportunities to the detriment<br />
of all shareholders. So as to pursue this purpose, it<br />
was found proper to advise all shareholders of the<br />
said transaction(s), if any, in the first General Assembly<br />
following such transaction(s).<br />
5. Voting Rights and Minority Rights<br />
There are no privileged shares among the shares<br />
representing the paid-in capital of our Company.<br />
There is no cross shareholding relationship with<br />
the majority shareholders of our Company. There is<br />
currently no provision in the Articles of Association<br />
of our Company allowing the exercise of cumulative<br />
voting system.<br />
6. Dividend Policy and Dividend Payment Time<br />
There is no privilege granted to shareholders regarding<br />
the distribution of dividends.<br />
Within the framework of conformity with Corporate<br />
Governance Principles, our Dividend Policy has been<br />
resolved to be handled as a written policy starting<br />
from 2005.<br />
As per the unanimous resolution of our Board of<br />
Directors, dated 07.04.2009, Anadolu Efes adopts as<br />
a general rule, except for investment periods requiring<br />
high cash outflows, distributing a dividend from the<br />
distributable profit each year with a ratio higher than<br />
the minimum amount that implied by CMB, without<br />
prejudice to CMB’s prevailing regulations or any other<br />
relevant law and regulation.<br />
<strong>ANADOLU</strong> <strong>EFES</strong> FAALİYET RAPORU 2010 113
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