The annual general meeting of Turkcell shareholders once again failed to take place today as the required 51% attendance quorum was not reached.
According to TeliaSonera, which owns 38% of Turkcell shares directly and indirectly, the quorum could not be…
The annual general meeting of Turkcell shareholders once again failed to take place today as the required 51% attendance quorum was not reached.
According to TeliaSonera, which owns 38% of Turkcell shares directly and indirectly, the quorum could not be reached because “the shareholders couldn’t agree on the representation of Turkcell Holding, which accounts for 51 percent of the shares in the listed company Turkcell Iletisim”.
The other major Turkcell owners are Mikhail Fridman’s Altimo and Cukurova Holding.
The shareholders have disputed Turkcell’s ownership and governance for several years, and the dispute has prevented the company from agreeing on a management board or paying dividends. A recent attempt to hold an AGM in May had also failed.
The Turkish government subsequently threatened to intervene in the dispute and the country’s deputy prime minister Ali Babacan has said that the Capital Markets Board (CMB) could step in if shareholders fail to solve their arguments within an acceptable timeframe.
In March the CMB had appointed three independent members to the Turkcell board because of the operator’s failure to satisfy corporate governance regulations. The new members are to remain on the board until the company appoints its own independent members in accordance with regulations.
Meanwhile a decision by the UK’s Privy Council regarding the ownership issue is still pending.
