Turkish regulator appoints two new members to Turkcell board

ISTANBUL - Hürriyet Daily News

Turkey’s Capital Markets Board (SPK) has appointed two independent board members to mobile phone operator Turkcell, which has failed to hold mandatory board meetings due a long-running dispute between its shareholders.

The members appointed at the SPK’s meeting Aug. 15 are Bekir Pakdemirli, the ruling Justice and Development Party’s (AKP) İzmir deputy provincial head and Mehmet Bostan, chairman of state-run Vakıfbank’s pension arm.

The dispute between the three major shareholders, Turkey’s Çukurova, Russia’s Altimo Group and Nordic telecommunications giant TeliaSonera prevented the approval of accounts and distribution of dividends.

As Turkey’s telecommunications giant has been caught in managerial deadlock between its three owners, the SPK had said it would appoint two more independent board members to the company to maintain a minimum-five-member structure.

SPK called each of the three major shareholders to propose the two candidates for the two remaining chairs within 15 days.

The regulator has already appointed three members, including two former ministers who served under Prime Minister Recep Tayyip Erdoğan, in a move that was panned as it was perceived to be an example of government interference in the private sector.