In joint-stock companies, shareholders’ knowledge of the company’s management and financial condition is vital to ensuring transparency and accountability. The Turkish Commercial Code (TCC) grants shareholders extensive rights in this regard. The exercise of these rights is crucial for both the smooth operation of the company and the protection of shareholders’ rights. This article will examine in detail the rights of shareholders to obtain and review information in joint-stock companies operating in Antalya.
Right to Information
The Turkish Commercial Code (TTK) grants shareholders the right to obtain various information regarding the company’s operations. This right encompasses a wide range of matters, including the company’s board of directors’ decisions, financial statements, balance sheets, and other financial reports. By accessing this information, shareholders can monitor the company’s status and protect their rights when necessary. The scope of this right to information may vary depending on the company’s size, structure, and field of activity. However, fundamentally, every shareholder has the right to participate in the company’s general assembly meetings, receive the information presented there, and request additional information from management when necessary.
Access to Board of Directors Decisions
Board resolutions are important documents that shape the company’s strategic decisions and daily operations. The TCC guarantees shareholders’ right to access these decisions. Shareholders may request information from company management regarding these decisions and, if necessary, defend their rights through legal action. However, trade secrets or sensitive information that could affect competition may be exempt from disclosure to shareholders.
Access to Financial Statements
A company’s financial condition is one of the most important pieces of information for shareholders. The Turkish Commercial Code (TCC) requires joint-stock companies to regularly prepare and submit financial statements to shareholders. These statements show the company’s profitability, assets, and liabilities, allowing shareholders to evaluate the company’s financial performance. Access to financial statements is critical for shareholders to assess the security of their investments and the company’s future.
Right to Review
In addition to the right to information, the TCC also grants shareholders the right to conduct a more comprehensive investigation into the company’s management and operations. This right is particularly important when there are doubts or irregularities regarding the company’s management.
Independent Audit
Having a company’s financial statements audited by an independent auditing firm is an important mechanism for protecting shareholders’ rights. This audit verifies the accuracy and reliability of the company’s financial statements and identifies potential irregularities. The audit report helps shareholders more accurately assess the company’s financial condition.
Review of Company Documents
Shareholders have the right to inspect the company’s records and documents. This right allows them to develop a more detailed understanding of the company’s operations and identify potential irregularities. However, exercising this right to inspect is subject to certain procedures and limitations. For example, any request for an inspection must be made in writing, and the company must respond within a reasonable timeframe.
Requesting Information from Management
Shareholders have the right to request additional information from the company’s management. This request may cover any matter related to the company’s operations, financial condition, or management. Management must respond to the request within a reasonable timeframe. If a response is not provided or is inadequate, shareholders may take legal action.
Right to Apply to Court
In cases where shareholders’ rights to information and inspection are violated, they can defend their rights by filing a lawsuit. The court may compel the company’s management to provide the necessary information or ensure the right to inspection. They may also seek compensation for damages caused by the violation.
In joint-stock companies operating in Antalya, full exercise of shareholders’ rights to access and review information is crucial to ensuring company transparency and accountability and to protecting shareholders’ rights. Being aware of these rights and taking legal action when necessary is crucial to ensuring the security of shareholders’ investments. If any issues arise, it is advisable to consult with a qualified legal professional.