Turkey introduces amendments for holding shareholders general assembly meetings of joint stock companies
18 December 2020 - Turkey has recently introduced significant amendments to the procedure for holding shareholders general assembly meetings of joint stock companies. The new law, which was published in the Turkish Official Gazette on 9 October 2020, makes the following changes:
- The elimination of the once mandatory requirement to have the meeting convened under the supervision of the representative of Ministry of Commerce for joint stock companies with a sole shareholder.
- Joint stock companies with a sole shareholder are no longer required to form the meeting presidency and prepare the attendees list.
- The power of attorney for representation at the shareholders’ meeting now has to be notarised in order to be valid. In addition, an apostille must be affixed if the authoriser is based outside of Turkey.
- Applications for the appointment of the Ministry representative, when such appointment is needed, may now be submitted electronically through MERSIS. Additionally, in cases where a board of directors does not exist, or it is not possible to have a board meeting quorum and a meeting without a notice is intended to be held exclusively for electing board members, the companies may file a request for a Ministry’s Representative via petition containing notarised signatures of all the shareholders or their attorneys.