D-Market's Strategic Board Expansion Amidst Financial Decisions
D-Market's Recent Financial Decisions and Board Appointments
D-MARKET Electronic Services & Trading, commonly known as Hepsiburada, recently announced significant decisions regarding its fiscal year 2023 operations. During the company's Ordinary Annual General Assembly of Shareholders (AGM), it was decided that no dividends would be distributed due to the absence of profits.
Highlights from the Annual General Meeting
The AGM, held in compliance with relevant Turkish regulations, approved the audited financial statements for the year concluding on December 31, 2023, and officially released the Board of Directors from their responsibilities for that fiscal year. This meeting is crucial as it sets the tone for corporate governance and stakeholder engagement moving forward.
Board Membership and Compensation Structure
In a vital move to strengthen its leadership, D-Market appointed two new board members: Mr. Ahmet Toksoy and Mr. Mehmet Erol Çamur. Additionally, the board welcomed Mr. Hasan ?lker Yöney and Mr. Hikmet Ersek as members. This expansion increases the Board of Directors from nine to eleven members, with their terms extending until August 25, 2026. This new structure aims to enhance decision-making processes and strategic planning.
Compensation for Board Members
During the AGM, shareholders also approved the remuneration package for independent board members, which includes an annual payment of $100,000 for board service, $20,000 for leading committees, and $10,000 for serving as committee members. Furthermore, those taking on temporary roles will receive a fixed monthly payment of $10,000.
Background on New Board Members
Mr. Yöney has a wealth of experience in investment management, previously serving as CEO of Do?an Family Office and holding significant positions at the European Bank for Reconstruction and Development. Meanwhile, Mr. Ersek brings a robust background in global financial services, having served as the former CEO of Western Union.
Recent Activities of Western Union
Western Union has been drawing attention with its latest quarterly performance. Despite encountering a 7% decline in adjusted revenue—amounting to $1.07 billion—mostly attributed to uncertainties in Iraq, it reported a 5% increase in consumer money transfer transactions. This performance is complemented by a 14% revenue growth in its consumer services sector. These trends reflect Western Union's resilience in adapting to market fluctuations.
Shareholder Initiatives and Future Outlook
Aside from board appointments, shareholders at D-Market authorized the purchase of 4,615,384 Class B shares from TurkCommerce B.V., representing a significant investment of USD 5,732,306.93. They also renewed the director's and officer's (D&O) insurance policy and allowed the Board to make charitable contributions up to a limit of 2 per thousand of the company's total assets.
Independent Audit Engagement
In a move to ensure transparency and accountability, PwC Ba??ms?z Denetim ve Serbest Muhasebeci Mali Mü?avirlik A.?. was engaged as the independent auditor until the next AGM, where the company’s activities for 2024 will be assessed. This commitment to robust financial health underpins D-Market's strategic priorities.
Conclusion and Reflection on Company Growth
The recent changes at D-Market reflect the company's dedication to navigating challenges and pursuing growth. These strategic initiatives, including board expansion and financial prudence, are integral to fostering a resilient corporate framework. As D-Market continues to evolve, stakeholders can anticipate ongoing enhancements in governance and operational excellence.
Frequently Asked Questions
What was the main decision made by D-Market regarding dividends?
D-Market decided not to distribute dividends for the fiscal year 2023 due to a lack of generated profit.
Who are the newly appointed board members of D-Market?
The new board members are Mr. Ahmet Toksoy and Mr. Mehmet Erol Çamur. They join Mr. Hasan ?lker Yöney and Mr. Hikmet Ersek on the board.
What compensation structure was approved for the board members?
Board members will receive $100,000 annually, with additional payments for chairing committees and temporary memberships.
What recent developments occurred at Western Union?
Western Union reported modest growth with a 5% increase in consumer transactions, despite a 7% decrease in adjusted revenue.
Who was appointed as the independent auditor for D-Market?
PwC Ba??ms?z Denetim ve Serbest Muhasebeci Mali Mü?avirlik A.?. was appointed as the independent auditor until the next AGM.
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