Polisan Holding to Hold Extraordinary General Assembly Meeting

Polisan Holding Holds Extraordinary General Assembly Meeting Polisan Holding held its Extraordinary General Assembly Meeting with shareholder participation at the company's Dilovası Plant on Friday, 23 June. The meeting resulted in decisions regarding the new structure of the Board of Directors. Following the resolution, the Bitlis Family, which holds the largest stake in Polisan Holding, will continue to be represented on the Board of Directors through companies they have established as corporate entities, with these corporate structures represented by professional managers distinguished by their experience and achievements in various fields. Polisan Holding, one of Turkey's leading industrial companies, has taken a new step to ensure more effective implementation of corporate governance principles. The management transformation initiated by Mehmet Emin Bitlis, who became Board Chairman in 2017 following the death of Polisan Holding founder Necmettin Bitlis, has been elevated to a new level with this move. Polisan Holding's largest shareholders and representatives of the Bitlis family—Mehmet Emin Bitlis, Ahmet Ertuğrul Bitlis, Ahmet Faik Bitlis and Fatma Nilgün Kasrat—will henceforth serve on the Polisan Holding Board of Directors as corporate entities through companies they have established. These companies will be represented respectively by Tayfun Bayazıt, Esra Yazıcı, Ali Tuğrul Alpacar and Cantekin Dinçerler, while independent members Şeref Taşkın and Arif Başer will continue in their roles. It was emphasized that these individuals serving as representatives of companies established by the family members in question will hold the broadest executive authority, and that the shareholdings held by the Bitlis family in Polisan Holding will remain with the family members as before. [caption id="attachment_154433" align="aligncenter"] Photo (Left to Right): Board Member Responsible for Operations Cantekin Dinçerler; Board Member Ali Tuğrul Alpacar; Board Vice Chairman Esra Yazıcı; Board Chairman Tayfun Bayazıt[/caption]

Management enters the "Representatives Board" era

Mehmet Emin Bitlis, emphasizing that Polisan Holding is an established organization that has pioneered many firsts and important endeavors in Turkish industry, stated: "Since the holding's establishment, we have experienced significant developments that have strengthened corporate governance. These included our partnerships with Dow Chemicals at Polisan Kimya and with Japan's Kansai Paint at Polisan Boya, as well as our public offering in 2012. When I assumed the position of board chairman in 2017, we began implementing a focus strategy in our areas of operation. While managing change, we built more visionary and motivated teams, and took care to develop a work environment that valued performance and new ideas. We established a structure with strong communication, transparency and high performance, thus transforming ourselves into a more agile and sustainable company. In the final link of this transformation, which encompasses many different topics and phases, we have decided to open a new chapter that will carry Polisan Holding into the future with the same vision and bold perspective. Today, as family members and shareholders, we are delegating four seasoned professionals to serve as our representatives on the Polisan Holding Board of Directors. I believe this structure, which I describe as the "Representatives Board" in management, could serve as an example for many family companies. I view the ability of family companies to act with this perspective on their board of directors, the principal decision-making body, even after the delegation of upper management to professionals, as an investment in the company's long-term development and sustainable success in their work to strengthen corporate governance." Emphasizing that family members will henceforth leave the management process to the professional board of directors, and that decision-making processes will be made jointly with the professionals serving on the board, Mehmet Emin Bitlis continued: "Looking to the future, with our extensive dealer network and strong brand, I believe we will take our position in the paints sector even further given our new factory investment and the high level of interest shown by our Japanese partner Kansai Paint in Turkey. I believe Poliport, one of Kocaeli's leading terminals, will be another of our companies with an important place in the holding's future. Beyond the Marmara Region's critical location in port operations and the limited use options available, Poliport's long-standing business cooperation with international brands and its advantage of providing services to third-party companies bring important opportunities for us. Along with the port, with all our group companies, I am confident that with this new structure we will reach our objectives much faster and more efficiently in line with our previously determined medium and long-term strategies. Our new board of directors, which will consist solely of professionals and independent members, will take these points and many more details into account as it carries Polisan Holding into the future. They will make board-level decisions for the holding and all its affiliates."

Tayfun Bayazıt: "We will contribute to sustainable and profitable growth"

Tayfun Bayazıt, serving as the representative of Mehmet Emin Bitlis on the Polisan Holding Board of Directors, stated in a comment on the matter: "Polisan, one of our country's consistently growing successful groups, deserves recognition for its effort to raise the bar on corporate governance under today's challenging conditions. I believe the new board structure, which all shareholder family members have carefully crafted, has created a strong launching pad for Polisan Holding. In this context, my fellow representatives and I will contribute to sustainable and profitable growth through our effective risk and performance management and our people-centered approach. The trust placed in us by the Bitlis family members and the favor they have shown is very valuable to us. Setting out on this path with their full support, I firmly believe that together with all of Polisan Holding's employees, we will overcome all obstacles and take the company to far greater heights."