Board of Directors and Statutory Auditors

VakıfBank is managed by the Board of Directors and the General Manager who is the ordinary and executive member of the Board of Directors. According to VakıfBank’s Articles of Incorporation, the Board of Directors consists of nine members, representing Groups (A), (B), (C) and Group (D) shares. Group (A) shareholders appoint four board members (one of which is appointed by the Prime Minister to represent the General Directorate of Foundations), Group (B) shareholders appoint one board member, Group (C) shareholders appoint two board members (to represent VakıfBank Pension Fund) and one board member for Group (D) is appointed by the General Assembly from among the candidates nominated by the shareholders; however, in nominating this candidate, choices of Group (D) shareholders are given priority. The board members are selected for three years and it is possible for them to be reselected.

One member from Group (A), one member from Group (C) and one member from Group (D) which is elected by General Assembly are independent members. Please find below the current members of the Board of Directors and their biographies.

Board of Directors and Statutory Auditors

ABDULKADİR AKSU - Chairman

Born in 1944 in Diyarbakır, Mr. Aksu completed his primary education in Diyarbakır Cumhuriyet Primary School, and his secondary education in Ziya Gökalp High School. He graduated from Ankara University/Faculty of Political Science. Within the state administration, he served as district governor of Sarıkaya in the years from 1973 to 1976, followed by acting governor of Kahramanmaraş in between October 9th 1977 to January 30th 1978. Until September 1980, he also served as Central Police Chief and Chief Police Officer. He was appointed as Rize governor with the Cabinet decree dated August 29th 1980 and appointed as Central governor with the Cabinet decree dated October 17th 1980. During his governor position in Rize, he also acted as Rize mayor. He became Gaziantep governor in between February 9th, 1984 to September 18th 1987 and he was elected as "The bureaucrat of the year in 1985". He was elected as 18th term Diyarbakir MP from Mainland Party in November 29th, 1987. He also appointed as his party's group deputy chairman in Turkish Grand National Assembly (TGNA) in December 1987. He was appointed as Interior Minister on March 31st, 1989 and carried out this role until June 23rd, 1991. He was re-elected as Diyarbakir MP from Mainland Party on December 24th, 1995 and acted as his party's group deputy chairman in TGNA and assigned to the State Minister position responsible for South East Anatolia Project. He left Mainland Party and joined to Welfare Party on August 16th, 1996. He became Vice President of Welfare Party. Following the closing of Welfare Party by Constitutional Court, he joined to the Virtue Party. Mr. Aksu was one of the founding members of Justice and Development Party and he was elected as MP from Istanbul 3rd Region on November 3, 2002. He served as Interior Minister during 58th and 59th Cabinets, acted as State Minister between 2009 and 2012. He was elected as Board Member at the 65th Ordinary General Assembly Meeting of VakıfBank, held on May 27th, 2019. He was also elected as the Chairman of VakıfBank by the Board decision as of the same day. Mr. Aksu is fluent in German, married with two children.

 

Assoc. Prof. Dr. ŞAHAP KAVCIOĞLU - Deputy Chairman (Independent)

Born in 1967 in Bayburt, Mr. Kavcıoğlu graduated from Dokuz Eylül University, Faculty of Economics and Administrative Sciences, Department of Business Administration. Having graduated from Istanbul University as an Auditing Specialist at the Institute of Accounting, he studied Business Administration at Hastings College in England between 1988 and 1990. He completed his master's degree and ph.D at Marmara University, Banking and Insurance Institute. In 2014, he received his title of associated professor.

He began his career as an Assistant Auditor at Esbank in 1991. Respectively, Mr. Kavcıoğlu served as Auditor, Branch Manager and Executive Vice President at Esbank. In 2003, he was assigned as Istanbul Regional Coordinator at Halkbank. Moreover, he served as Executive Vice President for Retail Banking, SME Banking, Credit Policy Department, Human Resource and Organization Department, respectively until November 2015. On November 1st, 2015, he was elected as a Member of Turkish Parliament for the 26th legislative terms from Bayburt province. During this period, he continued to work as a member of the Parliamentary Planning and Budget Commission and as a member of the Turkish Parliamentary Union (PAB) Turkish Group.

He was the President of Bayburt Educational Culture and Service Foundation for 10 years. He is also a member of the Board of Reconstruction of the Bayburt University Foundation for Development, Galatasaray Sports Club Congress Member, Founder Member of the Graduates Association of Dokuz Eylül University and Graduates Association of Banking and Insurance. Mr. Kavcıoğlu published three books, called ‘Ticari Bankalarda Sorunlu Kredilerin Yönetimi Çözüm Yolları ve Takibi’, ‘Sektörlere Göre Finansal Tabloların Karşılaştırmalı Analizi’ and ‘Enerji Sektöründe Yatırım Projelerinin Değerlendirilmesi’ and many articles. Since August 14, 2018, he has served as Deputy Chairman of VakıfBank’s Board of Directors, as well as a member of the Credit Committee, Audit Committee and Corporate Governance Committee. Mr. Kavcıoğlu is also the Chairman of the Board in Vakıf Gayrimenkul Yatırım Ortaklığı. He continues to be the columnist of the economy page for Yeni Şafak newspaper. Mr. Şahap Kavcıoğlu is married with 3 children.

 

ABDİ SERDAR ÜSTÜNSALİH - CEO- Executive Board Member

Mr. Üstünsalih, born in 1963 in Trabzon, began his career as an associate in 1991 at VakıfBank. After having served as manager in various branches and departments at VakıfBank, he served as the Head of IT, Retail Banking, Banking Operations, Basic Banking Application Development departments. Mr. Üstünsalih became Executive Vice President in July 2018 and he has been CEO and Executive Board Member of VakıfBank since May 27, 2019. Moreover, Mr. Üstünsalih is Board member of the Banks Association of Turkey and TSKB, and the Chairman of Güneş Sigorta A.Ş. He is married with two children and he has also served in many foundations and associations.

 

Dr. ADNAN ERTEM - Board Member

Dr. Ertem (born in 1965) completed his secondary education in Erzurum. He graduated from İstanbul University, Faculty of Political Sciences and Department of Public Administration in 1987 and got his Ph.D. in the field of sociology in 1997. Beginning his career as an Assistant Auditor at the General Directorate of Foundations in 1988, Dr. Ertem was appointed as Auditor in 1991 and Chief Auditor in 2002. Between 2002 and 2007, he served as the Regional Director at the İstanbul Regional Directorate of Foundations. Between 2007 and 2010, he held the position of Deputy Undersecretary of the Turkish Prime Ministry and in October 2010, he was appointed as the General Manager of the General Directorate of Foundations. Since his appointment on October 27th, 2010, he has been a Board member of VakıfBank. Dr. Ertem is also a member of Remuneration Committee. He is married with two children.


ŞAHİN UĞUR - Board Member

Mr. Uğur completed his primary and secondary education in Erzurum. He graduated from Atatürk University, Faculty of Economics, and Business Administration Department in 1979. He began working at VakıfBank in 1984 and served as Assistant Manager, Manager and Head until 2004 and thereafter he held the position of Executive Vice President between 2004 and 2013. Following that, Mr. Uğur served as a Board Member at VakıfBank International AG Vienna, Güneş Sigorta A.Ş., Taksim Otelcilik, Atakule GYO A.Ş., Vakıf Menkul Kıymetler A.Ş., Vakıf GYO A.Ş. which are subsidiaries of the Bank. He was elected as a Board Member of the Bank at the General Assembly meeting on June 9, 2017 and he is a member Remuneration Committee. Mr. Uğur is also Board member at Vakıf Menkul Kıymet Yatırım Ortaklığı A.Ş., which is a subsidiary of the Bank.

 

DİLEK YÜKSEL – Board Member (Independent)

Mrs. Dilek Yüksel was born in Niksar, Tokat in 1977. She graduated from Gazi University, Faculty of Economics and Administrative Sciences, Department of Economics. Mrs. Yüksel had an education on banking and economy from Banking Law and Research Institute at Ankara University. She worked as the Manager of Press and Public Relations Department in Samsun Atakum Municipality and the Chief of Mamak Municipality’s Culture Branch. She was elected as a Member of Turkish Parliament for the 23rd and 24th legislative terms from Tokat province. In 23rd legislative term of the Grand National Assembly of Turkey (GNAT), she was a member of the Committee on State Economic Enterprises. Mrs. Yüksel also served both as a member and the spokesperson of The Committee on National Defence and member of the Committee on Equal Opportunity for Woman and Man, Head of the sub-committee on Enhancement of Women's Employment in All Fields and Suggestions for Solution in the 24th legislative term. Moreover, she served as a Secretary Member of the Presidency Council of the GNAT for the 24th legislation term. She was elected as Board member of VakıfBank in the Ordinary General Assembly on March 29th, 2016 and she is also a member of the Bank’s Remuneration Committee and an alternate member of Credit Committee. Mrs. Yüksel has advanced knowledge of English. She is married and has two children.


SERDAR TUNÇBİLEK - Board Member (Independent)

Mr. Tunçbilek graduated from Ankara University, Faculty of Political Sciences. He began his working life as an Assistant Auditor in Emlak Bankası A.Ş. in 1985. Following his position as an auditor for 4 years, he served as the Manager of Loan Marketing, Loan Monitoring and Securities and Branch Manager of Dusseldorf Financial Services for 11 years. He held the position of Secretary General in Egebank between 2000-2001. He was Vice Head of Department in BRSA between 2001-2005 and Group Coordinator and Acting Head of Department at SDIF between 2006-2007.

Mr. Tunçbilek also held the positions of Board member, Supervisory Board member and Chairman in the companies under the body of SDIF between 2001-2007. Mr. Tunçbilek was elected as a Board member of VakıfBank in 2007, he was a member of Credit Committee and Audit Committee for 5 years. He was also a Board member and Chairman of Vakıf Sistem Pazarlama, Vakıf Yatırım Menkul Değerler, Vakıf Menkul Kıymetler ve Vakıf Portföy A.Ş. between 2008-2014. He served as a Board member at Güneş Sigorta A.Ş. between 2014-2017. Mr. Tunçbilek served as the Deputy Chairman at VakıfBank between June 2017 and August 2018. At the General Assembly meeting, held on August 13, 2018, Mr. Tunçbilek was elected as a Board Member of VakıfBank. He is also a member of Audit Committee and Credit Committee.

 

Dr. CEMİL RAGIP ERTEM - Board Member

Dr. Ertem graduated from Dokuz Eylül University, Faculty of Economics. He has a master's degree and his Ph.D. in finance and economics at Istanbul University, Faculty of Economics. He was a lecturer at Istanbul University and THK University on knowledge economy, economics-politics, alternative growth and money theory. Dr. Ertem wrote many articles on economics-politics, economy and monetary policies. Moreover, he has been a TV commentator about economics and a columnist in various magazines and newspapers. He is still a columnist in the newspapers, called Milliyet and Daily Sabah.

Dr.Ertem received the ‘MUSIAD Best Economy Writer’ award in 2011. He has written four books, called ‘Bitişler ve Başlangıçlar’, ‘Yeni Dünya Düzeni-Wiki Leaks’, ‘Dünyayı Sarsan 60 Gün’ and ‘Yatağını Bulan Nehir – Erdoğan Dönemi Ekonomi Politiği’. Dr. Ertem is still the Chief Economic Advisor of President Recep Tayyip Erdoğan and member of Economic Policies Council. He serves as a Board Member at VakıfBank from the date of August 13, 2018. He is also an alternate member of Credit Committee.

 

SADIK YAKUT - Board Member

Mr. Yakut was born in Kayseri/Büyükkaramanlı in February 3rd, 1956. He was graduated from Istanbul University, Faculty of Law. In the years from 1979 to 1999, he served as public prosecutor, investigation judge at Ministry of Justice general directorate of prisons and detention houses in Halfeti, Çamardı, Savaştepe and Giresun in sequence which is followed by Ankara public prosecutor position. He also became Board member in Gençlerbirliği Sport Club. He became one of the founding members of Justice and Development Party. During the years of 1999 to 2015, he was elected as MP from Kayseri district in the 21st, 22nd and 23rd terms. He was also elected as Vice Chairman of Turkish Grand National Assembly (TGNA) during 22nd, 23rd and 24th terms. At the 65th General Assembly meeting, held on May 27, 2019, Mr. Yakut was elected as a Board member of VakıfBank. He is also a member of Corporate Governance Committee. Mr. Yakut is married with three children.

 

YUNUS ARINCI-Member of the Audit Board

Yunus Arıncı graduated from Ankara University, Faculty of Political Sciences, Department of Public Administration. He began his professional career as Assistant Auditor at the Prime Ministry in 1997 and later completed his post graduate degree at Indiana University between 2007 and 2009. After serving as Auditor and Chief Auditor at the Prime Minister’s Office, he took office as Head of Audit Committee between October 14, 2009- July 13, 2015. Yunus Arıncı was appointed as Chairman of Presidential State Audit Committee on July 13, 2015, an office he continues to hold. He has been retaining his duty as a Member of the Audit Committee of T. Vakıflar Bankası T.A.O. on March 19, 2010.

 

HASAN TÜRE - Member of the Audit Board

Born in Kızılcahamam/Ankara in 1963, Mr. Türe graduated from Anadolu University, Business Management Department. He began his working life as an Intern Officer at VakıfBank in 1990. He served as the Manager of Vezirköprü Branch / Samsun, Kırşehir Branch, Manager and Board member of VakıfBank Private Pension Fund and also Board member at the subsidiaries of VakıfBank, respectively. Mr. Türe retired from VakıfBank as of February 28, 2014.

 He still serves as a Board member of Yenimahalle/Ankara Social Assistance and Solidarity Foundation and also various civil society organizations operating in Ankara. Mr. Türe was elected as a member of the Audit Board at the General Assembly of VakıfBank held on June 9, 2017. He is married with 2 children.