Bank are pursuant to the provisions of the size of Board of Directors and the qualifications of Board members in the Banking Law (Law No. 5411), Corporate Governance Communique (II-17.7), Turkish Commercial Code (Law No. 6102), Capital Markets Law ( Law No. 6362).
According to Article 23 in the Banking Law numbered 5411, the board of directors of any bank shall have at least five members including the general manager. The general manager of the bank and, in his absence, his deputy shall be a natural member of the board of directors. The qualifications required for the general manager in this Law shall also be required for majority of the board of directors. Managing directors shall satisfy the same conditions as the general manager. The persons elected as board of directors’ members or the persons appointed as board of directors’ members for vacated position shall be informed to the Agency, together with documents indicating that they bear the requirements laid down in this article, within seven working days.
The bank's succession plan for unforeseen circumstances related to board members is as follows:
According to the Management Internal Directive published in the Turkish Trade Registry Gazette numbered 9841 dated May 31, 2019, the board of directors is represented by the joint signatures of either the chairman of the board of directors or one of the board members together with the general manager or one of the executive vice presidents.
Furthermore, the authorized signatories of the bank are divided into three groups as follows: the first group includes the general manager, executive vice presidents, and chief legal advisor, the second group includes first-degree signatories, and the third group includes second-degree signatories. Any two signatures from the first group or one signature from the first group together with one signature from the second group, collectively placing their signature, are authorized to commit the Bank in all matters.
The Board of Directors consists of nine members. Three members of Group (A) and one member of Group (B) and two members of Group (C) are selected among the candidates proposed by the majority of their group and one member among candidates proposed by the shareholders by taking into account the preferences of Group (D) primarily and two other members shall be elected by the General Assembly among the candidates proposed by shareholders. Two members of Group (A) and (C) and one member who is elected by the preferences of Group (D) are independent members. Please find below the current members of the Board of Directors and their biographies.
Mr. Saydam (born in Ağrı in 1966) graduated from Gazi University, Faculty of Economics and Administrative Sciences, Department of Business Administration in 1990. He began his career as assistant auditor at VakıfBank in 1993. After working as Auditor between 1996 and 1999, he took the responsibilities of assistant manager and manager in various branches and departments of VakıfBank. He served as the Head of Human Resources between 2005 and 2010 and Audit Board between 2010 and 2013. Mr. Saydam was appointed as Executive Vice President in October 2013 and carried out this duty until January 2019. Having served as Executive Vice President in Vakıf Emeklilik and Board member in Vakıf Pazarlama, Mr. Saydam have been serving as a Board member of VakıfBank since March 26, 2021. He was elected as an Independent Board Member at VakıfBank’s 72nd Ordinary General Assembly Meeting. Mr. Saydam is married and has two children. He is fluent in English.
Please click here to see the Independence Statement.
Dr. Ertem (born 1959) graduated from Dokuz Eylül University, Faculty of Economics. He has a master's degree and 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. 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 has been serving as a Member of the Board of Directors since August 13, 2018, and as Deputy Chairman of the Board since June 12, 2020. He was elected as a Board Member at VakıfBank’s 72nd Ordinary General Assembly Meeting.
Mr. Osman Arslan, born in Ankara in 1971, graduated from the Department of Statistics at the Faculty of Arts and Sciences of Middle East Technical University. He also completed his master’s degree in Business Administration at the Institute of Social Sciences of the same university. Mr. Arslan began his career at Ziraat Bank in 1995. After serving in managerial roles at various private sector banks between 1998 and 2004, he worked at Halkbank from 2004 to 2012 as Department Manager, Head of Department, and Executive Vice President, respectively, and subsequently held General Manager positions at Arap Türk Bankası. Since 2012, he continued his career at Ziraat Bank as Executive Vice President responsible respectively for Financial Management, International Banking and Subsidiaries, and Information Technologies Management. In 2015, he assumed the role of Founding General Manager of Ziraat Katılım. Appointed as General Manager and Board Member of Halkbank in June 2017, Mr. Arslan served in this position until 9 April 2026. Following the 72nd Ordinary General Assembly of VakıfBank held on 9 April 2026, he was appointed as General Manager and Executive Board Member of VakıfBank.
Vedat Demiröz, born on March 1, 1956, in Bitlis, graduated from the Faculty of Business Administration at Marmara University. Throughout his professional career, he worked as a Certified Public Accountant (CPA) and Independent Chief Auditor. He served as a Member of the Audit Committee at the Development Bank of Turkey, Financial Advisor to Istanbul Metropolitan Municipality Affiliates, and Vice Chairman of the Board of Directors at TOKİ Emlak Konut Real Estate Investment Company (GYO). He is currently a founding member, trustee, or serves on the management and supervisory boards of several organizations, including the Recep Tayyip Erdoğan Foundation, Zero Waste Foundation, Çamlıca Foundation, Fuat Sezgin Foundation, Birlik Foundation, Bezmialem Vakıf University, Bitlis Education and Promotion Foundation, Marmara University Alumni Association, Istanbul Association of Financial Advisors and Accountants, and the Istanbul Chamber of Certified Public Accountants. He served as a Member of Parliament for Bitlis during the 24th, 25th, and 26th legislative terms, and for Istanbul during the 27th legislative term. Between 2015 and 2025, he served as Deputy Chairman of the AK Party. As of February 28, 2025, he has been serving as Chief Advisor to the President. He has been serving as a Member of the Board of Directors since April 25, 2025. He was elected as a Board Member at VakıfBank’s 72nd Ordinary General Assembly Meeting. Mr. Demiröz also serves as a Member of the Corporate Governance Committee and is married and has three children.
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, following this position, he served as the General Manager of the General Directorate of Foundations between 14 October 2010 and 26 December 2019. Dr. Ertem was appointed as the Deputy Minister of the Ministry of Family, Labor and Social Security in December 2019. As a result of the division of the relevant Ministry into the Ministry of Family and Social Services and the Ministry of Labor and Social Security on April 21, 2021, Dr. Adnan Ertem continues to serve as the Deputy Minister of Labor and Social Security. Since October 28, 2010, he has been a Board member of VakıfBank. He was elected as a Member of the Board of Directors at VakıfBank’s 72nd Ordinary General Assembly Meeting. Dr. Adnan Ertem also serves as an Alternate Member of the Remuneration Committee and the Credit Committee, and is married and has two children.
Mr. Uğur completed his primary and secondary education in Malatya and 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, Taksim Otelcilik, Atakule GYO A.Ş., Vakıf Menkul Kıymetler A.Ş., Vakıf GYO A.Ş. which are subsidiaries of the Bank. He has been a Board member of VakıfBank since June 9, 2017. Mr. Uğur was elected as Board member at the 72nd Ordinary General Assembly meeting and he is also a member of Credit Committee.
Mr. Haydar Kemal Kurt, who was born in 1963 in Isparta, graduated from Istanbul University Faculty of Law in 1984. He worked as a freelance lawyer from 1986 to 2007. He served as a Member of Parliament in Istanbul Metropolitan Municipality and Güngören Municipality and as the Chairperson of the Law Commission of Istanbul Metropolitan Municipality from 2004 to 2007. In 2007, he was elected as the 23rd Term Isparta Deputy in Grand National Assembly of Turkey and worked as a member of the Constitution Commission. Mr. Kurt has been a Member of the Board of Directors since March 25, 2022. Mr. Kurt was elected as an Independent Member of the Board at VakıfBank’s 72nd Ordinary General Assembly Meeting. He is a member of Corporate Governance Committee. Mr. Kurt is married and has three children.
Please click here to see the Independence Statement.
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Mr. Halil Çelik, who was born in 1956 in Akçaabat/Trabzon, completed his primary, secondary, and high school education in Akçaabat and graduated from the Economics Department of the Eskişehir Academy of Economic and Commercial Sciences in 1980. He started his career at Ziraat Bankası in 1982 as an Assistant Auditor, later serving as Auditor and Chief Auditor. He held the position of regional manager in Trabzon from 1995 to 1999 and in Erzurum from 1999 to 2002 at the same bank. Between 2002 and 2003, he worked as an Auditor at İller Bankası, and he continued his career as Executive Vice President at Halkbank and a board member at Halk Yatırım from 2003 to 2010. Between 2010 and 2012, Mr. Çelik held Board Member positions at Ziraat Bankası, Ziraat Leasing, Azer Türk Bank, Türkmen Turkish Bank, and Ziraat Sigorta. He served as Deputy Chairperson of the Board at Vakıf Finansal Kiralama from 2019 to 2024. He has been serving as an Independent Member of the Board since June 6, 2024. Mr. Çelik was elected as an Independent Member of the Board at VakıfBank’s 72nd Ordinary General Assembly Meeting. He is also a member of Audit Committee, Sustainability Committee, and a substitute member of Credit Committee.
Please click here to see the Independence Statement.
Mr. Yakut was born in Kayseri on 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. Mr. Yakut was elected as Kayseri MP of Nationalist Movement Party in 1999. He served as a Board member of his party and Constitutional Committee. He also became a Board member in Gençlerbirliği Sport Club. Mr. Yakut 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 for the 22nd, 23rd and 24th terms and served as Vice Chairman of Turkish Grand National Assembly (TGNA). Mr. Yakut has been elected as a Board member of VakıfBank on May 25, 2019. Mr. Yakut was elected as a Member of the Board at VakıfBank’s 72nd Ordinary General Assembly Meeting and he is also a member of Audit Committee and the Remuneration Committee. Mr. Yakut is married and has three children.
Having graduated from Ankara University, Faculty of Political Sciences and Department of Public Administration, Mr. Mehmet Emin Baysa had his master’s degree on Public Administration and had a training of National Security Academy. Beginning public service as a District Governor candidate in the Ministry of Interior on May 29, 2000, Mr. Baysa held the position of Assistant Auditor in Customs Audit Board and since August 2001, he served as Assistant Auditor, Auditor, Chief Auditor and Vice President in the Prime Ministry Audit Board. Mr. Baysa served as the Head of Foreign Affairs and Vice President of the Audit Board in the Office of the Prime Minister. He was appointed as a member of the State Supervisory Council on August 3, 2018 and still carries out this duty. Mr. Baysa was elected as a member of VakıfBank’s Audit Board since June 12, 2020. He was elected as a Member of the Audit Board at VakıfBank’s 72nd Ordinary General Assembly Meeting.
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. Since 2002, he has served in various positions, including as the Manager of Vezirköprü Branch / Samsun, Manager of 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 been serving as a Member of the Audit Board since June 9, 2017. He was elected as a Member of the Audit Board at VakıfBank’s 72nd Ordinary General Assembly Meeting. He is married and has 2 children.
