Within the scope of the announcement of the Ministry of Trade dated March 20, 2020, it was announced that for the purpose of preventing the COVID-19 pandemic from spreading, various measures will be adopted, especially due to general assembly meetings being intensive at this time of the year.

Accordingly, joint stock and limited liability companies of which the general assemblies were called for convention by their management bodies are permitted to cancel their general assembly meetings through a resolution to be adopted by the management body. Thus, companies are enabled to cancel their meetings without the general assembly having to convene at the previously decided date.

On the other hand, for companies using the electronic general assembly system as per Article 1527 of the Turkish Commercial Code, the Ministry has recommended that all shareholders participate to the general assembly electronically without physical attendance. Nevertheless, the shareholders may attend the meetings physically if desired.

As per the Turkish Commercial Code, in order for companies to hold electronic general assembly and board of directors meetings, the articles of association of such company must include a provision allowing the same. However within the scope of the said announcement of the Ministry, companies of which articles of association do not include a provision in this respect are permitted to convene the general assembly meetings to be held during this period via the “Electronic Board of Directors System” and “Electronic General Assembly System” by procuring the required technological infrastructure from Central Securities Depository of the Turkish capital markets (Merkezi Kayıt Kuruluşu Anonim Şirketi) provided that means for beneficiaries to participate electronically are provided. Hence, these companies may amend their articles of association with respect to the provision allowing electronic meetings in the first general assembly to be held thereafter.