TeliaSonera has decided to take legal action against the chairman of Turkcell Colin J. Williams in order to safeguard good corporate governance in Turkcell to the benefit of all shareholders and protect its legal rights as minority shareholder. TeliaSonera said it has for years argued that the number of independent board members in Turkcell has to increase in order for Turkcell to follow requirements by the Turkish Capital Markets Board and the US Securities and Exchange Commission. Such actions have, however, been blocked by Cukurova and the chairman of the board Colin J. Williams. TeliaSonera has lately put forward formal requests to the board of Turkcell to add the possibility for Turkcell's shareholders to address the board composition at the upcoming annual shareholders' meeting (AGM). The right for a minority shareholder, with more than 5 percent of the shares in a listed company, to address an issue at the AGM is a basic and clear right under Turkish law. TeliaSonera has now, through the actions of a minority of the Turkcell board members, been denied this legal right and claims the actions are clear violations of the law.
