MILLIRE_2019_Annual Report

Milli Re Annual Report 2019 30 Information on Investments Made by the Company during the Accounting Period Milli Re continued its data governance project in 2019 with consultancy and implementation acquisitions within the scope of compliance with the regulation which was initiated in 2018. This Project is planned to be completed in 2020. The studies in line with compliance to TFRS 17 have started. The studies will continue until the regulation will be effective on 1.1.2022. The details of the projects on reinsurance applications and digitalisation are provided under the section “Research & Development Activities”. Repurchased Own Shares by the Company None Disclosures Concerning Special Audit and Public Audit during the Reporting Period The Company is audited by independent auditing company Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi (Ernst&Young). A limited independent audit is carried out on half yearly basis while full independent auditing is done on yearly basis. İşbank consolidation audit is conducted for the first and third quarters. Being a bank subsidiary, information systems auditing made in subsidiaries subject to consolidation, is carried out annually. The Company is audited in accordance with the insurance legislation by Insurance and Private Pension Regulation and Supervision Authority. Lawsuits Filed Against the Company and Potential Results There are no lawsuits brought against the Company in 2019, which are of a nature that might affect the Company’s financial standing and its activities. Disclosures on Administrative or Judicial Sanctions Imposed on the Company and the Members of the Governing Body There are no administrative or judicial sanctions imposed against the Company or the members of the governing body on account of any practice violating the provisions of legislation in 2019. Assessments on Prior Period Targets and General Assembly Resolutions The announcement on the meeting including the venue, date, time, agenda, and a specimen of a proxy statement is published within the legal terms in the Turkish Trade Registry Gazette and on Company’s official website for notifying the public. Every year the Annual Report is prepared in alignment with the relevant legislation and presented for the information and analysis of shareholders preceding the General Assembly meeting. Annual General Assembly meeting was held on 25 March 2019. All of the resolutions by the General Assembly of Shareholders have been fulfilled during 2019 and the targets set in the prior period have been achieved. Expenses Incurred in the Reporting Period in Relation to Donations, Grants and Social Responsibility Projects Company’s donations under this heading amounted to TL 26,900 in 2019. Relations with the Controlling Company or an Affiliate Thereof Between our Company and our controlling shareholder İşbank and other Group Companies affiliated to İşbank, there is no: • Transfer of receivables, payables or assets, • Legal transaction creating liability such as providing suretyship, guarantee or endorsement, • Legal transaction that might result in transfer of profit. All commercial transactions the Company realised with its controlling shareholder and with the Group Companies affiliated thereto during 2019 were carried out on an arm’s length basis, according to the terms and conditions known to us, related counter performances have been carried out, and the Company did not register any loss on account of any such transaction. ACTIVITIES AND MAJOR DEVELOPMENTS RELATED TO ACTIVITIES