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Human Resources / Remuneration Policy And Social Rights

REMUNERATION POLICY AND SOCIAL RIGHTS

The remuneration policy of the company, as well as the management of wages and fringe benefits, are regulated and implemented in accordance with the primary targets and main criteria that are fair, objective, competitive, rewarding, motivating, and that recognize high performance.
The main targets of our remuneration policy is to determine the remunerations based on criteria such as business volume, performance, contribution to the business, knowledge/skills and competences, to motivate employees by ensuring wage balances and competitiveness in the market and thereby increase their loyalty, and to bring in labor that have adequate skills to ensure that the Company achieves its targets.

Remuneration Principles for the Board of Directors

Remuneration for the chairman and/or the members of the Board of Directors may be determined in the ordinary general assembly meeting, to be effective for the respective year. Remuneration of the independent members of the Board of Directors shall not include stock options or payment plans based on company performance.
Members of the Board of Directors shall be paid based on the period they have been in charge, as of their appointment and discharge dates.

Remuneration Principles for top-level managers and the employees

Our company pays its senior executives their Remuneration in the amounts approved by Board of Directors. Senior executives may also get paid a premium Board of Directors deemed appropriate at year-ends in accordance to Company's financial performance and executives! contribution to the performance. While determining the "Essentials of Senior Executives' Remuneration Policy", the size of Company’s manufacturing and sales activity, the prevalence of area of activity, foreign operations, number of employers, necessary knowledge level to maintain activities, properties of sector of activity, conditions of competition and remuneration level of similar companies are considered.

Senior Executives' Remuneration is determined by considering the level of knowledge, skill, experience, scope of responsibility necessary in light of Company's activity variety and amount. Therefore a waging system and practice that is both fair and competitive in market is established. All elements of waging are confidential and private. This information is only kept by the employee, its managers and human resources department. It is essential that employee shall show the utmost care for confidentiality to the greatest extent possible and not disclose these information with other employees of the Company or third parties. Otherwise, disciplinary penalty according to discipline provisions are implemented against this employee.

Fringe Benefits

Our employees are also provided certain social benefits, in addition to their normal wages. While certain social benefits are distributed to all employees as a standard, others are distributed based on position.

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