General assembly (shareholders' meeting)

The general assembly is the mandatory organ through which shareholders of a Turkish company exercise their rights and adopt fundamental resolutions. Non-delegable powers such as amending the articles, electing the management body, approving financial statements and distributing profits belong to this organ.

An ordinary meeting is held after each financial year within the statutory period, and extraordinary meetings may be convened when needed. Resolutions are adopted with the quorums set by law and the articles, and they bind shareholders who did not attend.

Defects in the convocation procedure, the agenda or the quorums are typical grounds for challenge. Shareholders may bring annulment actions under statutory conditions, and serious defects can render a resolution void from the outset.