Table of Contents 1 412

VKF_FRAE_2017

PART I: INTRODUCTION	16
Agenda of the Ordinary General Assembly Meeting	16
Dividend Policy	17
Compliance Opinion on the Annual Report	18
Declaration of Responsibility	19
VakıfBank in Brief	20
VakıfBank’s Cornerstones	21
History and Ownership Structure	22
Key Financial Indicators	24
Key Ratios	26
Message from the Chairman	28
Message from the General Manager	30
The World and Turkey in 2017	34
2017 at a Glance	50
Review of Operations in 2017	52
Corporate Social Responsibility	91
Affiliates and Subsidiaries	92
PART II: MANAGEMENT AND CORPORATE GOVERNANCE PRACTICES	94
Summary Report of the Board of Directors	94
Board of Directors	96
Board of Statutory Auditors	99
Executive Management	100
Internal Control Systems Executives	105
Committees	106
Human Resources Practices	108
Outsourced Support Services	112
Transactions with the Bank’s Risk Group	112
Corporate Governance Principles Compliance Report	113
PART III: FINANCIAL HIGHLIGHTS AND RISK MANAGEMENT	124
Statutory Auditor’s Report	124
Assessment of the Internal Systems and 2017 Operations	125
Risk Management Policies Applied by Risk Type	127
Independent Auditors’ Report, Unconsolidated Financial Statements, Explanations and Footnotes for the Year Ended December 31, 2017	131
Independent Auditors’ Report, Consolidated Financial Statements, Explanations and Footnotes for the Year Ended December 31, 2017	267
Evaluation of the Bank’s Financial Position, Profitability and Solvency	405
International Credit Ratings	407
Five-Year Summary Financial Information	408

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