Article 188 of Companies Law

Every shareholder, whether a natural or legal person, may appoint representatives to the company's board of directors in proportion to the shares held therein. The number of board members selected in this manner shall be deducted from the total number of board members to be elected. Shareholders who have representatives on the board of directors may not participate with the other shareholders in electing the remaining board members, except to the extent of the proportion exceeding that used to appoint their representatives to the board of directors. A group of shareholders may form an alliance among themselves to appoint one or more representatives to the board of directors in proportion to their combined ownership. These representatives shall have the same rights and duties as elected members. Law Index 1499 Home Page Companies Law Law No. 1 of 2016 Promulgating the Companies Law The shareholder shall be liable for the acts of its representatives towards the company, its creditors and its shareholders.