Team size: 15

Can you please give us an idea of the sort of work your team has done recently (cases, transactions, projects)?

Tüpraş made TL888m investment and 20 million tons of sales in nine months in 2021 with its accelerated investments in sustainability. The company reached capacity utilisation rate of 96 percent in the third quarter of the year. Renovation projects were implemented with a due care of environmental concern and our team prepared documents for the projects. The potential green projects and carbon neutral focused investments will be duly examined by our team from contractual and regulatory perspectives. In addition, we implemented Koc Holding’s Compliance Program throughout the company.

How has the increasing consciousness of climate change and sustainability affected the company and the team’s priorities

Tüpraş announced its ‘strategic transformation plan’ in coordination with Koç Group’s Carbon Transition Program: the company has committed to reduce its carbon emissions by 27 percent by 2030 compared to 2017, and to become carbon neutral by 2050 while focusing on energy efficiency. The company is planning to invest into new energy source including sustainable aviation fuels, green hydrogen, and zero-carbon electricity, to support its sustainability while managing existing assets to achieve sustainable profitability growth. Therefore, one of our team’s priorities in terms of consciousness of climate change and sustainability is working on alternative legal structures for these types of investments, reviewing the local requirements and providing appropriate solutions for deadlocks. In terms of sustainability of corporate governance, our team has conducted a comprehensive revision process for our existing policies and procedures including those for subsidiaries, to be in line with the frame of Code of Ethics of Koc Holding which provides the framework for human rights, anti-bribery and anti-corruption, prevention of conflicts of interest, economic sanctions, protection of privacy and inside information, and occupational health and safety.

What do you think are the biggest risks facing your industry at the moment and how are you preparing your company and team to face these risks?

Compliance obligations of Tüpraş go beyond complying with mandatory regulations, including permits and licenses, and contractual obligations. Our legal team examines our undertakings and commitments against third parties in our agreements and our corporate bond documentation dated 2020 as well as our disclosures during KYC procedures of the banks and FIs or those major parties. To prepare and mitigate this risk, our SAP system is linked to a DPS Tool managed by one of the major worldwide companies providing sanction check services, and the SAP system is constantly checking the compliance of our third parties which are registered therein, while we are also conducting our manual searches in terms of potential third parties requesting to register before the SAP.