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NEWSLETTER 2011
116
Corporate Governance
6
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Att. Nilay Çelebi
Preamble
Capital Markets Board of Turkey (“CMB”) prepared recommendatory
rules and principles for privately and government-owned companies
and especially public companies with the Corporate Governance Rules
(“Rules”) published in 2003. Such Regulatory Framework has been
prepared and published for the companies that become prominent in
the developing, changing Turkish markets and that catches foreign
investors’ attention in order to help them to establish and realize a
management insight that contributes them to continue their business
within international standards and to establish an equal, transparent,
accountable and responsible management insight and the free entrance
into international finance sources
Such Principles and Rules have been inserted to the capital markets
regulation and adopted by many companies from 2003 to date. However,
even though such Rules have been adopted by many companies, and
significantly seen in the financial sector, the application of them has not
been a compulsory requirement and has remained as a voluntary directive
practice.
In order to reinforce wider application of the Rules as a legal
requirement, “
to force the abidance with the corporate governance rules
of the public companies traded in the stock exchange and which are in the
group, determined by itself by taking into account of the ratios, number
and quality of the investors, index, trading density within a specific time
to, in whole or in part, in order to determine and announce the corporate
governance rules and help the remedy of the investment market”
has
been embedded to the authorities of CMB with the Statutory Decree No:
654 announced at the Additional Official Gazette dated 11.10.2011, No:
28081 (“Statutory Decree No: 654”).
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Article of October 2011