134 / 521
Communiqué on Corporate Governance I
*
Att. Revan Sunol
Introduction
Corporate governance refers to the system by which the distribu-
tion of rights and responsibilities among different participants in a cor-
poration, and the rules and procedures for making decisions in corpo-
rate affairs is specified. As is known, the Turkish Commercial Code
No. 6102 (“TCC”) has adopted corporate governance rules in the reg-
ulation of corporate law. In line with the regulation in the TCC, Art. 17
of the Capital Markets Code No. 6362, which entered into force with
its publication in the Official Gazette, dated 30.12.2012 and numbered
28513, sets forth that corporate governance shall be regulated by the
Capital Markets Board (“Board”).
In accordance with the above mentioned regulations, the Board has
issued the Communiqué on Corporate Governance Rules to be
Complied with by Companies and Related Party Transactions (Series
II, No. 17.1), thereby abolishing the Communiqué on the
Determination and Implementation of Corporate Governance Rules
(Series IV, No. 56) and the Communiqué on Principles to be Complied
with by Joint Stock Companies subject to the Capital Markets Code.
Please note that this article is concerned with the regulations of the
communiqué rather than the corporate governance rules. The corporate
governance principles, which are set forth in detail with the
Communiqué, shall be taken into consideration in the following
months.
118
NEWSLETTER 2014
*
Article of February 2014