In the pursuit of Beneficial Owner
According to the presentation prepared by Capital Markets Board of Turkey, the main characteristic of Turkish corporate sector is concentrated ownership. In another words Turkish ownership pattern may be classified as block share ownership pattern (that is, listed companies whose shareholder base consists of one or a small number of shareholders who each own a relatively large block of shares). This feature is deemed to be one of the reasons of weak corporate governance practices in Turkey.
In order to overcome this shortcoming several steps are taken by CMB. The most important step is the introduction of the concept of beneficial ownership with CMB's Corporate Governance guidelines. In addition, companies are recommended to disclose the beneficial ownership in their annual reports. Moreover pursuant to CMB's "communiqué on principles regarding public disclosure of material events"; changes in capital structure and control of the corporation are required to be disclosed to public.
Required changes are classified as follows according to this Communiqué;
* change in the control of management, either directly or indirectly due to changes in the capital structure, voting rights of shares,
* cases of changes either wthin the direct or indirect ownership of 5%, 10%, 15%, 20%, 25%, 1/3, 50%, 2/3 or 75% or moreof the total voting rights or capital of the corporation by real or legal person,
* direct or indirect ownership of 5%, 10%, 15%, 20%, 25%, 1/3, 50%, 2/3 or 75% or more of the total voting rights or capital by the mutual funds founded by the same legal person,
* purchase or sale of the stocks of the corporation by such persons as chairman or members of the board of directors, general directors or assistant general directors, shareholders who directly or indirectly own 5% or more of the capital or voting rights,
In order to overcome this shortcoming several steps are taken by CMB. The most important step is the introduction of the concept of beneficial ownership with CMB's Corporate Governance guidelines. In addition, companies are recommended to disclose the beneficial ownership in their annual reports. Moreover pursuant to CMB's "communiqué on principles regarding public disclosure of material events"; changes in capital structure and control of the corporation are required to be disclosed to public.
Required changes are classified as follows according to this Communiqué;
* change in the control of management, either directly or indirectly due to changes in the capital structure, voting rights of shares,
* cases of changes either wthin the direct or indirect ownership of 5%, 10%, 15%, 20%, 25%, 1/3, 50%, 2/3 or 75% or moreof the total voting rights or capital of the corporation by real or legal person,
* direct or indirect ownership of 5%, 10%, 15%, 20%, 25%, 1/3, 50%, 2/3 or 75% or more of the total voting rights or capital by the mutual funds founded by the same legal person,
* purchase or sale of the stocks of the corporation by such persons as chairman or members of the board of directors, general directors or assistant general directors, shareholders who directly or indirectly own 5% or more of the capital or voting rights,
