Move to Improve Corporate Governance in Turkey
After a long period of time, Capital Markets Board of Turkey made a move to improve corporate governance environment. Capital Markets Board of Turkey published several new rules that will help publicly traded companies to give more emphasis on corporate governance principles. Capital Markets Board of Turkey (CMB) issued “Corporate Governance Principles” in July 2003 and revised in February 2005. Although previously it was left to companies to be compliant with corporate governance principles, new rules are obligatory for all publicly traded companies.
The importance of the new coming rules and guidelines were introduced in a CMB statement. According to the new rules publicly traded companies are required to disclose related party transactions exceeding 10 % of company’s sales or assets, have investor relations department and to employ licensed investor relations manager.
The importance of the new coming rules and guidelines were introduced in a CMB statement. According to the new rules publicly traded companies are required to disclose related party transactions exceeding 10 % of company’s sales or assets, have investor relations department and to employ licensed investor relations manager.
