Özet:

The Article 22/1-z is added to Turkish Capital Markets Law (2499) [2499 Sayılı Sermaye Piyasası Kanunu (SPKan)] in October 2011 with based on corporate governance No 657 Degree Law. The most important effect such regulation is changing current Corporate Governance Policy. According to this policy (“apply or explain”), companies must apply or explain not to apply to the corporate governance principles. In the current corporate governance policy, companies should apply the corporate governance principles. Turkish Capital Markets Law (2499) is amended with Capital Markets Law (6362) regulating the same direction in December 2012. The most important mandatory corporate governance principles are listed as follows: the board of directors should comprise of both executive and non-executive members and majority of the board of directors should consist of non-executive members; the board should be composed to comprise independent members who have the ability to execute their duties without being infl uenced under any circumstances; a member of the board who fulfi l the below mentioned requirements may be qualifi ed as an “independent member”; in accordance with the conditions and necessities of the company, an adequate number of committees should be formed so as to enable the board to execute its tasks in an effi cient manner

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