Turkish Corporate Governance Principles And Its Implications For ISE Corporate Governance Index Companies

Caliskan, Namli; Icke, Turan

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JOURNAL OF ACCOUNTING AND FINANCE

Turkish Corporate Governance Principles And Its Implications For ISE

Corporate Governance Index Companies

Author(s): Namli Caliskan, Turan Icke

Citation: Namli Caliskan, Turan Icke, (2011) "Turkish Corporate Governance Principles And Its Implications For ISE Corporate Governance Index Companies" Vol. 11, Iss. 1, pp. 60 - 75

Article Type: Research paper

Publisher: North American Business Press

Abstract:

The CMB’S Principles of Corporate Governance is a very useful guideline for companies that want to improve their corporate governance practises. Published in 2003 and amended in 2005, these principles are very comprehensive. The CMB Principles and other legislation in this field in Turkey try to strengthen the position of the individual shareholders against the controlling block of shareholders. The principles specificly focuses on shareholders’ rights, public disclosure and transparency, relationships with stakeholders and board of directors. Although the principles were published in 2003, the acceptance and application of principles is relatively slow among ISE listed companies. To further motivate publicly held companies on corporate

governance ISE started to calculate Corporate Governance Index in 2007. Currently there are 24 companies listed in the index. These companies are obviously in a better position than other ISE listed companies but they are also not capturing world standards on corporate governance on privileges regarding voting rights, cumulative voting, restrictions on transfer of shares, disclosure on insider trading, corporate governance committee as the results of this study show.