The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Corporate governance takes a leap forward

The publication of Turkey's first set of corporate governance guidelines and plans for a new index on the ISE measuring compliance are encouraging. But the high level of family ownership is an impediment to good practice.


TURKEY IS READYING itself to take a leap into the world of good corporate governance. The leap will have to be pretty huge because the record up to now has been so poor.

A leading Turkish economist says that only Koc and Sabanci, Turkey's two largest private conglomerates, and "to a certain degree" Is Bank, Turkey's largest private bank, have adhered to the principles of good corporate governance.

"Outside these," he says, "my opinion is: be careful, don't give them the benefit of the doubt."

Celik Kurdoglu, a professor of economics who owns Good Company, a consultancy that specializes in teaching good governance practices to business people, concurs. "We are at a rather primitive stage," he says.

The web test Examining the quality of information available on the websites of Istanbul Stock Exchange for the 50 companies in the IMKB 50 index, Kurdoglu found that two of them don't even have websites. Fewer than half that did published their annual reports on their websites. Only 4% disclosed risks associated with their partnerships and affiliates. About a third did not disclose their partnership structure. None of the companies disclosed the remuneration of its board members or its articles of association.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree