CEZ stays on top: a time to grow
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Companies have continued to improve corporate governance as part of the EU convergence process. But Czech energy company CEZ retains its position as top company in the region. Chloe Hayward reports.
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| Turkcell is helping to ring the changes in Turkish governance |
TURKEY HAS EMERGED as the rising star of corporate governance in the 2008 Euromoney CEE companies poll. Garanti Bank has shot up the poll from ninth position to second, and mobile phone operator Turkcell has entered the top 10 for the first time in third place. In contrast, in the 2007 poll no Turkish institutions made the top five. "Foreign direct investment has driven this change in Turkey," says Bulent Akgul, director at Fitch Ratings in Istanbul. "In recent years there have been a lot of foreign buyers coming into this market and driving up standards of corporate governance throughout the corporate sector."