Bloomberg News

Turkey Requires Independent Members at ISE 30 Companies Boards

October 12, 2011

Oct. 12 (Bloomberg) -- Turkey’s market regulator requires the appointment of at least one independent member to boards of companies other than banks in the Istanbul Stock Exchange’s National 30 index to ensure that “minority investors are effectively represented” and boards disputes “due to possible clashes of interest” are avoided.

The move is aimed at enforcing certain corporate governance principles at the ISE National 30 firms, to support Turkish firms’ competitiveness amid a global financial crisis, the Ankara-based capital market board said on its website late yesterday after the government published related legislation.

To contact the reporter on this story: Ali Berat Meric in Ankara at americ@bloomberg.net

To contact the editor responsible for this story: Aydan Eksin at aeksin@bloomberg.net


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