Title: Corporate governance in Turkey : a pilot study.
Authors: Organisation for Economic Co-operation and Development
Publisher: OECD,
Year: 2006
Subjects: Corporate governance Turkey.
Abstract: Turkish domestic equity markets and inward foreign investment are poised to grow rapdily but only if corporate governance standards are high enough to protect minority shareholders. This report evaluates the extent to which the OECD Principles of Corporate Governance have been implemented in Turkey, looking at both the legal and regulatory framework as well as company practices. It finds that significant reforms to the corporate governance framework have already been introduced, and supports additional legislative reforms that are already in progress. Looking ahead, the report argues that it is time to move into the next important phase in policy reform, and makes a series of recommendations for further strengthening Turkeys corporate governance structures.
Contents: List of Abbreviations and Terms -- Executive Summary -- Summary of Assessment and Policy Options -- Chapter 1. Introduction -- Chapter 2. Overview of Corporate Governance Landscape -- -The Structure of Ownership and Control -- Historical Conditions that Have Influenced Corporate Governance -- Overview of the Corporate Governance Framework -- Chapter 3. Assessment -- -Introduction -- Corporate Governance Standards and Practices -- Economic Incentives and Market Discipline -- Disciplinary Effect of Civil Remedies, Enforcement Mechanisms and Regulatory Oversight -- Effectiveness, Efficiency, Transparency, and Accountability of Regulatory Processes -- Financial Reporting and Auditing: Standard-Setting, Supervisory Processes, and Enforcement -- Chapter 4. Policy Options -- -Introduction -- Increase the Potential for Market Disciplinary Forces to Operate More Effectively -- Enhance Standards Addressing Risks Associated with Prevailing Ownership and Control Structures -- Amend the Tender Offer Laws -- Introduce a risk-Based Approach to Supervision, Investigation and Enforcement -- Provide More Context-Specific and General Guidance to Market Participants -- Enhance Remedies, Enforcement Mechanisms, and Adjudicative Procedures -- Adopt ISAs in Fulll; Restructure and Deepen the Audit Oversight Process -- Preserve CMB's Operational Independence; Enhance its Capacity and Accountability -- Other Independent Authorities -- Bibliography