PROCEDURAL DYNAMICS OF BOARD MEETINGS IN FORTUNE 500 COMPANIES OF TURKEY
Journal Title: European Journal of Business and Social Sciences - Year 2015, Vol 3, Issue 10
Abstract
Empirical studies indicate that corporate governance practices are very significant on the financial performance of companies. One of the key elements of Corporate Governance is to apply good board practices with sound commitment. Corporate Governance in Turkey dates back to twelve years ago when Capital markets Board required Audit Committees to function in public companies. Banking Regulation and Supervision Agency requires some corporate governance principles to be applied by financial institutions and the recent new Commercial Code brought some corporate governance principles to be applied for non-listed companies as well. With the objective of exploring how board meetings are held in the biggest private companies in Turkey, a survey was conducted among companies listed in Fortune 500. There are only a few studies about this subject in Turkey and most of these are focused on banks and public sector and almost all of them are about only the composition of the boards. This study researches whether the board meeting practices in these organizations are consistent with the best practices. By analyzing and outlining the As-is situation, this study aims to contribute to increase the awareness level; thus, motivate decision makers of Turkish organizations and other stakeholders to interrogate and challenge their board meeting practices. The main conclusion is that in certain areas, structure, meeting frequency, meeting environment, board package, scope and content of board meetings in big private Turkish organizations seem to be different in many respects than best practices identified in big private companies of developed countries that have high maturity level of corporate governance in place.
Authors and Affiliations
Dr. Gokhan Sungun, CPA, CIA, CCSA, CRMA| Independent Researcher Bayraktar Holding, Boyali Kosk Sok. No:4/1 Bebek Istanbul, Turkey Tel: 905394773280 gokhan.sungun@bayraktar.com
Keywords
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- EP ID EP10538
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