Ümit Boyner delivered a keynote speech at the 5th International Corporate Governance Summit in Istanbul

 

Ümit Boyner stressed the proactive role of TÜSİAD during the course of the revision of the “Corporate Governance Communiqué” by the Capital Markets Board of Turkey through submitting its position papers. In order to ensure the interests of all the shareholders fairly, she expressed the need to reevaluate the revised Corporate Governance Principles effective as of December 30, 2011. She said that “TÜSİAD has always championed the existence of the independent members at the board of directors and the need to protect the rights of minority shareholders. However, we are concerned that the regulations raised by the Communiqué constitute a disproportionate power in favor of the independent members and the minority shareholders with regards to the principal shareholder. Also, the process of electing the independent members must be revised in the light of corporate governance principles.”

 

Boyner added that the new Turkish Commercial Code requires a paradigm shift for the Turkish businesses in terms of applying the corporate governance principles. She stated that “The legislation must be perceived as an opportunity for our businesses. The new Turkish Commercial Code essentially underlines the fact that the businesses carry value not only for their shareholders but also for their stakeholders. The new Code protects this value through transparent and accountable governance”.