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Legal guides written by Tekin Law Firm:
Corporate Governance refers to the set of systems, principles, and processes by which a company is directed and controlled. In Istanbul, Turkey, Corporate Governance is shaped by both national regulations and international standards. The goal is to foster transparency, accountability, and fairness in businesses operating within the region. Given Istanbul’s status as Turkey’s financial hub, effective Corporate Governance is crucial for attracting investments, maintaining market confidence, and ensuring sustainable growth for companies of all sizes.
Corporate Governance matters can be complex, involving regulations in company formation, board responsibilities, shareholder rights, mergers and acquisitions, and compliance with disclosure obligations. You may need a lawyer in the following situations:
Corporate Governance in Istanbul, Turkey is governed by several key laws and regulations. The Turkish Commercial Code (TCC) is the primary legislation governing all aspects of company management, including board structures, duties of directors, and shareholder rights. For publicly held companies, the Capital Markets Law and regulations by the Capital Markets Board of Turkey (CMB) impose additional obligations regarding transparency, corporate conduct, and reporting standards.
Key aspects include:
Corporate Governance ensures companies are managed with transparency, accountability, and fairness. In Istanbul, this is essential for maintaining investor confidence and complying with both local and international business standards.
The main regulation is the Turkish Commercial Code (TCC) supplemented by the Capital Markets Law and regulations set by the Capital Markets Board of Turkey (CMB), especially for publicly held entities.
Yes, public companies face stricter requirements for reporting, disclosure, and board composition. The CMB’s Corporate Governance Principles must be closely followed by listed companies.
The board of directors is responsible for managing the company, representing it to third parties, ensuring compliance, and protecting stakeholders’ rights. Duties include setting strategy, establishing internal controls, and preparing annual reports.
Shareholders have legal rights to attend general assemblies, vote on company matters, receive dividends, and access information. There are also protections for minority shareholders against decisions that could harm their interests.
Non-compliance can lead to fines, sanctions, personal liability for directors, and even annulment of company decisions. It can also damage the company’s reputation and investor relations.
Such transactions must be disclosed and often require approval by the board or general assembly. The goal is to avoid conflicts of interest and ensure all dealings are in the company’s best interests.
Yes, companies must implement internal control mechanisms and, for many entities, establish audit committees. Independent audits are mandatory for certain types of companies, especially those publicly traded.
Yes, there is no restriction preventing foreign nationals from serving on the board of Turkish companies, subject to compliance with local regulations.
A lawyer can help interpret local laws, draft governance documents, advise on compliance, resolve disputes, represent parties before regulatory authorities, and ensure best practices are followed.
Several governmental bodies and organizations can provide guidance and support regarding Corporate Governance in Istanbul, Turkey:
Many local law firms and business associations also offer seminars, publications, and advisory services to help you understand and comply with Corporate Governance requirements.
If you require legal assistance in Corporate Governance in Istanbul, you should start by gathering all relevant documents related to your company’s structure and operations. Research qualified law firms or lawyers specializing in Corporate Governance and arrange a consultation. Be ready to clarify your needs and discuss specific concerns. A competent legal advisor will help you identify risks, develop compliance strategies, draft necessary documents, and represent your interests before authorities or in any disputes. Staying proactive and informed is key to effective Corporate Governance in Istanbul, Turkey.
