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2019 Turkey Spencer Stuart Board Index

In this sixth edition of the Turkey Spencer Stuart Board Index, we review board composition, structure, governance practice and remuneration in the BIST 30 index, the 30 largest companies by market capitalisation and daily average trade value listed on the Borsa Istanbul.

Our purpose is to provide business leaders with a snapshot of current practice on Turkish boards and to provide supporting data for each BIST company.

This year's Board Index includes a special feature on "Learning from the next generation", which draws lessons from the growing number of “next-gen directors” who are being appointed to boards around the world.

Among the key findings in this year’s report:

  • Remuneration: The average annual fee paid to non-executive directors has increased by nearly 10% to TRY 274,526.
  • International diversity: Turkish boards are increasingly internationally diverse. The proportion of foreign non-executive directors has risen from 15% to 19.8% since 2014.
  • Women on boards: The proportion of non-executive directors who are women has increased to 18.5% from 8.7% in 2014.
  • New directors: 50 new directors were appointed to BIST boards this year, fewer than in 2018. Only 6% were women and 41.3% were independent (compared with 24.6% and 59% in 2018 respectively).

To access a detailed chart showing how the BIST 30 Index compares with leading companies in the US and other markets in Europe and Asia Pacific on a key range of governance measures, click here.