In this fourth edition of the Spencer Stuart Turkey Board Index, we review board composition, structure and governance practice 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. In addition to data for each BIST company, we publish a detailed chart showing how the BIST 30 Index compares with leading companies in the US and other European markets on a key range of governance measures. These international comparisons are based on analysis published annually by Spencer Stuart in its national Board Index programme.
This year's Board Index includes a special feature on "The internationalisation of boards", a topic of increasing importance in many parts of the world.
Among the key findings in this year’s report:
- Remuneration: The average annual fee paid to non-executive directors is TRY 241,973 gross.
- Women on boards: 11.1% of directors are female, a slight decrease since 2016. If family members are excluded, the proportion of female directors falls to 6.6%.
- Foreign directors: Turkish boards are slightly more internationally diverse than in the past, with 17.9% of directors coming from other countries. Eighteen different nationalities are represented on the boards of BIST 30 companies.