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2018 Turkey Spencer Stuart Board Index

2018 Turkey Spencer Stuart Board Index

In this fifth 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. 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.

In this fifth 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. 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 "Professionalising the board", 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 has increased slightly to TRY 249,821.
  • Women on boards: 17% of directors are female, an increase from 8.7% in 2014. The number of all-male boards has halved to 20% of companies since 2017.
  • Foreign directors: Turkish boards are increasingly internationally diverse, with 19% of non-executive directors coming from other countries.
  • 61 new directors were appointed to BIST boards compared with 35 in the previous year.

This year's Board Index includes a special feature on "Professionalising the board", 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 has increased slightly to TRY 249,821.
  • Women on boards: 17% of directors are female, an increase from 8.7% in 2014. The number of all-male boards has halved to 20% of companies since 2017.
  • Foreign directors: Turkish boards are increasingly internationally diverse, with 19% of non-executive directors coming from other countries.
  • 61 new directors were appointed to BIST boards compared with 35 in the previous year.