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Committees and remuneration

2021 Turkey Spencer Stuart Board Index

2021 Snapshot

 4

the average number of committees

 11 %

of audit committees are led by female chairs

TRY421,197

is the average fee for directors

 3 %

real decrease in director fees in 2021 adjusted for inflation

BIST 30 companies have between three and nine board committees, with an average of four.

It is common practice for BIST 30 companies to govern nomination and remuneration agendas through the corporate governance committee. That said, four companies have a separate nomination committee and 10 have a separate remuneration committee. Koç Holding uniquely has a joint nomination and remuneration committee. 

A number of additional committees are found among BIST 30 boards, including credit committees (mainly at banks). There are also rare instances of corporate social responsibility or sustainability committees: TSKB, İş Bank, and Halk Bank have sustainability committees and İş Bank also has a CSR committee.

Committees of financial services company boards convene far more frequently than those in other sectors, especially among their audit (22 meetings) and credit committees (30 meetings).

Number of meetings per committee
Committees of BIST 30 boards
Number of committees Percentage of companies
3 46.4%
4 25%
5 21.4%
6+ 7.1%

Audit committee

The audit committees of BIST 30 boards met an average of 9.3 times during the year; the median across the sample was five.

71% of audit committees have two members, while the remainder have three (other than Şişecam, whose audit committee comprises a sole member).

Female chairs lead 11% of BIST 30 audit committees; 29% of audit committees include female members.

Among audit chairs, 25% are from the financial services sector, typically having held a CEO, president, or general management position.

21% of audit chairs* have a background in audit, accounting, or finance, whether gained in government positions or in financial or professional services companies.

Backgrounds of audit committee chairs

Remuneration

The gross annual average fee for non-executive directors in Turkey has increased from TRY 274,526 in 2018 to TRY 363,565 in 2020 and TRY 421,197 in 2021.

In 2021, Turkcell is the highest-paying company in the BIST 30, with remuneration per director of TRY 1,094,458, followed by Koç Holding with TRY 918,000 gross.

The lowest remuneration is paid to directors of Garanti Bankası with TRY 70,303 and Aselsan at TRY 80,093.

BIST 30 boards rarely report additional fees for committee memberships or chair roles.