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Our survey approach

2021 Turkey Spencer Stuart Board Index

The 2021 Turkey Spencer Stuart Board Index is a survey of the 30 largest companies by market capitalisation listed on the BIST exchange, as at 30 April 2021. The cut-off date for board membership is 31 May 2021.

The purpose of the survey is to provide a comprehensive review of governance practices in the BIST 30 Index at a given point, comparing it with previous years and identifying significant trends.

Since the 2020 edition, Trakya Cam, Tofaş and Soda Sanayii have been replaced by Gübre Fabrikaları, Sasa Polyester and Oyak Çimento in the BIST 30 Index. Two companies — Koza Altın and Koza Anadolu Metal — are excluded from our sample (their boards and management are not elected but appointed by the government organisation TMFS). This leaves 28 companies in our 2021 Turkey Board Index. The majority of companies operate in the industrial and financial services sectors.

Industry Number of companies
Aviation 2
Holding 4
Financial Services 8
Industrial 11
Retail 1
TMT 2
Total 28

Information has been compiled from publicly available sources. Board composition data was measured as of 31 May 2021 and the remuneration information is taken from the latest annual report.

Measured as of 31 May 2021:

  • Supervisory board composition
  • Management board composition
  • Gender representation
  • Directors’ independence
  • Education
  • Tenure
  • Board commitments
  • Age
  • Foreign representation

Measured as of 31 December 2020:

  • Board meetings
  • Board committee meetings

Measured as of 2021 annual general meeting:

  • Board remuneration

The 2021 Turkey Spencer Stuart Board Index focuses on quantifiable data relating to boards of directors.