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Our survey approach

2023 Turkey Spencer Stuart Board Index

The 2023 Turkey Spencer Stuart Board Index covers the 30 largest companies on the BIST exchange, according to market capitalisation on 8 May 2023.

The purpose of this report is to present an extensive analysis of governance practices within the BIST 30 Index at a specific moment, drawing comparisons with previous years and identifying notable trends.

Since the 2021 edition, Halk Bank, Tekfen, Turk Telekom, and Vestel, have been replaced by Aksa, Alarko, ENKA, and ODAŞ in the BIST 30 Index.

Two companies, Koza Altın and Koza Anadolu Metal, have been excluded from our dataset because their boards and management are appointed by the government organisation TMFS, rather than being elected. Consequently, the 2023 Turkey Spencer Stuart Board Index comprises 28 companies, a major concentration of which operate in the industrial and financial services sectors.

Industry Number of companies
Aviation 2
Holding 2
Financial Services 7
Industrial 15
Retail 1
Total 28

Information has been compiled from publicly available sources. Board composition data was measured as of 31 July 2022 and the remuneration information is taken from the latest annual report.

Measured as of 8 May 2023:

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

Measured as of 2023 annual general meeting:

  • Board remuneration