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Trends

2022 Turkey Spencer Stuart Board Index

The 2022 Turkey Spencer Stuart Board Index is a survey of the 30 largest companies by market capitalisation listed on the BIST exchangeas at 30 April 2022. The chart below provides a unique perspective on the extent to which a range of key metrics has changed between 2017–2022.

Board Composition
2022 2017 5-year change
Average board size 9.5 9.9 -4%
% Independent directors 32.8% 31.4% 4.5%
% Combined CEO/chair 10.7% 14% -23%
% CEOs on board 61% n/a -
Age
2022 2017 5-year change
Average age non-executives 59.3 59.9 -1%
Average age executives 54.8 55.8 -4.8%
Average age all directors 58.9 59.3 -0.7%
Foreign directors
2022 2017 5-year change
% foreign directors 14% 17% -17.6%
Boards with at least one foreign director 39% 34.5% 13%
Women directors
2021 2016 5-year change
% women directors: all 17.4% 11.1% 56%
% women directors: non-executives 20.3% 12.2% 66%
% women directors: executives 6.5% 6.3% 3%
Female chair 7.1% 6.9% 3%
Female CEO 3.6% 0%
Companies with at least one female director 85.7% 62% 38%
Committees, Tenure & Remuneration
2022 2017 5-year change
% of boards with more than 3 committees 57.1% 51.7% 10.5%
Average # of years’ tenure: non-executives 6.7 5.2 28.8%
Average non-executive retainer (gross) TRY 607,624 TRY 194,192 213%
Outside commitments
2022 2017 5-year change
Chairs with outside quoted board 35.7% 44.8%  -20%
CEOs with outside quoted board 10.7% 10.3% 3.9%
Executive directors with outside quoted board 19.35% n/a -
Non-executive directors with outside quoted board 29.6% n/a -
Governance
2022 2017 5-year change
Average corporate governance rating 9.5 n/a -
Average number of board meetings 19 18 5.5%