Skip to Main Content

Trends

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 exchangeas at 30 April 2021. The chart below provides a unique perspective on the extent to which a range of key metrics has changed between 2016-2021.

Board Composition
2021 2016 5-year change
Average board size 9.6 10 -4%
% Independent directors 34.8% 31.7% 9.78%
% Combined CEO/chair 14.3% 6.7% 113.43%
% CEOs on board 68% n/a -
Age
2021 2016 5-year change
Average age non-executives 59.2 59.3 -0.2%
Average age executives 54 52.1 3.6%
Average age all directors 58.6 58.5 0.2%
Foreign directors
2021 2016 5-year change
% foreign directors 8.1% 17% -52.4%
Boards with at least one foreign director 25% 36.6% -31.7%
Women directors
2021 2016 5-year change
% women directors: all 18.5% 11.7% 58.1%
% women directors: non-executives 21.5% 9.2% 133.7%
% women directors: executives 9.4% 11.8% -20.3%
Female chair 10.7% 10% 7%
Female CEO 3.6% 0% -
Companies with at least one female director 85.7% 60% 42.8%
Committees, Tenure & Remuneration
2021 2016 5-year change
% boards with more than 3 committees 53.6% 36.6% 46.4%

Average # of years’ tenure: non-executives

6.1 3.7 64.9%
Average non-executive retainer (gross) TRY 421,197 - -
Outside commitments
2021 2016 5-year change
Chairs with outside quoted board 21.4% n/a -
CEOs with outside quoted board 10.7% n/a -
Executive directors with outside quoted board 17.9% 36% -50.4%
Non-executive directors with outside quoted board 25.6% n/a -
Meetings
2021 2016 5-year change
Average corporate governance rating 9.5 n/a -
Average number of board meetings 27 18 50.2%