"Comply or explain" without consequences: the case of Turkey
Ararat, Melsa (2011) "Comply or explain" without consequences: the case of Turkey. In: Mallin, Christine A., (ed.) Handbook on International Corporate Governance. Edward Elgar, Cheltenham-UK, Northampton- USA,, pp. 355-370. ISBN 978 1 84980 123 2
Official URL: http://www.e-elgar.com/bookentry_main.lasso?id=13949
In this paper, I attempt to provide an overview of the corporate governance reforms in Turkey, the outcome of the‘comply and explain’ approach based on a voluntary corporate governance code and some of its shortcomings underpinned by the prevailing ownership structures. I will also try to shed some light on one aspect of corporate governance: the role of boards in Turkey and unveil issues related to owner dominated boards of controlled firms. I will then try to explain why compliance with “global” principles would not mitigate the agency problem between the minority shareholders and the board.
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