Türkiye Kurumsal Yönetim Derneği

Public Companies Working Group

The Publicly Listed Companies Working Group operates with the mission of strengthening relations with regulatory institutions and organisations and playing an active role in corporate governance regulations, forming opinions and conveying current problems.

Working Group Chairman: Can Çaka

Responsible Board Members: Av. Senem Denktaş, Av. Burçak Ünsal

Our members who wish to take part in the working groups can contact Hande Gürtepe (hgurtepe@tkyd.org), Training and Project Director at TKYD office.

BIST Corporate Governance Index

BIST Corporate Governance Index (XKURY) is an index of companies that implement the Corporate Governance Principles.

The purpose of the BIST Corporate Governance Index is to measure the price and return performance of companies whose shares are traded on BIST markets (excluding the Detention Market and List C) and whose corporate governance principles compliance score is at least 7 out of 10 and 6.5 for each main principle. The Corporate Governance Principles compliance rating is given by rating agencies included in the list of rating agencies determined by the CMB as a result of the assessment of the company’s compliance with all corporate governance principles as a whole.

The calculation of the Corporate Governance Index started on 31.08.2007 and the initial value of the index is 48,082.17.

The ratings of the companies within the scope of the BIST Corporate Governance Index can be accessed from the disclosures of the companies on the Public Disclosure Platform.

In line with the decision taken at the meeting of the Capital Markets Board (Board) dated 01.02.2013 and numbered 4/105, a two-tier system has been adopted as the basic and additional scoring system with the legal amendment according to the amended and renewed methodology. In the new system, all of the rules and practices included in the CMB principles are accepted as minimum elements within the scope of the amendment, and in the first stage, basic scores are formed over a base ceiling of 85. In the second stage, the effectiveness of the minimum rules and practices and whether they create added value for the institutions are evaluated and additional points are calculated over a ceiling of 15 basis points. With the amendments made, the emphasis on functional compliance as well as formal compliance with the principles and the two-tier calculation of the calculations have mathematically pressurised the scores downwards.

Companies wishing to be traded in the Corporate Governance Index obtain “Corporate Governance Rating” by rating agencies licensed by the CMB and report to BIST. The rating is made under 4 main headings;

  1. Shareholders (with 25% weight)
  2. Public disclosure and transparency (with 25% weight)
  3. Stakeholders (with 15% weight)
  4. Board of Directors (with 35% weight)

Companies in the BIST Corporate Governance Index and their ratings you can reach from this list.