The Turkey Spencer Stuart Board Index for 2023 presents a study of the 30 most significant companies listed on the BIST exchange based on their market capitalization as of 8 May, 2023. The accompanying chart offers an exclusive view of how various important measures have evolved from 2018 to 2023.
Board Composition
|
2023 |
2018 |
5-year change |
| Average board size |
9.0 |
9.8 |
-8% |
| % Independent directors |
34.12% |
33.1% |
1% |
| % Combined CEO/chair |
10.7% |
10.7% |
0% |
| % CEOs on board |
57% |
n/a |
- |
Age
|
2023 |
2018 |
5-year change |
| Average age non-executives |
58 |
59.4 |
-2.4% |
| Average age executives |
55 |
54.4 |
1.1% |
| Average age all directors |
58 |
58.7 |
-1.2% |
Foreign directors
|
2023 |
2018 |
5-year change |
| % foreign directors |
14% |
17.1% |
-18.1% |
| Boards with at least one foreign director |
39% |
n/a |
- |
Women directors
|
2023 |
2018 |
5-year change |
| % women directors: all |
18.6% |
17.1% |
8.8% |
| % women directors: non-executives |
24.9% |
19.9% |
25.1% |
| % women directors: executives |
7.1% |
6.3% |
12.7% |
| Female chair |
7.1% |
10.7% |
-33.6% |
| Female CEO |
3.6% |
0% |
– |
| Companies with at least one female director |
82.1% |
82.1% |
0% |
Committees, Tenure & Remuneration
|
2023 |
2018 |
5-year change |
| % of boards with more than 3 committees |
54% |
53.6% |
0.7% |
| Average # of years tenure: non-executives |
6.5 |
4.9 |
32.6% |
| Average non-executive fee (gross) |
TRY 753,694 |
TRY 249,821 |
202% |
Outside commitments
|
2023 |
2018 |
5-year change |
| Chairs with outside quoted board |
35.7% |
n/a |
- |
| CEOs with outside quoted board |
10.7% |
n/a |
- |
| Executive directors with outside quoted board |
19.5% |
21.9% |
-10.9% |
| Non-executive directors with outside quoted board |
31.2% |
54.8% |
-43.1% |
Governance
|
2023 |
2018 |
5-year change |
| Average corporate governance rating |
9.5 |
9.37 |
1.4% |
| Average number of board meetings (outliers included) |
21.9 |
19.7 |
11.2% |