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description Journal article public Journal of International Commercial Law and Technology

Recent Developments of Corporate Governance in the Global Economy and the New Turkish Commercial Draft Law Reforms

Cuneyt Yuksel
Published 2008

Abstract

Corporate governance in a globalized economy has become one of the mostimportant topics for the business environment and the governments. The proper implementation ofcorporate governance regulations by the companies bring out advantages for companies and thecountries. High quality status of corporate governance means low capital cost, increase in financialcapabilities and liquidity, ability of overcoming crises more easily and prevention of the exclusionof soundly managed companies from the capital markets. For years, the OECD has been working topromote use of the corporate governance principles since they were first issued in 1999 and revisedin 2004 to support good corporate governance policy and practice both within OECD countries andbeyond. In accordance with the developments in the global market the Capital Markets Board ofTurkey issued the corporate governance principles of Turkey for the listed companies in June 2003and amended these principles in 2005. Most recently, the new Turkish Commercial Draft Lawproposes important changes and reforms for corporate governance in Turkey.

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