{"id":578,"date":"2021-10-31T09:39:13","date_gmt":"2021-10-31T09:39:13","guid":{"rendered":"https:\/\/bhrtr.org\/?p=578"},"modified":"2021-10-31T09:39:13","modified_gmt":"2021-10-31T09:39:13","slug":"amendment-to-the-corporate-governance-communique-sustainability-principles-compliance-framework-for-public-companies-in-turkey","status":"publish","type":"post","link":"https:\/\/bhrtr.org\/en\/2021\/10\/31\/amendment-to-the-corporate-governance-communique-sustainability-principles-compliance-framework-for-public-companies-in-turkey\/","title":{"rendered":"Amendment to the Corporate Governance Communiqu\u00e9: \u201cSustainability Principles Compliance Framework\u201d for Public Companies in Turkey"},"content":{"rendered":"[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”2\/3″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text]Turkish Capital Markets Board (\u201c<\/span>CMB<\/b>\u201d) introduced an amendment to the Corporate Governance Communiqu\u00e9 (\u201c<\/a><\/span>Communiqu\u00e9<\/b>\u201d) on 2 October 2020.<\/span> Accordingly, public companies that are subject to the Corporate Governance Principles will now also be subject to the principles specified in the Sustainability Principles Compliance Framework<\/a>. Despite the application of principles under this framework is voluntary for public companies, CMB still requires an explanation for not complying from their addressees in their annual activity reports.<\/span>[\/vc_column_text][vc_column_text]These principles cover three main areas:\u00a0 Environmental Principles, Social Principles and Corporate Governance Principles (<\/span>ESG<\/b>). In this context, the board of directors is tasked with (1) determining the company\u2019s strategy, policy and objectives regarding issues related to these three areas; (2) appointing a committee, which will be responsible of implementation and monitoring of the company\u2019s ESG policies; and (3) publicly reporting the company\u2019s ESG performance and activities on an annual basis.\u00a0<\/span><\/p>\n

Public companies are required to address ESG issues (or provide explanations for failing to comply with the Sustainability Principles Compliance Framework) in their 2021 annual activity reports.<\/span>[\/vc_column_text][\/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/3″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][image_with_animation image_url=”579″ animation=”Fade In” hover_animation=”none” alignment=”” border_radius=”none” box_shadow=”none” image_loading=”default” max_width=”100%” max_width_mobile=”default”][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][divider line_type=”Small Line” line_alignment=”default” line_thickness=”1″ divider_color=”default”][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/3″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][split_line_heading animation_type=”default”]\n

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