The number of board committees maintained by BIST 30 companies ranges between three and 10, with an average of four.
It is common for BIST 30 companies to manage nomination and remuneration matters through the corporate governance committee. However, three companies maintain a distinct nomination committee and five a separate remuneration committee. Koç Holding, uniquely, combines the nomination and remuneration functions into a single committee.
Among the BIST 30 boards, several additional committees are present, including credit committees, observed only in banks, and sustainability committees.
BIM, Emlak Konut, İş Bankası, Garanti Bankası, Sabancı Holding, Sasa Polyester, and Şişecam maintain sustainability committees. Rare instances of corporate social responsibility committees are seen at İş Bankası and Şişecam.
Our perspective
Audit committees are central to modern corporate governance, ensuring transparency, accuracy, and accountability in financial matters. In BIST 30 companies, these committees play a pivotal role in safeguarding stakeholder interests and upholding financial reporting integrity.
A prevalence of BIST 30 audit committee members have banking or finance backgrounds (49% of all audit committee members). This aligns expertise with committee responsibilities, strategically enhancing financial oversight, their knowledge of financial mechanisms, risk assessment, and regulatory compliance allowing them to navigate complex business landscapes.
The proportion of women sitting on audit committees has increased to 27% this year, from 14% in 2022. A similar trend is also evident in risk committees (26% female representation) and in corporate governance committees (33%).
Number of committees of BIST 30 boards
|
3 |
4 |
5+ |
| Number of companies |
11 |
13 |
4 |
| % |
39% |
46% |
14% |
Audit committee
The audit committees of BIST 30 boards convened eight times on average throughout the year, with a median of five meetings.
75% of the audit committees consist of two members; six of the remaining seven audit committees have three members each, while the audit committee at Sabancı Holding comprises only one member.
27% of audit committee chairs are women, who also make up 30% of the entire membership of audit committees.
Backgrounds of audit committee chairs
Remuneration
The average annual gross fee for board directors in Turkey stands at TRY 753,694, rising from TRY 607,624 in 2022 and TRY 421,197 in 2021. All fee data in this section refer to gross fees.
During 2023, the highest-earning board membership within the BIST 30 recorded an average compensation of TRY 2,034,408, followed closely by the second highest at TRY 1,935,483 gross.
The two least lucrative board memberships among the cohort under review received average remuneration of TRY 77,419 and TRY 84,677, respectively.
It is rare for BIST 30 boards to disclose additional fees for committee memberships or chair roles.
It should be noted that, similar to wages in the labour market, board fees lag behind inflation in Turkey. This may cause a talent drain from the boards.