The New Turkish Commercial Code (New Code) aims to regulate commercial relations in line with the recent changes in the local and global business environment as well as technological and legal developments including the EU legislation. Particularly the Company Law section of the New Code includes the most radical changes in the whole law which will have a significant impact on the Turkish commercial life.

Considering the fact that New Code brings many new changes to the structure and the responsibilities of Board of Directors (particularly from the perspective of company management, internal control system, internal audit, transparency and accountability), a proper New Turkish Commercial Code knowledge will help Board of Directors and executive management not only be able to comply with New Code, but benefit.

Briefing Objectives

This briefing has been designed to provide board members and executive management with the knowledge and skills needed to understand the new environment and their new responsibilities in order to protect their reputation and wealth and their organization. They must not only be able to understand what is needed to comply with the law, but also how to use compliance as a competitive advantage.

Target Audience

This briefing is intended for potential, new and sitting directors and executive management.

Duration

The program is 2 hours and can be tailored to your needs. 

Briefing Outline

• General overview regarding New Turkish Commercial Code
• Main pillar in the New Code: Corporate Governance Principles
• Non-delegable duties and powers of Board of Directors
• New internal mechanisms: internal controls, internal audit, risk management and financial planning
• Decision making process supported by internal reporting
• Professional boards
• Prudent businessman vs Businessman using business judgement rule
• Equivalent of International Financial Reporting Standards: Turkish Accounting Standards
• A new audit mechanism: Independent audit