The Turkish economy has prepared for a globalized future with the adoption
of the new Turkish Commercial Code (the “TCC”). The TCC details the formation
of a forward-looking business environment based on corporate governance principles,
transparency, integrity, and international standards.
The TCC requires companies to make fundamental changes in IFRS reporting,
independent auditing, transparent management, and specifically,
in corporate governance.
The TCC is a set of requirements shaped by advanced technology transparency,
and corporate governance, which form the basis of today’s applicable law.
The TCC advances requirements to bring commercial and industrial relationships
and service industries from finance, transportation, agriculture and the insurance
sectors up-to-date. The new law brings contemporary perspectives to Turkish
commerce within two timeframes: short term (2-3 years) and medium term (4-5 years).