The term ESG, an abbreviation of “environment,” “social,” and “governance,” was first introduced as a concept in 2004 in the United Nations report titled “Who Cares Wins” (WCW Report). “Who Cares Wins” originated as an initiative (WCW Initiative) launched in collaboration with the United Nations and the Swiss government, with the support of 23 financial […]
Joint Stock Companies Under Turkish Commercial Law
Joint stock companies (“JSC”) incorporated in Turkey are called “anonim şirket”/ “A.Ş.” and they are regulated by the Turkish Commercial Law. JSCs are companies with a liability limited to their assets. Incorporation A JSC can be incorporated with one or more shareholders, that can be either real persons or legal entities. Shareholders of a JSC are only liable […]
Borsa İstanbul Private Market
Private market is a market that enables share purchase and sales between companies, qualified investors and angel investors without a public offer through a web platform (www.bistozelpazar.com). One of the main objectives of the Private Market is to support development of entrepreneruial ecosystem and investment environment. Transactions conducted in the Private Market are governed by the Turkish […]
Distribution of Advance Dividend In Joint Stock and Limited Companies
The main purpose of commercial companies is to generate profit and distribute such profit, named as dividend, to the shareholders on certain dates. According to Article 509-(2) of the Turkish Commercial Code (“TCC”), dividends may be distributed only out of the net profit for the period and voluntary reserves. However, the Communiqué on the Distribution […]
Loss of Share Capital in Joint Stock Companies
The notion known as the “technical bankruptcy” which was regulated by Article 324 of the former Turkish Commercial Code No. 6762 (“Former Code“) is regulated within Article 376 of the new Turkish Commercial Code No.6102 (“New Code“). Pursuant to Article 324 of the Former Code, the board of directors had the duty to notify the […]
