Date: 19 October 2011

Publication: Memorandum regarding the Rights and Obligations of the Board of Directors and Supervisory Board Members of Banks

Publishers: Pekin & Pekin Advisory Department

The latest memo in the series concerning the introduction of the new Turkish Commercial Code in July 2012.

Since banks are subject to the Turkish Commercial Code as joint-stock companies, along with the Banking Act, it is necessary to examine the responsibilities of the directors of joint-stock companies according to both sets of legislation.

In this memorandum, we will attempt to summarise the responsibilities of members of boards of directors and boards of auditors according to the regulations set by the Turkish Commercial Code, which will be in effect by 01.07.2012, and the legislation on banking. As is known, the New Turkish Commercial Code does not include the Board of Auditors; therefore this memorandum will be renewed by us as soon as the secondary legislation, which is being prepared, enters into force and before the entry into force of the New Turkish Commercial Code.

If you are interested in this publication please contact Charlotte McCrudden for more information via This e-mail address is being protected from spambots. You need JavaScript enabled to view it