The CMB has been authorized by Decree Law No. 654 (published in the Official Gazette dated October 11, 2011 and numbered 28081) to determine and implement corporate governance principles in capital markets and publish communiqués.

Accordingly, the CMB introduced Communiqué Serial/No IV/54 on the Determination and Implementation of Corporate Governance Principles (published in the Official Gazette dated October 11, 2011 and numbered 28081, 2.bis) which stipulates the obligation for ISE National-30 Index companies (excluding banks) to comply with some of the corporate governance principles. Meanwhile, the corporate governance principles of the CMB have been revised and attached in the annex of the Communiqué.

Furthermore, the CMB introduced a new communiqué on the same matter to increase the scope. On December, the Communiqué Serial/No IV/56 on Principles Regarding the Determination and Application of Corporate Governance Principles (published in the Official Gazette dated December 30, 2011 and numbered 28158) has entered into force. As a result, all listed companies are obliged to be in accordance with the corporate governance principles determined by the CMB. The communiqué stipulates various provisions including changes in the structure of boards of directors and the authorities of general assemblies, and the obligatory presence of an independent member of the board.