New Era For Sustainability Guidelines: New Reporting Format

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Esin Attorney Partnership, a member firm of Baker & McKenzie International, has long been a leading provider of legal services in the Turkish market. We have a total of nearly 140 staff, including over 90 lawyers, serving some of the largest Turkish and multinational corporations. Our clients benefit from on-the-ground assistance that reflects a deep understanding of the country's legal, regulatory and commercial practices, while also having access to the full-service, international and foreign law advice of the world's leading global law firm. We help our clients capture and optimize opportunities in Turkey's dynamic market, including the key growth areas of mergers and acquisitions, infrastructure development, private equity and real estate. In addition, we are one of the few firms that can offer services in areas such as compliance, tax, employment, and competition law — vital for companies doing business in Turkey.

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The Capital Markets Board of Turkey ("CMB"), with its decision ("Decision") published in its Bulletin dated June 23, 2022 and No. 2022/32 requires companies whose shares are traded in the Main Market...

Turkey Corporate/Commercial Law

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The Capital Markets Board of Turkey ("CMB"), with its decision ("Decision") published in its Bulletin dated June 23, 2022 and No. 2022/32 requires companies whose shares are traded in the Main Market, Star Market and Sub-Market of Borsa Istanbul to use the Sustainability Report Template ("Template") enclosed in the Decision for reporting and disclosures to be made on the Public Disclosure Platform ("PDP") regarding their compliance with sustainability principles, for the year 2022.

Compliance with the sustainability principles implemented on a voluntary basis will have to be reported within the reporting period of the annual financial reports, and in any case, at least three weeks prior to the date of the general assembly meeting.

Although the CMB does not require companies to include the Template in their annual reports, they are free to include the Template at their own discretion.

Moreover, an explanation as to whether the sustainability principles are implemented in line with the Corporate Governance Communiqué No. II-17.1, if not, the reasons thereof and the explanation regarding the impacts of such non-compliance in environmental and social risk management will further be mentioned in the annual report.

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