Recent Developments
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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