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New İMKB system to lift price limits on first trading day
According to a regulation introduced in 2008, businesses that are registered with the Capital Markets Board (SPK) have the opportunity to be listed on the İMKB without being offered to the public. The most recent example of such a company was İttifak Holding.
Speaking at the Third International Corporate Governance summit in İstanbul, Erkan said that with the anticipated new system, companies will be able to trade on the İMKB free of price restrictions during the first 24 hours. In this way, companies could experience a freefall or skyrocketing of their value on the first day.
Attending the opening of this year’s summit, with the motto “corporate governance for competitiveness,” representatives of Turkey’s leading unions and public institutions stressed that “good corporate governance” is fundamental to allow businesses to be competitive. Erkan said maintaining effective corporate governance has become a must for businesses amid the cutthroat competition environment in the markets.
SPK President Vedat Akgiray said the traditional sense of entrepreneurialism in Anatolia complied with the modern definition of institutionalization, noting, however, that businesses lack sufficient information about the “hidden benefits” of effective corporate governance. “We should explain the benefits, which have long been ignored, in a more simple language to the businessmen in Anatolia,” said Akgiray, who argued that Turkey was late to realize the prominence of good corporate governance for companies and that awareness should be increased to this end.
Underlining that small and medium-sized enterprises (SMEs) and family businesses are the backbone of the Turkish economy, Turkish Union of Chambers and Commodity Exchanges (TOBB) President Rıfat Hisarcıklıoğlu said these need to concentrate on effective corporate governance with qualified personnel. According to the TOBB head, the key to a widespread and successful corporate governance network depends on an effective fight against the unregistered economy.
Also delivering a speech at the meeting, Corporate Governance Association of Turkey (TKYD) President Tayfun Bayazıt emphasized that full compliance with corporate governance rules is one of the basic parameters regulating the competitive ability and transparency of a business.
Institute of Directors (IoD) General Manager Miles Templeman said at the event that he agrees that basic principles of corporate governance should be shared by more business circles, ether small or large, in Anatolia. Mentioning a corporate governance model applied in the UK, he said companies have to comply with a set of rules and if not they have to explain this to their shareholders. “I think corporate governance in Turkey should come to such a level, and people could concentrate on ways to achieve this,” he added.
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