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Impact Boards Emerging Markets and Delphos were delighted to co-host their second closed-doors dinner in Istanbul for board directors and stakeholders influencing the best practices of corporategovernance in emerging markets.

Set against the stunning backdrop of the Bosphorous, our guests gathered together at the Çırağan Palace Kempinski Istanbul to engage with our panel of experts, Uğur Bayar (Chairperson, Tefken Ventures), PINAR ILGAZ (Partner, ARGE Consulting) and Kaan Okurer (Managing Partner, Spencer Stuart Turkey), on how good governance could serve as a catalyst to attract capital flows towards Turkish companies.

We discussed the myriad of challenges faced by Turkish companies and their boards:
• lack of separation of the CEO/Chair role
• limited free float
• accountability in decision-making
• lack of transparency, trust and diversity in perspectives
• overboarding

Notably, our panelists discussed how to impact positive change using concrete examples from their long-standing experience of serving on boards and advising boards.

The importance of a skills matrix was proposed and subsequently, the skills, background and expertise boards and recruitment consultants who they collaborate with, are seeking to improve the cognitive diversity on boards.

Spencer Stuarts Five "I"s were highlighted – Interpersonal skills, Intellectual approach, Integrity, Independent mindedness and Inclination to engage – as the most sought after attributes for NED candidates.

On a positive note, we concluded that investors will not want to miss out on the immense opportunity that lies with investing in Turkish companies. Correspondingly change will occur, albeit gradually, with an increase in public shareholding driving more stakeholder engagement and ultimately better performance from companies on sustainable policies and initiatives.

A big shout out to all our guests who dedicated time from their busy schedules to attend our event! And a big thanks to our partners at Delphos without whom this event would not be possible!

Please do get in touch with us at if you have any questions. We look forward to a deeper collaboration with our growing network in Turkey.

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