New initiative for women's representation on boards: A significant step from the 30% Club Turkey

Aiming to increase gender balance in business life, the 30% Club Turkey has collaborated with high-market-impact investment institutions to strengthen the representation of women on boards of directors. In this context, a signing ceremony for the declaration titled "We Care About Increasing the Representation of Women on Corporate Boards and in Senior Positions", prepared with the participation of the 30% Club Turkey and seven company representatives, was held at Borsa Istanbul.

The declaration was signed by executives from Ak Yatırım, Garanti BBVA Yatırım, İş Yatırım, QNB Finans Yatırım, Türkiye Kalkınma ve Yatırım Bankası, ÜNLÜ Menkul Değerler, and Yapı Kredi Yatırım.

Speaking at the ceremony, Pamir Karagöz, Chairman of the Board of the Capital Markets Association of Türkiye (TSPB), expressed his happiness in playing a role in the realization of this initiative, stating, "We have come together around a vision of a more egalitarian corporate world where women's talents and leadership are actively encouraged." Karagöz emphasized that publicly traded companies in Türkiye are progressing slowly in reaching the target of at least 25 percent female board members recommended by the Capital Markets Board (SPK).

HALF A POINT INCREASE IN ONE YEAR

Stating that the rate of female representation, which was 17.5 percent in 2022, increased by only half a point to 18 percent in 2023, Karagöz expressed that the targets set in European Union directives are falling behind. He added that the contributions of investment institutions regarding consultancy services and raising awareness are important.

Melsa Ararat, as the Chair of the 30% Club Turkey, emphasized that the average rate of women on boards of directors in developed markets exceeds 30 percent. Ararat stated that EU countries will integrate gender quotas into their national laws by the end of this year, and that the slow progress in Türkiye has brought the business world and regulatory authorities together since 2019.

Touching upon the EBRD-supported project, Ararat stated that the report points out that the financial sector in Türkiye is not an actor in women's representation. "Today, the leading companies of the capital markets are determined to start this change in Türkiye as well," she said.

Ebru Dildar Edin, Co-Chair of the 30% Club Turkey, stated that the declaration has the potential to create a meaningful change in the financial sector. "Every stakeholder in the financial sector needs to take on important tasks for women to reach the targeted 50 percent equality in business life," she added.

Following the signing ceremony, a bell-ringing ceremony was held with the participation of 30% Club Turkey executives and the executives of the signatory companies. This initiative is considered an important step regarding gender equality in Türkiye.