Board of directors

The board of directors is the management and representation organ of a Turkish joint-stock company. The company is, as a rule, managed and represented externally by this organ. A board may consist of a single member; members need not be shareholders, and legal entities may also serve.

Powers such as top-level management, financial planning and establishing the accounting system are non-delegable. Representation may be delegated to managing directors or managers through internal directives, and signature authorities are registered with the trade registry.

Directors may be held liable to the company, its shareholders and creditors if they culpably breach their statutory duties. They may also be pursued as legal representatives for public debts that cannot be collected from the company.