Corporate governance efforts in the world: Developments and practices in G7 countries and Turkey

Abstract

Corporate governance concept appears as a necessity in the need for searching more effective institutionalization examples. Corporate governance refers to the ways companies are directed and controlled. It is inclusive of the structures, processes, cultures, and systems through which the company sets out its objectives and defines the means of attaining those objectives and monitoring its performance. The Organization for Economic Co- operation and Development (OECD) Principles of Corporate Governance were endorsed by OECD Ministers in 1999 and these principles have provided specific guidance for legislative and regulatory initiatives in both OECD and non- OECD countries. Fairness, transparency, accountability, and responsibility can be seen as indispensable concepts in all of the generally accepted approach about corporate governance. It is widely accepted that corporate governance systems vary across nations. In every country, corporate governance practices are formed based on the country’s unique circumstances, culture infrastructure, legal system, business structures, and effects of the human factor.