Corporate Governance Rating increases to 9.07 out of 10.
Corporate Governance Rating increases to 9.07 out of 10
SAHA Rating, a corporate governance and credit rating company located in Istanbul, has just upgraded Turk Prysmian’s (the Group’s Turkish affiliate company) Corporate Governance Rating to 9.07 out of 10. As a certified rating agency by the Turkish Capital Markets Board (TCMB), it leads the corporate governance rating market covering more than 70% of the companies rated in the Istanbul Stock Exchange. It is also a certified credit rating agency active in local credit rating of corporates and new issues.
The updated rating indicates that Turk Prysmian has not only considerably improved its corporate governance but has also demonstrated a high level of compliance with the required standards.
The methodology used to update Turk Prysmian ’s Corporate Governance Rating factors was based on principles issued and revised by the TCMB, with individual factors scored out of a maximum 100 points. Turk Prysmian has once again demonstrated its compliance with the established standards of corporate governance, achieving 91.94 for the Shareholders category, 91.12 for Public Disclosure and Transparency, 92.26 for Stakeholders, and 88.60 for Board of Directors, and an average of 90.62 points in the four main sections, representing a 0.42-point improvement from the previous year.
“We celebrated our 50th anniversary in 2014, and having achieved great things in the past, we expect to do the same in the next 50 years. This improvement in our Corporate Governance Rating is therefore especially important to us,” said Halil Kongur, Turk Prysmian’s Chairman.
Turk Prysmian has been contributing to the growth of the Turkish economy for the past 50 years, and as of the end of 2012, the company’s degree of compliance with the Corporate Governance Principles ranked it in the top Group 1 of the World Corporate Governance Index (WCGI).
Hans Hoegstedt, Turk Prysmian’s CEO, added: This important increase in rating is another sign of the great teamwork by the Turkish team. I would like to thank our very strong non-executive board members who have helped us improve our ratings, with my particular thanks to our superb internal legal team, Yiğit Türsoy and Cansu Yitmen, our investor relations manager, Nevin Kocabas, our internal audit team, Marc Sinagra and Leonardo Ricci, and finally our communications manager, Seda Babaoğlu.
The full text of the Corporate Governance Rating Reports for 2013 and 2014 can be found in the “Corporate Governance” section of Turk Prysmian’s website: www.prysmiangroup.com.tr.