"TRANSPARENCY" IN CORPORATE GOVERNANCE AND ITS IMPLEMENTATIONS IN TURKISH COMMERCIAL CODE

Transparency, as one of the important principles of corporate governance, plays a key role in the structure of corporations as well as in financial markets. This is because, 'the devil side of corporations', such as the scandals of Imar Bank, Parmalat or Lehman Brothers, has indicated how any opaqueness is unlikely to be tolerated in these competitive financial markets. The question that needs to be asked is why transparency is so important in the financial markets. An effective flow of information not only increases the attractiveness of listed companies in the financial markets, but also plays a preventative role for the unexpected events. Therefore, as Tapscott and Ticoll mentioned, 'today's winners increasingly undress for success'. "(Tapscott and Ticall 2003, xii). However, it is important to highlight that to what extent has its importance been realised by policy-makers in their respective legal frameworks? In this respect, in order to understand the practicability of transparency rules, this paper aims to explore how the idea of transparency has been converted into practice in the both new Turkish Commercial Code No: 6102 and the Capital Market Law No: 6362.