Turk Prysmian’s Corporate Governance Rating is 90.92

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05 Oct 2017

Turk Prysmian’s Corporate Governance Rating is 90.92

“Corporate Governance Rating Note” of Turk Prysmian, Turkey operation of worldwide leading company in energy and telecommunication cables sector Prysmian Group has been updated as 90,92 in 2016. The Corporate Governance Rating note, which shows Turk Prysmian's commitment to corporate governance principles and its determination to execute it as a dynamic process, has increased by 13.34 points since 2009, when it was included to the index. Turk Prysmian has achieved a rent equivalent to that of 2015, maintaining its high compliance with institutional principles this year.   

The “Corporate Governance Rating” of Türk Prysmian Kablo ve Sistemleri A.Ş. has been updated as 90,92 out of 100 according to the work prepared by the Saha Corporate Governance and Credit Rating Services Company, which is in charge of the corporate governance rating activities under the Capital Markets Board (CMB) license in Turkey. 

Türk Prysmian Kablo ve Sistemleri A.Ş Turkey operation of worldwide leading company in energy and telecommunication cables sector Prysmian Group, with the sales close to 8 billion euros, 20 thousand employees, 89 factories operating in 51 countries is one of the companies that make improvements in line with the corporate governance principles, with a score of 90.92 out of 100.

The basis for the update on the Turk Prysmian’s “Corporate Governance Rating” was the new methodology based on the “Corporate Governance Principles” determined by the CMB. The Corporate Governance Rating, which demonstrates Turk Prysmian's commitment to corporate governance principles and its commitment to continuing this as a continuous and dynamic process, is based on the improvements it has made over the past year since December 2015. 

As a result, Turk Prysmian has documented once again that it has got 91.94 score from the Shareholders' section, 92.32 from the Public Disclosure and Transparency Department, 92.26 from the Stakeholders' Department, 88.60 from the Board of Directors' and 90,92 average score.

Turk Prysmian Cable CFO Ercan Gökdağ has interpreted the obtained rating as follows: “Regulations on corporate governance focus on four fundamental principles: fairness, transparency, accountability and responsibility. Our rating graph shows obviously that our company, which is the only publicly traded company operating in the cable sector in Turkey, adopts these principles and applies them successfully”.

Erkan Aydogdu, Turk Prysmian Cable CEO has said on this matter: "We are progressing more firmly in line with our mission "Linking Turkey to the Future" every passing day. According to the results of 2015 prepared by Istanbul Chamber of Industry, we ranked 96th in the ranking of the top 500 industrial companies of Turkey. It made us extremely proud to be among the top 100 strongest organizations in our country. We are also very close to the come out on top increasing our Corporate Governance Rating Note this year. This note has a special importance to our company in terms of showing our commitment to corporate governance principles and our determination to carry it out as a continuous and dynamic process.

For the first time, in the evaluation made by Saha Corporate Governance and Credit Rating Services in 2009, the "Corporate Governance Rating" of Prysmian Group Turkey was 77.58 , in 2010  80.79, in 2011 81,50, in 2012  84.39, in 2013 86.55 in 2014  90.62 and in 2015 90.90. Prysmian Group Turkey, which has contributed to the Turkish economy and the industry for 50 years continuously, took place in the 1st group according to the World Corporate Governance Index (WCGI) published by SAHA in July 2016. Turk Prysmian aims to continue its ongoing rise in the coming years.