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ARTICLE · 20 JUNE 2017

The Liability Of Board Members

The liability of Board members under Turkish Commercial Code numbered 6102 ("TCC") is divided into two categories as legal and penal.

TurkeyCorporate/Commercial Law

A) Liability under Turkish Commercial Code numbered 6102

The liability of Board members under Turkish Commercial Code numbered 6102 ("TCC") is divided into two categories as legal and penal. Since there is no special regulation under TCC for independent board members, their liabilities are the same with other members.

a. Penal Liability

The penal liabilities of board members are regulated under Article 562 of TCC. The act and related penalty is indicated in table below:

Act Relevant TCC provision Penalty (Administrative Fine)
Refraining from keeping the company books and ledgers 64 TRY 4,000.00
Refraining keeping the copies of company documents 64

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