About Integrated Reporting Turkey

Executive Board


Güler Aras is a professor of finance and founding director of the Finance, Corporate Governance and Sustainability Center at Yıldız Technical University. Previously, Aras was Dean of Economic and Administrative Sciences Faculty and Social Sciences Institute Director. She was a member of the University Senate and Board of Directors of the University, in addition to her roles as the founder and board member of numerous research centers. She was invited by various UK and USA universities as visiting professor and researcher. Lastly, she was a visiting professor at Georgetown University, Washington D.C. during 2014-2015.

Professor Aras is the editor of “Finance, Governance and Sustainability Routlegde” and “Corporate Social Responsibility” series. She was the editor of Social Responsibility Journal for a long time and sits in the editorial boards of numerous academic journals. Prof. Aras has published more than 250 works including 20 books, numerous articles and papers as well as awards on finance, capital markets, banking, sustainability, corporate governance, CSR and integrated reporting. One of her latest books entitled “Sustainable Markets for Sustainable Business: Global Perspective for Business and Financial Markets” (2015), co-authored “Transforming Governance: New Values, New Systems in the New Business Environment” (2016) and “Corporate Behavior and Sustainability: Doing well by being good” (2017) were published by Routledge.

Prof. Aras has important works on integrated reporting and is a founder and chairman of Türkiye Entegre Raporlama Ağı (Integrated Reporting Network -ERTA). She is also the founder, member, and board member of numerous national and international professional and academic organizations such as AFA, AOM, SASE, AEA, SFS, TKYD, and UFE. Prof. Aras actively participated in the working commissions of institutions. She assumed roles in the working and strategy commissions of the Undersecretariat of Treasury and Foreign Trade, Ministry of Labour and Social Security, and Ministry of Development. Prof. Aras is also an independent board member of Allianz Türkiye and Turkish Capital Markets Association.


A not-for-profit organization, Argüden Yönetişim Akademisi aims at carrying out training, research and communication activities toward enhancing corporate governance quality in public, civil society, private sector and international institutions. The Academy supports improving the global information and experience on corporate governance and communicating it to the entire society with a holistic approach for improving life quality and for a sustainable future. The Academy functions as part of Boğaziçi University Foundation. The mission of the Academy is to enhance the confidence between the public, civil society, private sector, and international institutions and their stakeholders, and thereby boost life quality. The Academy’s vision is to become a thought leader and reference point on corporate governance.

Through its studies, the Academy aims at:

  • Raising awareness for the necessity of good governance for sustainable and comprehensive social development,
  • Improving the sensibility and abilities of the new generation leaders to have proficiency and vision in the area of good governance.
  • Becoming a reference center of good governance practices through training, research, communication and encouragement, and
  • Develop cooperation with institutions with similar targets.

IIRC Chairman Prof. Mervyn King is a member of the Consultancy Board of the Academy. Argüden Yönetişim Akademisi was a member of C20 Corporate Governance Working Group, and supports integrated reporting as a “good governance implementation tool”. During Turkey’s G20 Presidency, thanks to the contributions of ARGE Danışmanlık (Consultancy), founder of the Academy, and elected as B20 Information Partner, Integrated Reporting was among the issues suggested to the world leaders. Argüden Yönetişim Akademisi prepared its Annual Report for 2015 as an “integrated report”, which is Turkey’s first integrated report, thereby setting an example for other not-for-profit organizations.


IIRC is represented by an Ambassador in each country to ensure contributing to the development of integrated reporting. IIRC Ambassador to Turkey is Prof. Dr. Vedat Akgiray.


Sustainable Development Society Turkey (SKD) was initiated by 13 private sector representatives in 2004. SKD Türkiye is a business world association, with membership open for institutions only. SKD is World Business Council for Sustainable Development’s (WBCSD) business partner and regional network in Turkey, and shares the sustainability know-how gained through this cooperation in work groups and various platforms.

With its 56 members from 19 different sectors, SKD Türkiye carries out studies aimed at promoting the concept of sustainable development in the business world and the general public, encouraging and promoting good practices, contributing to determining policies on the subject, and develop appropriate instruments and channels.

SKD Türkiye is Turkey’s only business world foundation focused on sustainability and carries out its activities in line with the UN Sustainable Development Targets in consideration of the Turkish business world’s current status and requirements, under the following headings:

  • Transition to Low Carbon Economy and Efficiency
  • Access to Sustainable Agriculture and Food
  • Sustainable Industry and Economy in Business Cycles
  • Social Inclusiveness

TÜSİAD is a voluntary business organization of leading entrepreneurs and executives of the business community of Turkey. On account of the institutions represented by its members, TÜSİAD has a significant representative capacity of the economic activity in Turkey in many spheres such as production, value added, formal employment and foreign trade. TÜSİAD’s activities are aimed at creating a social order based on the competitive market economy, sustainable development, and participatory democracy. Headquartered in Istanbul, TÜSİAD has representative offices in Ankara, Washington, Brussels, Berlin, London, Paris and Beijing. In the last decade, TÜSİAD has published 120 reports on various issues relevant to the business community. In the last 5 years, it has formulated 300 position papers on various issues in its focus areas. It has organized more than 2500 activities. TÜSİAD has represented Turkish business community on global platforms with more than 200 interaction with B20, Businesseurope, and OECD-BIAC in the last 5 years.


Borsa İstanbul Exchange Group offers a fully integrated business model ranging from trading, settlement, custody and registry services for equities, derivatives, fixed income & repo, precious metals and Islamic finance products.

With historical roots going back to the Dersaadet Bonds Market in 1873, Borsa İstanbul completed its demutualization and incorporation in 2012, and achieved horizontal integration via the acquisition of the derivatives and gold exchanges in 2013. Vertical integration with Takas İstanbul (Turkish CCP) and Merkezi Kayıt İstanbul (Turkish CSD) was achieved shortly thereafter. Hence, working together as an exchange group, it provides a broad range of financial services and efficient access to the flourishing Turkish capital markets.

For further information, please visit Borsa İstanbul at www.borsaistanbul.com and follow us on Facebook (www.facebook.com/borsaistanbulEN), and Twitter (www.twitter.com/borsaistanbulEN).


Founded in 2003, Corporate Governance Association of Turkey (TKYD) is a non-profit organization aiming to develop and promote adherence to corporate governance standards and guidelines in Turkey. TKYD works towards the mission of making corporate governance approach, built on the principles of fairness, transparency, accountability and responsibility, a guide in all areas. TKYD aims at creating a communication network among the private sector, public institutions, media, regulators, non-governmental organizations, and the academic circles and thereby improving corporate governance practices.


Global Compact Türkiye’s aim is to proliferate the concept of “responsible corporate citizenship and sustainable institutions” for institutions to support the elimination of the difficulties of globalization, making use of the strength of collective movement. Thereby, Global Compact Türkiye aspires to create a sustainable and comprehensive global economy through cooperating with both Turkish and international private sector companies and other social stakeholders.


Çimsa, one of the leading companies of Turkish cement industry, was established in 1972. Currently Çimsa is carrying out its operations with its 5 integrated plants in Mersin, Eskişehir, Kayseri, Niğde and Afyonkarahisar, a grinding facility in Ankara, Cement Packing facility in Marmara terminal and Cement Packaging facility in Malatya. As one of the first three brands in the world in white cement, Çimsa is an international cement manufacturer with its terminals in Hamburg (Germany), Trieste (Italy), Sevilla and Alicante (Spain), Famagusta (T.R.N.C.), Constanza (Romania) and Novorossiysk (Russia). ÇİMSA meets the product and service needs of its customers in full and in a timely manner with its market-oriented approach and wide distribution network. As a reliable business partner of its shareholders, Çimsa provides the required materials for living areas, and their infrastructures, reaching to next generations. Çimsa, by manufacturing special type cements like white cement and calcium aluminate cement besides grey cement, leads the Turkish cement and construction materials sector.


Established in 1946, Garanti Bank is Turkey’s second largest private bank with consolidated assets of US$ 88.8 billion as of December 31, 2016. Garanti is an integrated financial services group operating in every segment of the banking sector including corporate, commercial, SME, payment systems, retail, private and investment banking together with its subsidiaries in pension and life insurance, leasing, factoring, brokerage, and asset management besides international subsidiaries in the Netherlands and Romania. As of December 31, 2016, Garanti provides a wide range of financial services to its more than 14.6 million customers with approximately 20 thousand employees through an extensive distribution network of 959 domestic branches; 7 foreign branches in Cyprus, one in Luxembourg and one in Malta; 3 international representative offices in London, Düsseldorf and Shanghai with 4,825 ATMs, an award-winning Call Center, internet, mobile and social banking platforms, all built on cutting-edge technological infrastructure.


The Allianz Group is one of the world's leading insurers and asset managers with more than 100 million retail and corporate customers in more than 70 countries. Allianz is one of the world’s largest investors, managing around 754 billion euros on behalf of its insurance customers. Furthermore, its asset managers PIMCO and Allianz Global Investors manage almost 1.7 trillion euros of third-party assets. Thanks to its systematic integration of ecological and social criteria in its business processes and investment decisions, Allianz hold the leading position for insurers in the Dow Jones Sustainability Index. In 2019, over 147,000 employees achieved total revenues of 142 billion euros and an operating profit of 11.9 billion euros for the group.

Allianz is a major player in Turkey as well, with its property, casualty and health subsidiary Allianz Sigorta, its life and pension subsidiaries Allianz Yaşam ve Emeklilik and Allianz Hayat ve Emeklilik, and also with respective representations of Allianz Global Assistance (Mondial Assistance) and Euler Hermes. With 5.5 million customers, 3,900 agencies, 12 regional directorates 1,800 bank branches, 6,700 network providers and 2,500 employees, Allianz Turkey offers a wide range of products and detailed policy coverage to numerous retail and corporate customers in 81 cities across Turkey. By generating 12.4 billion liras in premiums and contributions with its three companies, Allianz Turkey ended the year of 2019 as the preeminent sector player. Leading the sector in terms of customer experience, employee engagement, agility, digitalization, sustainability and innovation, Allianz Turkey pursues a brand vision of improving the quality of life of the society, with an underlying mission of protecting the customer health and the wellbeing of their properties, while accompanying those customers and their families at every stage of their lives.


İşbank was established in 1924 at the initiative of Mustafa Kemal Atatürk, the founder of Turkish Republic, as the first national bank of Turkey, with a founding mission defined as “contributing to the foundation and development of the country”. İşbank serves retail, SME and large corporate customers and provides all kind of banking services. Having celebrated its 95th year in 2019, İşbank is the largest private bank in Turkey with its total asset size of TL 468.1 billion as of the end of the year. With its 1,249 domestic branches, İşbank has the largest branch network among the private banks, and with its 6,506 Bankamatik ATMs in total, it has the largest ATM network in the industry. With its 22 overseas branches in total, the Bank provides services in 15 branches in the Turkish Republic of Northern Cyprus, two each in the UK, Iraq and Kosovo, and one in Bahrain. Strategic approach of the Bank is managing its balance sheet in a way to ensure sustainable and value added growth while using its internal and external resources in accordance with the priorities of the country's economic development. İşbank also continues to make a difference in the next generation digital banking practices by continuing its investments on technology incessantly.

Being one of the pioneering banks in Turkey in sustainability related issues, considering environmental, social and governance issues and managing them effectively while running its operations has always been among the priorities of İşbank.


Turkish Institutional Investment Managers’ Association (TKYD) was founded in 1999 in order to work for developing the institutional investors and making them more widespread, introducing them to a wider population, ensuring that the laws and regulations are encouraging the development of capital markets and institutional investment, and enhancing the Professional solidarity among its members.

TKYD represents the Collective Investment Undertakings and Portfolio Management Industry comprised of investment funds, individual pension funds, stock market investment funds, investment trusts, hedge funds, and individual/institutional portfolio management.

TKYD is an efficient non-governmental organization which acts as a bridge between the public authority and the industry and ensures communication within the industry for the purpose of expanding the institutional investors’ base. TKYD members are consisted of portfolio management companies, banks, insurance and pension companies, brokerage companies and investment trusts.

TKYD determines the needs of the industry in lieu with these targets and conducts works via work groups and shares the results of these works and the opinions of the industry members with the public institutions and authorities. TKYD plays a key role in the high communication and relation management in the industry.

Internationally, TKYD is a permanent member of the European Fund and Asset Management Association (EFAMA) and International Investment Fund Association (IIFA). TKYD represents our country as a member of EFAMA’s Board of Directors.

Our Association has assumed similar works in our country as these two associations which contribute greatly to the Collective Investment Instruments Industry in the world and in Europe.


Since 1950, TSKB has been offering corporate lending, project finance, investment banking and consultancy services to support our country's sustainable development. The Bank not only provides investments by the Turkish business world with access to global funds obtained through long-term business partnerships with supranational financial institutions but also offers exclusive consultancy services on financial, technical and environmental sustainability of investments in addition to long-term loans. TSKB also creates value for the development and growth of Turkish economy through high-quality investment banking services. TSKB integrates the economic, social and environmental dimensions of globally-acknowledged sustainability practices into banking processes and provides funding for the transition of the business world to a low-carbon and more efficient production level. TSKB has the honor to be the first carbon neutral bank, the first bank to publish a sustainability report in finance sector, and the first bank to have an ISO 14001 Environmental Management System in Turkey. Furthermore, the Bank broke another new ground in Turkey when it issued a 'Green/Sustainable Bond' on international markets in 2016. Standing out as one of the organizations with the highest rating on BIST Corporate Governance Index, TSKB is also listed on BIST Sustainability Index. TSKB's success has been acknowledged through numerous awards the Bank has so far received on international platforms such as Euromoney, Financial Times, IFC, CDP, Global Capital, IFR-Thomson Reuters and Bonds&Loans.

www.tskb.com.tr | www.cevreciyiz.com


Turkish Invertors Relations Society (TUYID) is designed to foster collaborative ties among investor relations professionals and the constituencies which they serve such as management, shareholders, bondholders, private investors, analysts, employees, government, corporate customers and media, at both the corporate and personal levels, with a view to develop professional know-how, to be a reference center and to elevate Turkish investor relations applications on a par with global standards.

Our mission is to contribute to the promotion of the Turkish markets, provide assistance for Turkish companies to achieve fair market value for their capital market instruments and to support Turkish capital markets to gain depth and resilience.


VakıfBank is the fourth largest bank in Turkey in terms of asset size as of March 31, 2020. Since its very first date of foundation, VakıfBank continues its activities towards the growth and development of the country's economy, and the integration with the world economy pursuant to the provisions of its private law.

VakıfBank has been reaching out its corporate and individual customers in a most efficient manner through its internet and telephone banking services. As of March 31, 2020, VakıfBank undertakes a leading role in the financing of domestic and foreign trade through 937 branches, 4,256 ATMs and 362,337 units of POS that constitute its alternative distribution channels. VakıfBank has three international branches located in New York, Bahrain and Arbil. In addition, VakıfBank operates in Austria with a subsidiary, VakıfBank International AG, which has branches in Vienna and Cologne.

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