|Number of listed companies
|Domestic market capitalization
|279303 million US$
|SSE Partner Exchange
|Has annual sustainability report
Borsa Istanbul published sustainability reports for 2015 and 2016. As of 2017, the company’s annual reports started to be published in integrated report format and information on sustainability performance and ESG data were included in integrated reports. The company’s annual integrated reports are prepared in accordance with IIRC integrated reporting framework and GRI Standards. You can reach the latest annual integrated report here
|ESG reporting required as a listing rule
The Sustainability Principles Compliance Framework (The Outline) was put into practice with the amendment to Capital Markets Board of Türkye’s Communiqué (No II-17.1) on 02.10.2020. The Outline contains fundamental sustainability principles and metrics expected to be disclosed by listed companies under the “Comply or Explain” principle.
|Has written guidance on ESG reporting
|Offers ESG related training
Borsa Istanbul provides training and hosts events:
Apart from trainings, Borsa Istanbul hosted a couple of events dedicated to ESG.
Borsa İstanbul chairs Sustainability Platform that aims to create a sharing network which enables result-oriented and effective realization of the sustainability activities and powerful discussions on future joint steps in the field of sustainability.
|Market covered by sustainability-related index
BIST Corporate Governance Index
The index, introduced in 2007, includes companies with high corporate governance ratings determined by the rating institutions authorized by CMB.
The index was introduced in 2014. In 2021, the calculation methodology has been revised in cooperation with Refinitiv whose ESG ratings are now being used to calculate the index.
BIST Participation Sustainability Index
The index, introduced in 2021, includes the companies compatible with Islamic finance and have high ESG scores.
Introduced in 2022, the index comprises 25 companies with the highest daily average trading volume and the free float market value among the companies that provide minimum sustainability rating (provided by Refinitiv).
|Has sustainability bond listing segment
In February 2022, green debt instruments guideline, a local version of ICMA’s GBP is published by the Capital Markets Board. For the green debt instruments, Borsa İstanbul waives its listing fee by 50%.
|Has SME listing platform
|Women on boards mandatory minimum rule
|Organizational model of stock exchange
The legal framework of Turkish capital markets, as it currently stands, is mainly devised by two major pieces of legislation, namely Capital Markets Law No. 6362 and Turkish Commercial Code. Other regulations include Communiqués of Capital Markets Board and Regulations of Stock Exchange. https://cmb.gov.tr/legal-framework/capital-market-legislation
|About the stock exchange
Location: Istanbul, Türkiye
The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.
The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.
While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.
|Country of primary residence or registration
|Has signed the SSE Commitment Letter?
|To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
|Has annual sustainability report?
|For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
|ESG reporting required as a listing rule?
|For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
|Offers written guidance on ESG reporting?
|For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
|Offers ESG related training?
|For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
|Market covered by sustainability-related index?
|Sustainability-related indices may include environmental or social indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
|Has sustainability bond listing segment?
|For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
|Has an SME listing platform?
|For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
|Additional Information captures exchanges’: sustainability section of websites, sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
|Organizational model of stock exchange
|Whether the exchange is listed or not, and when it was demutualized
|The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
The extent to which exchanges have regulatory authority in their market. This may include:
|About the stock exchange
|The location of the headquarters of the exchange, and any additional details about the stock exchange.