Company policy regarding stakeholders

CMB demands from companies that the policies and procedures established within the framework of corporate governance practices be guaranteed and applied even in cases where the rights of stakeholders are not protected by legislation and contracts with the principles introduced under this heading.

Supporting the participation of stakeholders in the management of the company

The principles contained under this heading are aimed at ensuring a certain degree of participation of stakeholders in the management of the company and their inclusion in the decision-making process.

The purpose of a business by financiers “to maximize the wealth of shareholders” is expressed as if only existing partners in the value creation process with other stakeholders (stakeholders) in a way that contributes a relationship between. For example, relationships with stakeholders directly affect the company's risk level.

According to the neoclassical understanding, only shareholders are the people who have the right to the profit of an enterprise. According to this understanding, shareholders have a privileged and priority position within the company. The Theory of Shareholders, advocated by the Neo-Classical understanding, which prioritizes the privileged position of shareholders, is seriously criticized by proponents of Stakeholder Theory today. Although Stakeholder Theory has entered the management literature over the past thirty years, it is possible to take the foundations of this idea back to Adam Smith's works “The Theory of Moral Sentiments” in 1759 and “The Wealth of Nations” in 1776. According to Smith, there is a mutual utilitarianism relationship between ethical values and economic dec, and businesses have to pay attention to this relationship in order to work effectively. As a matter of fact, especially with the 'Quality Movement' in the 1950s, consumer awareness began to form and it was observed that different demands of consumers began to affect businesses. It has started to be accepted that the enterprise, which was previously considered a closed system, is an open system and is influenced by the external environment. With the open system approach, corporate social responsibility discussions, which form the basis of many theories such as Stakeholder Theory, have started to take their place in the literature.

According to Stakeholder Theory, enterprises should have good relations with the external and internal environment in order to achieve their goals. Company-related stakeholders are potential savers who may consider investing in their employees, creditors, customers, suppliers, trade unions, various non-governmental organizations, the state and even the company together with shareholders.

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