Abstract

In this study, we investigate the characteristics of members of audit, risk and governance committees of boards in public firms quoted at Borsa Istanbul, with an emphasis on their educational backgrounds, professional expertise, independence, busyness, share ownership and managerial positions. Our findings show that a lower percentage of members of these committees, compared to non-members, serve as the chairmen of boards. In addition, a higher percentage of them are independent, have advanced educational degrees, and are professional experts such as accounting experts, lawyers, professors. The findings also show that members of these committees own fewer shares and serve on fewer outside boards. Interestingly, the findings show that a very low percentage of directors that do not serve on these committees are independent directors, leading to the question of what the underlying motivation for the inclusion of independent directors on boards of directors is.

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