Turkey's state bodies, financial institutions, as well as professional and nongovernmental organizations have prepared a road map to improve women's participation on the boards of local companies.

The road map was developed with funding from the European Bank for Reconstruction and Development (EBRD) and in partnership with the Family and Social Services Ministry, the Capital Markets Board of Turkey (SPK), the Borsa Istanbul Stock Exchange (BIST) and the International Finance Corporation, business associations and professional women’s networks, according to an EBRD statement.

The initiative seeks to ensure greater representation of women in corporate decision-making, the bank said.

"The document links the presence of women on boards to stronger corporate governance, improved financial performance and better corporate environmental and social outcomes," read the statement.

Melsa Ararat, professor of corporate governance at Sabancı University, said: "The enthusiastic contribution of the participating institutions in developing the road map is reassuring for successful implementation ... We envisage an entirely inclusive process and invite all interested parties to join the implementation efforts."

The road map aims to create awareness about the benefits of multifaceted boards and boost the number of women by increasing and making visible female candidates, the statement added.

"The EBRD promotes access to economic opportunities for all as a means to ensure sustainable and inclusive growth," said Arvid Tuerkner, EBRD managing director for Turkey.

"As part of this, we believe that the enabling environment for women’s participation in the economy at all levels, including decision-making roles at board level, should be enhanced."

Rifat Hisarcıklıoğlu, head of the Union of Chambers and Commodity Exchanges of Turkey (TOBB), said: "The only way for our country to take its place among the countries that achieve sustainable development is to increase the representation of women in all areas."