The designation of responsibilities of board of directors' members according to differentiated solidarity principal in joint stock companies

In 2012, The Turkish Commercial Code has entered into force. By virtue of this amendment, the absolute several liability principle has been abrogated and the principle of differentiated solidarity has been accepted. Pursuant to the differentiated solidarity principle, the board of directors' members can assert the individual matter of extenuation in order to reduce the indemnity amount, for which such members are liable. The principle of differentiated solidarity has been in application for more than twenty years in Switzerland but this notion is yet very new in Turkish law. Therefore, this thesis intended to explain the meaning, background and the object of this principle, as well as how it should be interpreted and applied in practice.