The debate about legal convergence and divergence has played a prominent role in many areas of law including company law. Although the rules of company law are largely country-specific, certain good governance principles are recognised throughout the EU and many modern jurisdictions around the globe. One of these norms is the equal treatment of shareholders in corporate governance. Shareholder rights usually develop mainly as a means of protection granted to shareholders against management (or controlling shareholders). In terms of comparative law, dissimilarities in shareholder protection may be because of differences in substantive law, but in the case of Turkey variations in the patterns of legal culture and institutional development are seen as the main sources of divergence.