Corporate Governance

Activities of,«Samruk-Kazyna» JSC (the Fund) as a management company are based on the principles of modern corporate governance system. The Fund evaluates corporate governance on three major components: structure, process and transparency.

According to the approved structure of the Fund's overall management of the company is controlled by The Board of Directors, which delegates the tasks of the current activities of the Board, headed by its Chairman. The duties and authority of the Board of Directors of the Fund is to develop and make decisions on key issues of long-term development of the company in charge of sustainable development objectives of the Fund and the relevant provisions of  the Fund’s Strategy.

Since October 2009 Council of Corporate Secretaries  functions  in the Fund. The Council's mission is to improve policies and practices of corporate governance in the group of companies «Samruk-Kazyna» by improving the efficiency of corporate secretaries who work in companies of the Fund.

The Fund is a code of corporate governance and code of ethics that define the company's values and principles of its operation and external communications.

To determine the effectiveness of corporate governance in subsidiaries and affiliated companies, the Fund uses its own methods of diagnosis of corporate governance. The developed technique is based on best international standards of corporate governance practices. The aim is to improve the diagnosis of corporate governance of the Fund through a structured and consistent approach to assessing and developing their corporate governance systems based on best practices. The present method allows determining the rating of compliance with best practice corporate governance and is a tool for continuous monitoring of the process of improving corporate governance in the companies of the Fund.

In 2009, together with the international consulting company KPMG was first held in the diagnosis of the seven largest companies of the Fund: JSC «KEGOC», JSC «NC» KazMunayGas «JSC» Development Bank of Kazakhstan », JSC» Kazakhtelecom «JSC» NC «Kazakhstan Temir Joly », JSC» NAC «Kazatomprom», «KazPost.» The diagnostics revealed «thin» place management systems and identify steps to improve the «quality» of management in companies. Also on the basis of the diagnosis confirmed, and the companies to implement plans to improve corporate governance.

In 2010, ten companies  of the Fund got through diagnostics. As a result of improvement plans on corporate governance, developed in accordance with the recommendations of diagnosis in 2009, these companies done significant work to improve corporate governance, and received high marks, and in fact became the leaders of ranking among the companies of the Fund.

The results of diagnostics of the companies were presented in January 2011, at an enlarged meeting of the Fund.

The high level of corporate governance not only affects an economic performance of the company, increase transparency, usefulness of decision-making process, but also have positive effect on the perception of investors.

Individual companies, the Fund carried out significant work on obtaining corporate governance rating GAMMA Standard & Poor's. In addition to the company’s previously received ratings (AO «KEGOC», Exploration and Production JSC «NC» KazMunayGas «JSC,» NHIC «Kazmortransflot»), in 2010, rankings were obtained by GAMMA: JSC «Development Bank of Kazakhstan», JSC «Kazakhtelecom» JSC «Air Astana», JSC «NC» KazMunayGas ».

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