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Sovereign Wealth Fund «Samruk-Kazyna» JSC

Corporate governance

Modern and efficient corporate governance system of Samruk-Kazyna JSC protects shareholders’ rights and provides investors with current and adequate information about profits, principles of governance and overall situation at the company. Corporate governance system at all levels mitigates and eliminates possible risks related to violations of shareholders’ rights and interests.

The Fund is currently implementing six projects on corporate governance:

The new Corporate
Governance Code.

For the first time in Kazakhstan, the Fund, with the assistance of the Organization for Economic Cooperation and Development (OECD), have drafted a new Corporate Governance Code that meets the best international standards.

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Samruk-Kazyna JSC
Corporate Governance Code

Enhancing efficiency of the
Portfolio Companies’ Boards of Directors

As a result of transformation, the Fund should convert from an operational holding into a strategic holding, which means that subsidiary companies can enjoy more autonomy in business. Competent and professional Boards of Directors must secure such autonomy. We are constantly working on strengthening Boards of Directors and introducing new standards for their operation.

Policies and standards
on information disclosure

Transparency is one of the main points of interest for investors and stakeholders. The introduction of information ethics and responsible data management culture is a necessary preparatory stage for an IPO.

The new methodology on
assessment of Corporate Governance

Following the introduction of the new Corporate Governance Code, Portfolio Companies are facing new tasks that require higher standards for implementation. The new methodology on assessment of Corporate Governance was introduced to address these challenges. Corporate governance rating is a meaningful indicator that reflects all aspects of corporate governance.

Adoption of sustainable
development principles

Samruk-Kazyna JSC is a Sovereign wealth Fund. Therefore, the Fund’s Companies must responsibly conduct its business and increase the value of its portfolio for both current and future generations of Kazakhstan. Sustainable development means coherence of our economic, environmental and social objectives along with maintaining the balance between interests of stakeholders for sustainable growth of the Group’s long-term value.

Improvement of annual
reports of the
Fund and Portfolio Companies

The quality of annual reports directly affect transparency, therefore both content and ways of its presentation have been revised. The upcoming stage is introduction of annual reports based on standards of the GRI.


Management bodies

Corporate governance system at Samruk-Kazyna JSC includes management, control and responsibility of management bodies across all the companies of the Fund at all levels:

The Fund Management Council is the supreme management body that elaborates proposals for enhancement of the Fund’s efficiency, for priority sectors of the economy and for the Fund’s participation in state programs for diversification and modernization of the economy of Kazakhstan;

Government of Kazakhstan is the Sole Shareholder of Samruk-Kazyna JSC with an authority to approve the Fund’s Development Strategy, appoint directors and Chairman of the Management Board, approve financial results, and receive dividends;

Board of Directors provides overall management of the company and delegates day-to-day operational tasks to the Management Board led by its Chairman.


Management bodies
Organizational structure

Modern and efficient corporate governance system of Samruk-Kazyna JSC protects shareholders’ rights and provides investors with current and adequate information about profits, principles of governance and overall situation at the company. Corporate governance system at all levels mitigates and eliminates possible risks related to violations of shareholders’ rights and interests.


Structure



Ombudsman

The Ombudsman is a person appointed by the Board of Directors of the Fund whose role is to advise the employees of the Fund and organizations that appealed to him and to assist in resolving labor disputes, conflicts, problematic issues of a social and labor nature, as well as to observe the principles of business ethics by the Fund's employees and organizations.





Portfolio companies
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