ESG and climate ratingsESG and Climate Ratings
The Fund’s portfolio companies have adopted the practice of preparing annual non-financial reports (sustainability reports) in accordance with leading international standards for sustainability and climate-related disclosures, including GRI, TCFD, and CDP.
As a tool for tracking real changes in business performance, ESG (Environmental, Social, Governance) ratings have been introduced as a standard practice, playing a key role in assessing and managing social and environmental aspects of operations.
At the Fund level, one of the external benchmarks is the Global SWF assessment of corporate governance, sustainability, and institutional strength indicators. Based on 2025 results, Samruk-Kazyna JSC achieved an overall score of 72%, including 9 out of 10 points in the sustainability component, confirming a high level of integration of ESG principles into the Fund’s management system and the consistency of its approach in this area.
The Fund’s Development Plan sets a target for major portfolio companies to reach the 70th percentile in ESG ratings by 2032. As of 2025, the Fund has surpassed interim expectations and achieved a level comparable to the 66th percentile, demonstrating tangible progress in the implementation of ESG initiatives.
In 2025, the Fund’s portfolio companies achieved strong results in ESG assessments:
In 2025, the Fund’s portfolio companies achieved strong results in ESG assessments:
| S&P Global 45 Ratings: | |
|---|---|
| NC Kazakhstan Temir Zholy JSC | 75/100 |
| KEGOC JSC | 62/100 |
| Kazakhtelecom JSC | 51/100 |
| NAC Kazatomprom JSC | 51/100 |
| CDP Climate Change Ratings: | |
| NAC Kazatomprom JSC | B- |
| NC KazMunayGas JSC | B |
| Samruk-Energy JSC | D |
| NC QazaqGaz JSC | B |
| CDP Water Security Ratings: | |
| NAC Kazatomprom JSC | C |
| NC KazMunayGas JSC | C |
| Samruk-Energy JSC | D |
| MSCI ESG Rating: | |
| NC KazMunayGas JSC | BBB |
| NC QazaqGaz JSC | A |
| Sustainable Fitch Rating: | |
| Samruk-Energy JSC | «3» (57/100) |
These ratings support the Fund and its portfolio companies in making informed decisions and strengthening their sustainability efforts, with a focus on risk reduction and improved social and environmental performance. Furthermore, international ESG ratings serve as an independent tool for measuring and validating progress in managing ESG factors across organizations.
- The S&P Global ESG Evaluation assesses a company’s ability to manage future risks and opportunities related to ESG factors. The methodology is based on industry analysts’ expertise and relies on in-depth engagement with company management to evaluate the material impact of ESG factors on the company’s past, present, and future performance.