Statement on Compliance with the Provisions of the Corporate Governance Code of Samruk-Kazyna JSC
In order to ensure compliance with the highest standards of corporate governance in 2012, the Sole Shareholder of Samruk-Kazyna JSC adopted the Decree of the Government of the Republic of Kazakhstan “On Approval of the Corporate Governance Code of Joint Stock Company “Sovereign Wealth Fund “Samruk-Kazyna” (hereinafter - the Code).
The international practice of corporate governance is not static and the revision of the principles of the Code is a standard process of improving the corporate governance system. In this regard, amendments to the Code were developed in the reporting year to bring the Fund in line with the best international practice in the field of corporate governance. The new version of the Code has been developed in accordance with provisions of the legislation of the Republic of Kazakhstan, given the principles of the UK and OECD Corporate Governance Code. The Board of Directors of the Fund by the decision dated December 14, 2022, approved the draft of the new Code and recommended for submission to the Sole Shareholder of the Fund.
By Resolution The Government of the Republic of Kazakhstan No. 590 of July 14, 2023 approved the Corporate Governance Code JSC "Samruk-Kazyna" in the new edition.
The Fund is obliged to carry out its activities in accordance with the basic principles of the Code, and in cases of non-compliance, provide explanations of the reasons for non-compliance. The Board of Directors may, for certain reasons, conclude that certain provisions of this Code are inapplicable or impossible to comply with. Control over the implementation of the Code is entrusted to the Board of Directors of the Fund.
Particular attention is paid to the issues of proper quality compliance with this Code in order to achieve sustainable success in the long term. The report on compliance/non-compliance with its principles and provisions is submitted for consideration and subsequent approval of the Board of Directors of the Fund on an annual basis.
Samruk-Kazyna JSC strives to comply with the highest standards of corporate governance, since it considers this to be one of the most important conditions for high efficiency and business sustainability, as well as the basis for socially responsible management of the Fund group.
In 2022, the main provisions of the Code for their compliance were analyzed. In the reporting year, the Fund basically complied with all the principles set out in the Code. Detailed information is provided in Annex 2.
Corporate Governance System
We confirm the commitment of the Fund group to follow the standards of good corporate governance with a focus on improving corporate governance practices, as well as ensuring transparency and accountability of our activities.
The Fund operates an efficient corporate governance system that meets international standards. The corporate governance system of the Fund is a set of processes that ensure the management and control over the Fund activities, as well as the system of relationships between the Sole Shareholder, the Board of Directors, the Management Board and stakeholders, and is aimed at increasing long-term value and sustainable development. The Board of Directors regularly considers matters of improving the effectiveness of this system of relationships. The competence of the bodies and the procedure on decision-making are clearly defined and enshrined in the Charter.
