Governance

Principles of corporate governance

“Baiterek” NMH” JSC is considering corporate governance as the key tool for the increase of the Holding’s and its subsidiaries’ efficiency, ensuring transparency and accountability, consolidating its reputation and reducing the costs for capital raising. The Holding is striving to contribute to the rule of law in the Republic of Kazakhstan through the implementation of proper corporate governance practices.

The effective corporate governance structure implies respect for the rights and interests of all persons interested in the activities of the Holding and contributes to the success of the Holding’s activities. The Holding’s corporate governance system provides for a clear division of powers and responsibilities between the authorities, officials and employees of the Holding.

The fundamental principles of the Holding’s corporate governance are:

delineation of powers principle;
protecting the rights and interests of the Sole Shareholder principle;
the Holding’s effective management by the Board of Directors and the Management Board principle;
sustainable development principle;
risk management, internal control and internal audit principle;
corporate conflicts and conflicts of interest settlement principle;
transparency and credibility of information disclosure in regard to the Holding’s activities principles.

Due to the adoption of the Model Corporate Governance Code in government-controlled joint-stock companies, except for the National Welfare Fund (the Decree No. 21of the Minister of National Economy of the Republic of Kazakhstan dated October 5, 2018), amendments and additions were made to the Holding’s Corporate Governance Code by the Decree No. 681 of the Minister of Industry and Infrastructural Development dated August 29, 2019.

The Holding’s Corporate Governance Code.pdf

Internal audit services evaluate the corporate governance system once in every two years in the Holding’s subsidiaries, followed by the approval and monitoring of action plans to improve the corporate governance system, including measures stipulated by international practices for corporate governance structure, conflict of interest settlement, Board of Directors performance efficiency processes, risk management systems, internal audit, transparency.

On the results of the assessment of the effectiveness of the corporate governance system of Baiterek NMH JSC

In accordance with the best corporate governance practices, the Holding annually prepares Corporate Governance Principles Performance Report.

Report on compliance/non-compliance with the principles and provisions of the Corporate Governance Code of Baiterek National Managing Holding Joint-Stock Company for 2019

Report on compliance/non-compliance with the principles and provisions of the Corporate Governance Code of Baiterek National Managing Holding Joint-Stock Company for 2020

Report on compliance/non-compliance with the principles and provisions of the Corporate Governance Code of Baiterek National Managing Holding Joint-Stock Company for 202 1