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The Holding’s corporate governance system is a set of processes that ensure the management and control of the Holding’s activities and include relations between the Sole Shareholder, the Board of Directors, the Management Board, other bodies of the Holding and stakeholders in the interests of the Sole Shareholder, as well as the interaction of the Holding with subsidiaries.
The Holding’s corporate governance is based on the principles of fairness, honesty, responsibility, transparency, professionalism and competence. The Holding strives to continuously improve the corporate governance system by implementing the best international practices in this area and making the appropriate assessment.
A new version of the Corporate Governance Code was approved by Order of the Ministry of National Economy of the Republic of Kazakhstan No. 178 dated 23 June 2025 in accordance with the Model Corporate Governance Code and the standards of the Organization for Economic Cooperation and Development, and also reflects the principles of corporate governance, adherence to which contributes to the achievement of the Holding’s strategic goals.
The Holding’s Corporate Governance Code provides a set of rules and recommendations to be followed during its activities to ensure efficiency, transparency, accountability, and a high level of business ethics in relations within the Holding and with other stakeholders.
The Holding’s Corporate Governance Code
The fundamental principles of the Holding’s corporate governance are:
Corporate governance structure
Corporate Governance Improvement Action Plan
On May 28, 2024, the Board of Directors of the Holding, by Resolution No. 05/24, approved the Corporate Governance Improvement Action Plan for 2024–2026.
Corporate Governance Improvement Action Plan for 2024–2026
The Holding conducts an independent corporate governance assessment at least once every three years. In December 2023, an independent corporate governance assessment was carried out by KPMG Tax and Advisory LLP. Based on the results, the Holding was assigned a corporate governance rating of 98.8% (the previous rating based on the independent assessment conducted in 2020 was 97%).
The Internal Audit Service of the Holding conducts an analysis of the effectiveness of the corporate governance system. The Board of Directors determines the frequency of this analysis, considering the expectations of the Sole Shareholder. The results of the independent assessment and the analysis of the effectiveness of the corporate governance system are disclosed in the Holding’s Annual Report.
In accordance with the best corporate governance practices, the Holding annually prepares Corporate Governance Principles Performance Report.
‘Baiterek’ National Managing Holding JSC has successfully confirmed the validity of the conformity certificate ST RK ISO 14001-2016 (ISO 14001:2015) “Environmental Management Systems.”
