‘Baiterek’ Holding Conducted a Workshop on Corporate Governance Development

On July 31, 2025, ‘Baiterek’ National Managing Holding held a workshop on corporate governance with the participation of its Sole Shareholder — the Ministry of National Economy of the Republic of Kazakhstan, the leadership of the Committee for State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan (CSPP), as well as experts from KPMG Kazakhstan.

The workshop was opened by Timur Onzhanov, Deputy Chairman of the Management Board of the Holding, who highlighted key global trends in corporate governance and emphasized the importance of close cooperation with government bodies:

“Special attention should be given to the concept of stakeholder capitalism, which is becoming the new global norm in corporate governance. According to the World Economic Forum report, the long-term sustainability of companies increasingly depends on their ability to consider the interests of all stakeholders — shareholders, employees, customers, society, and the planet.”

KPMG experts presented an overview of the evolution of corporate governance standards worldwide, the key stages of its development in Kazakhstan — including major legislative and regulatory initiatives — examined ESG development drivers, and highlighted the specific features of corporate governance in the quasi-public sector.

For the first time, corporate governance issues were discussed in an open and constructive dialogue among representatives of government agencies, the Holding, and independent experts. This format allowed participants to identify challenges and expectations, as well as outline further areas for cooperation.

The Deputy Chairman of the CSPP highly appreciated the Holding's initiative, emphasizing its practical significance and expressing readiness for regular participation in similar events.

The core of the discussion focused on the applicability of the Model Corporate Governance Code by the Holding, the integration of ESG factors into corporate practices, the mechanisms for evaluating the effectiveness of Boards of Directors, and the implementation of international sustainability standards, including IFRS S1 and S2.

It was noted that the Holding is systematically developing a mature corporate governance model. According to the results of an independent assessment, the level of compliance with corporate standards increased from 97% in 2021 to 98.8% in 2023. The Holding is currently initiating preparations for another independent assessment scheduled for 2026.

This event marked another step by the Holding toward strengthening institutional resilience and improving corporate governance standards in line with best international practices.