Baiterek Strengthens Board Independence by Adopting International Best Practices in Corporate Governance

Astana, July 9, 2026. Baiterek Holding continues to strengthen its corporate governance framework across the Group in line with international best practices. As part of this ongoing effort, Independent Director Kevin Gwangil Kim has been elected Chairman of the Board of Directors of Qazaqstan Investment Corporation JSC.

Internationally, the appointment of an independent director as Chair of the Board is widely recognized as one of the most effective mechanisms for ensuring objective strategic decision-making, strengthening independent oversight of executive management, and mitigating potential conflicts of interest. This governance model is broadly adopted by leading international financial institutions, development finance institutions, and sovereign wealth funds.

The development of the independent director institution is also an essential element of the ESG agenda. In particular, the Governance pillar reflects the quality of corporate governance, which is increasingly regarded by international investors, financial institutions, and rating agencies as a key indicator of corporate resilience, sound risk management, and investment attractiveness.

An independent Chair of the Board provides an additional institutional safeguard for objective decision-making. According to internationally recognized corporate governance principles, where Board members hold differing views, final decisions should be guided by independent professional judgment. This approach strengthens confidence in the Board's work, enhances corporate transparency, and safeguards the long-term interests of the shareholder.

Rustam Karagoishin, Chairman of the Management Board of Baiterek Holding, commented:

"For Baiterek Holding, corporate governance is a strategic instrument for enhancing the effectiveness of state development institutions. Today, investors assess not only a company's financial performance, but also the quality of its corporate governance, the independence of its boards of directors, and the effectiveness of its decision-making processes.

We are therefore consistently implementing international best practices while strengthening the role of independent directors within our corporate governance framework. The election of an independent director as Chairman of the Board marks another important milestone in building a modern governance model founded on professionalism, objectivity, transparency, and accountability. This will reinforce investor confidence, advance ESG practices, and further enhance the investment attractiveness of the Holding's portfolio companies."

Baiterek Holding views the continuous enhancement of corporate governance as one of the key drivers of more effective management of state assets, stronger confidence among investors and international partners, and the creation of long-term value for the economy of the Republic of Kazakhstan. The Holding will continue implementing internationally recognized best practices in corporate governance across its Group.