Independent Director Elected Chair of Otbasy Bank’s Board of Directors

The Board of Directors of Otbasy Bank JSC, acting upon the recommendation of its Sole Shareholder, Baiterek National Investmwnt Holding JSC, elected Sanzhar Zhamalov, an Independent Director of the Bank, as Chair of the Board of Directors.

The appointment reflects Baiterek Holding’s continued commitment to strengthening the role of independent directors across its group of companies, enhancing corporate governance standards, and embedding international best practices.

The election of an Independent Director as Chair of the Board is intended to reinforce strategic oversight, strengthen the Board’s independence, and further improve the quality and effectiveness of corporate decision-making.

This decision is particularly significant for Otbasy Bank, one of Kazakhstan’s key development institutions responsible for implementing the country’s state housing policy. The Bank provides citizens with access to the housing savings system, preferential mortgage programmes, and other financial instruments aimed at improving housing affordability.

For institutions with a strong public mandate, effective corporate governance is a critical prerequisite for sustainable development, sound risk management, and maintaining public trust, in line with modern ESG principles.

The Chair of the Board of Directors plays a pivotal role in leading the Board’s activities, shaping its strategic agenda, facilitating effective collaboration among Board members, and ensuring objective consideration of the Bank’s long-term development priorities. International practice demonstrates that appointing an Independent Director as Board Chair enhances the objectivity of decision-making, improves Board effectiveness, and helps maintain an appropriate balance between the interests of the shareholder and those of other stakeholders.

The development of the institution of independent board chairs remains an important priority for Kazakhstan’s professional corporate governance community. Representatives of Baiterek Holding serve on the National Council on Corporate Governance under the Atameken National Chamber of Entrepreneurs, where modern approaches to corporate governance are discussed, including strengthening the role of independent directors and promoting the practice of appointing them as chairs of boards of directors across various sectors of the economy.

The appointment of an Independent Director as Chair of Otbasy Bank’s Board of Directors marks another important milestone in Baiterek Holding’s efforts to further strengthen corporate governance across its group of companies. This approach is fully aligned with international standards, reinforces independent oversight, enhances the quality of strategic governance, and supports the long-term sustainability of institutions delivering socially and economically significant outcomes for the Republic of Kazakhstan.

Press Service

Baiterek Holding
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