The priority objective of Kazatomprom’s corporate governance is to increase long-term value of the company by building an efficient and transparent business, and to maintain reliable and effective relations with shareholders and investors.
The Company is committed to high standards of corporate governance, based on the basic principles of honesty, transparency and accountability; the compliance of which enables the implementation of a modern corporate culture model of ethical norms and values, as well as being committed to the high investment attractiveness of the company.
The structure of Kazatomprom clearly defines division of power within the company. Kazatomprom’s highest governance body is the Sole Shareholder - Samruk-Kazyna JSC. Sole Shareholder’s interest fulfillment and rights protection is provided by the Board of Directors, which has overall responsibility for the company's operations. The Executive Body of Kazatomprom is the Management Board, headed by the Chairman of the Board. Management Board manages the company's current activities.
The Internal Audit Service was established by the company and is directly subordinated and accountable to the Board of Directors of Kazatomprom JSC NAC. The Internal Audit Service provides the Board of Directors with independent and objective information, designed to ensure the effective management of Kazatomprom JSC NAC, by bringing a systematic approach to the improvement of risk management, internal control and corporate governance.
The Internal Audit Service oversees the Internal Audit Committee of the Kazatomprom’s Board of Directors. The Corporate Secretary in Kazatomprom coordinates the work of the corporate structure, and provides effective interaction between the shareholders, the Board of Directors and the Management Board of Kazatomprom.
In 2017, at the initiative of the Sole Shareholder, Kazatomprom conducted a diagnostics of the corporate governance system based on the new Methodology for the Diagnostics of the Corporate Governance System. The diagnostics was conducted with the involvement of independent consultants of PwC. The results of the diagnostics were taken into account by Decision of Executive Board of the Fund dated December 20, 2017 No. 45/17. Measures on improvement of the corporate governance system are taken on an ongoing basis in NAC Kazatomprom JSC, taking into account the results of the assessment of the corporate governance system.
Observance of the principles of business ethics and optimal regulation of disputes on the violation of provisions of Kazatomprom’s Code of Ethics fall within the duties of Сompliance service.
In addition, there is an Ombudsman Institute within the Company. The role of the Ombudsman is to advise the officers and employees on the provisions of the Code, the initiation of reviews of the disputes on the violation of the Code provisions, participation in their settlement and observing the principles of business ethics of the Company.
In order to improve the corporate governance system of NAC Kazatomprom JSC a Risk Management System (RMS) was implemented in 2010.
Risk management is carried out on the basis of approved RMS internal documents and in accordance with the risk management regulations of National Welfare Fund Samruk-Kazyna JSC.