The primary objective of Kazatomprom’s corporate governance program is to increase the 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. This focus on compliance enables the implementation of a modern corporate culture based on a model of ethical norms and values, as well as making the company more attractive for investors.
The structure of Kazatomprom clearly defines division of responsibility within the company in line with best practice for public companies. Shareholder interests and rights are protected 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. The Management Board manages the company's current activities.
The Internal Audit Service was established by the company and is directly 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 at Kazatomprom coordinates the work of the corporate teams, and provides effective interaction between the shareholders, the Board of Directors and the Management Board of Kazatomprom.
In 2017-2018, on the initiative of Samruk-Kazyna JSC, NAC Kazatomprom JSC performed diagnostic of its corporate governance system using the new Methodology for diagnosing the corporate governance system. The diagnostic was performed with the participation of PricewaterhouseCoopers consultants.
In 2019, NAC Kazatomprom JSC took certain measures to conduct independent diagnostic of the corporate governance. Following the necessary procedures, KPMG was identified as a company to perform diagnostic.
In 2019, the corporate governance, as before, was diagnosed according to Samruk-Kazyna methodology.
NAC Kazatomprom JSC constantly improves the corporate governance system, taking into account the results of the annual diagnostics of CG system.
As a result of ongoing work to improve the corporate governance system, the Corporate Governance of NAC Kazatomprom JSC was rated at BBB in 2019
At the same time, in 2021, Kazatomprom’s major shareholder Samruk-Kazyna JSC involved an independent consultant "PricewaterhouseCoopers" to conduct diagnostics of the corporate governance in order to identify Kazatomprom’s corporate governance rating. According to the results of the diagnostics, Kazatomprom was assigned the “A” corporate governance rating. This assessment is the evidence of an increase in the efficiency of Kazatomprom’s internal systems. The processes of compliance with the shareholders’ rights, the activities of the Board of Directors and the executive body, as well as the processes of transparency and information disclosure have been improved.
Observance of the principles of business ethics and optimal regulation of disputes around the violation of provisions of Kazatomprom’s Code of Ethics fall within the duties of Сompliance service.
In addition, there is an Ombudsman 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.
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