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NATIONAL COUNCIL ON CORPORATE GOVERNANCE AT THE PRESIDIUM OF THE ATAMEKEN NATIONAL CHAMBER OF ENTREPRENEURS OF THE REPUBLIC OF KAZAKHSTAN

In his State of the Nation Address "The Third Modernization of Kazakhstan: Global Competitiveness", the Head of State instructed to improve the quality of management and corporate governance to the international level, ensure transparency of shareholders.

Adoption of systematic measures on corporate governance will allow increasing transparency and quality of company management, to manage risks effectively, strengthen internal control, and form the basis of good corporate governance in the companies of the Republic of Kazakhstan.

Successful implementation of this initiative will provide an opportunity to increase transparency and confidence in the corporate governance system in Kazakhstan, increase the level of trust in the system of corporate relations, and as a consequence - the growth of investment attractiveness of the Kazakhstani market and economic development.

In this regard, the Prime Minister of the Republic of Kazakhstan approved the Action Plan to improve the indicators of the Global Competitiveness Index of the World Economic Forum for 2018-2019 (hereinafter - the Action Plan) at the meeting of the Competitiveness Council under the Government of the Republic of Kazakhstan on December 27, 2017.

Pursuant to the Action Plan, the National Council on Corporate Governance (hereinafter referred to as NCCG) at the Presidium of the National Chamber of Commerce was established by the decision of the Presidium of 28 November 2018 to facilitate the improvement of corporate governance practices and increase the investment attractiveness of Kazakhstani companies.

The purpose of the NCCG is to promote the improvement of corporate governance practices and increase the investment attractiveness of Kazakhstani companies.

The tasks of the NCCG related to the achievement of the above objective are as follows:

•    Development of standards and improvement of corporate governance quality in Kazakhstani companies, including the development of the Corporate Governance Code of the Republic of Kazakhstan;

•    Ensuring a dialogue between corporate governance participants and state regulatory authorities; 

•    Assistance in raising awareness of the Kazakhstani and foreign business community about the achievements of Kazakhstani companies in the field of corporate governance; 

•    Encouraging the introduction of advanced corporate governance practices in Kazakhstani companies.

The Chairperson of the NCCG is the deputy of the Majilis of the Parliament of the Republic of Kazakhstan Yekaterina Nikitinskaya.

The NCCG members are representatives of the Sovereign Wealth Fund Samruk-Kazyna JSC, ministries of National Economy, Finance, Association of Financiers, financial institutions, rating agencies, business entities, etc.

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