Corporate management

You can only elevate individual performance by elevating that of the entire system.
 

William Edwards Deming
We are building a modern and effective system
of corporate governance, following the best standards of best international practice. The corporate governance system of Kazyna Capital Management JSC is aimed at achieving the goals and implementing the strategy of the Sole Shareholder, clear division of powers and responsibilities of all elements of the system, transparency of 
cooperation, overall efficiency of activities and ultimately protecting the interests and rights of the Sole Shareholder and increasing the Company’s value. Kazyna Capital Management JSC follows the common corporate policy with respect to subsidiaries, affiliates and other legal entities.
88 %
COMPLIANCE OF THE CORPORATE GOVERNANCE SYSTEM WITH THE BEST PRACTICE REQUIREMENTS
90 %+
EFFICIENCY IN RISK ASSESSMENT AND MANAGEMENT
75 %
EFFICIENCY IN INTERNAL CONTROL SYSTEM
80 +
ISSUES CONSIDERED BY THE BOARD OF DIRECTORS ANNUALLY
1200 +
DOCUMENTS ANNUALLY IN ELECTRONIC DOCUMENT FLOW WITH THE SOLE SHAREHOLDER
Corporate governance principles

Corporate governance principles are determined in the Corporate Governance Code of Kazyna Capital Management JSC, approved by the resolution of the Management Board of National Management Holding Baiterek JSC dated 20 January 2015, Minutes No. 01/15. Fundamental principles include:

Key principles are:
Principle of transparency and objectivity of business information disclosure

We ensure the timely disclosure of reliable information related to the business of Kazyna Capital Management JSC, including its financial position, economic performance, business results, structure of ownership and management.

Principle of legality and high business ethics

Kazyna Capital Management JSC operates in strict compliance with the applicable laws of the Republic of Kazakhstan, generally accepted principles of business ethics, Articles of Association, provisions of the Corporate Governance Code and its contractual obligations.

Principle of responsibility

Kazyna Capital Management JSC recognizes and respects the rights of all stakeholders and seeks to cooperate in order to develop and ensure the financial sustainability.

Organizational structure
Заместитель Председателя Правления - член Правления
Управляющий директор - директор департамента
Департамент инвестиционных фондов
Управляющий директор - директор департамента
Департамент структурирования проектов
Управляющий директор
Служба анализа и управления рисками
Служба по юридическим и корпоративным вопросам
Заместитель Председателя Правления - член Правления
Департамент бухгалтерийского учета и финансовой отчетности
Главный дилер
Административный департамент
Главный менеджер по бюджетированию
Главный менеджер по управлению персоналом
Risk management system

«When a risk occurs, with some ingenuity, this may open up an opportunity, and conversely when pursuing an opportunity there will be associated risks. Risks are generally deemed acceptable if the possible gains exceed the possible losses.When a risk occurs, with some ingenuity, this may open up an opportunity, and conversely when pursuing an opportunity there will be associated risks. Risks are generally deemed acceptable if the possible gains exceed the possible losses.»

Rory Burke
Corporate risk management system is an integrated component of KCM’s business which is focused on identification, assessment and monitoring of all significant risks as well as on taking efforts to reduce risk level.

In February 2017 the restated Risk Management Policy was approved reflecting the vision, targets and objectives of the corporate risk management system, defining the core principles of the risk management process, risk management structure, basic components of the risk management system, providing
for a systematic and consistent approach in the risk management process.

We contribute a lot to identify potential risks associated with our business and take all efforts to minimize thereof. Kazyna Capital Management JSC has the Risk Analysis and Management Service, Audit and Risk Committee under the Board of Directors. Risk Analysis and Management Service on a quarterly basis reports to the Management Board and Audit and Risk Committee under the Board of Directors.
"Principles of the risk management system"
Importance:

Risk management is an integral component of the corporate culture in KCM. The risk management system is targeted on identification on a timely manner  and reduction of key risks with a view to minimize potential loss from implementation thereof.

Efficiency and integrity:

Risk management system is built on a balanced system of both management of individual types of risks and consideration of elements of the Company’s aggregate risk. Complex risk management structure enables more efficiently to evaluate and analyze all inherent risks. 

Continuity of processes:

Risk management process is conducted on a  regular basis. 

Risk management department on a regular basis monitors the risk management system in Kazyna Capital Management JSC, compliance with determined limits as well as quarterly reports to the authorized units regarding the status of the Company’s risk management system.

Relevance

In the framework of improving the risk management system the Company on a regular basis updates the internal regulatory documents, policies as well as risk maps and periodically provides up-to-date information regarding the status of the risk management system.   

Social responsibility

We are aware of our social responsibility to employees, partners, society and future generations. Kazyna Capital Management JSC on a constant basis expresses its readiness to make a voluntary contribution to the development of society in social, economic and environmental areas directly related to our core business and exceeding the minimum determined by the law. Key tasks and activities are specified in the Policy of Corporate Social Responsibility of Kazyna Capital Management JSC.

Social responsibility for us is:
Following human rights

Supporting and following human rights proclaimed by the international society.

Labor protection and investment in human development

Prohibition of all forms of forced labor; elimination of discrimination in the area of labor and employment; ensuring the safety of employees’ working conditions, health programs and social support of employees; stimulation, professional development of employees; development of appropriate corporate culture.

Taking care of the environment

Preventing negative impacts on the environment; promoting the development and distribution of environmentally sound technologies; initiatives to use alternative energy sources, reducing energy consumption and improving energy efficiency.

Socially effective investment

Development of industries oriented to the interests of society; contribution to the development of local communities, in particular through creation of mutually beneficial social partnerships; assistance in strengthening long-term economic stability and competitiveness of Kazakhstan’s economy

Social support and charity

Carrying out various activities aimed at supporting socially unprotected layer of population; providing material, charitable and sponsorship assistance to individuals and non-profit organizations.

Protection of rights and interests of stakeholders

Systematic approach to building mutually beneficial relationship with all stakeholders based on ethical requirements; impeccable compliance with legislation; compliance with investor and customer agreements; following principles of fair competition.

Business transparency

Disclosure of information concerning results of Kazyna Capital Management JSC’s business and development plans; timely disclosure of information regarding current events that may have an impact on decisions made by Company’s interested parties; compliance with the prohibition on illegal use of confidential information; anti-corruption efforts.

Corporate events
30.05.2018

On 30 May 2018 by the resolution of the Management Board of National Managing Holding “Baiterek” JSC Ardak Makhmuduly Kassymbek was elected as the Chairman of the Management Board of Kazyna Capital Management JSC and as the member of the Board of Directors of Kazyna Capital Management JSC.

In the same resolution, Management Board of Baiterek National Management Holding JSC terminated the power and authority of Askar Abayevich Dostiyarov, Chairman of the Management Board of Kazyna Capital Management JSC and member of the Board of Directors of Kazyna Capital Management.

24.05.2017

On 24th of May 2017 Management Board of National Managing Holding «Baiterek» JSC  took into consideration an approval of annual audited, separate and consolidated financial statements of Kazyna Capital Management JSC for the year ended 31 December 2016. National Managing Holding «Baiterek» JSC  also took into account the information related to the shareholder’s appeals in relation to activities of Kazyna Capital Management JSC and its officials in 2016. In addition, National Managing Holding «Baiterek» JSC took into consideration amount and structure of remuneration of members of the Board of Directors and the Management Board of Kazyna Capital Management JSC.

23.02.2017

On 23 February 2017 Galymzhan Bissengaliyevich Tadjiyakov by the resolution of the Management Board of National Managing Holding «Baiterek» JSC was elected as a member of the Board of Directors of Kazyna Capital Management JSC and as the representative of the Sole Shareholder.

In this resolution, Management Board of National Managing Holding «Baiterek» JSC terminated the power and authority of Ersain Yerbulatovich Khamitov, a member of the Board of Directors of Kazyna Capital Management JSC and representative of the Sole Shareholder.

29.08.2016

Kazyna Capital Management JSC reported business results for first half of financial year. 

27.05.2016

On 27th of May 2016 the regular Board of Directors meeting of Kazyna Capital Management JSC have been held.

The Board of Directors has resolved to change the representatives of Kazyna Capital Management JSC in private equity funds. Jacek Brzezinski, Independent Director was elected as the Chairman of the Audit and Risk Committee. Moreover during the closed meeting of Board of Directors results of completed assessment/valuation for year 2015 by Board of Directors have been discussed.. 

25.04.2016

Regular meeting of the Board of Directors of Kazyna Capital Management JSC was conducted.

04.04.2016

The structure of the Board of Directors and the Management Board of Kazyna Capital Management JSC was changed.

19.11.2015

On 19 November 2015 by the resolution of the Management Board of Baiterek National Management Holding JSC  Emil Shamiliyevich Milushev was elected as a member of the Board of Directors and the Independent Director of Kazyna Capital Management JSC.

05.10.2015

On 5 October 2015 Kairat Kuanyshbayevich Mazhibayev notified the Board of Directors of Kazyna Capital Management JSC of termination of his power and authority as a member of the Board of Directors on his own initiative.

20.05.2015

Regular meeting of the Board of Directors of Kazyna Capital Management JSC was conducted.

20.04.2015

In April 2015 the meeting of the Board of Directors of Kazyna Capital Management JSC was conducted.

16.08.2017

16th of August 2017 saw the approval of the restated Articles of Association of Kazyna Capital Management JSC by resolution of the Management Board of National Managing Holding «Baiterek» JSC.

05.04.2017

On 05 April 2017 Aidar Abdrazakhovich Arifkhanov by the resolution of the Management Board of National Managing Holding «Baiterek» JSC  was elected as a member of the Board of Directors of Kazyna Capital Management JSC and as the representative of the Sole Shareholder.

17.02.2017

On 17 February 2017 by the resolution of the Management Board of National Managing Holding “Baiterek” JSC  Askar Abayevich Dostiyarov was elected as the Chairman of the Management Board of Kazyna Capital Management JSC and as the member of the Board of Directors of Kazyna Capital Management JSC.

In the same resolution, Management Board of Baiterek National Management Holding JSC terminated the power and authority of Almas Kudiyarbekovich Agibayev, Chairman of the Management Board of Kazyna Capital Management JSC and member of the Board of Directors of Kazyna Capital Management.
 

05.07.2016

Yerbolat Dossayev was elected as the Chairman of the Board of Directors of Kazyna Capital Management JSC.

13.05.2016

A new Deputy Chairman of the Management Board of Kazyna Capital Management JSC was appointed. Asset Sagimbekov was appointed as the Deputy Chairman of the Management Board of Kazyna Capital Management JSC.

22.04.2016

EBRD’s first representative in Kazakhstan joined the Board of Directors of Kazyna Capital Management JSC.

18.03.2016

Regular meeting of the Board of Directors of Kazyna Capital Management JSC was conducted.

12.11.2015

On 12th of November 2015 regular meeting of the Board of Directors of Kazyna Capital Management JSC was conducted.

29.09.2015

On 29th of September 2015 meeting of the Board of Directors of Kazyna Capital Management JSC was conducted.

21.04.2015

As initiated by the National Chamber of Entrepreneurs and supported by Baiterek Holding, ALMEX-Baiterek Fund (private equity fund) was established.

Reporting
External Auditor

An audit company for Kazyna Capital Management JSC is selected in accordance with the Rules for procurement of goods, works and services.

Since 2014 external audit of the financial statements of Kazyna Capital Management JSC was made by audit company LLP KPMG Audit. The current long-term agreement for the audit of financial statements of Kazyna Capital Management JSC is valid for the period of 2014-2018.

Kazyna Capital Management JSC also purchased the consulting services from KPMG Audit LLP, specifically review of tax liabilities of KCM in 2017.
 

To contact the complience service

Phone:
(+7 7172) 554 222 (ішкі 145, 132)​ 

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