Corporate governance report

The Company endeavours to maintain a high level of corporate governance and transparency of its operations. We improve our corporate governance system, taking into account changes in business and society. This approach ensures efficiency at all levels of management.

Key principles of the Company’s corporate governance:

Sustainable development
Respect for shareholder rights and fair treatment of shareholders
Efficiency
Transparency

The Corporate Secretary highlights compliance with these principles and provisions of the Corporate Governance Code in the report for to the Board of Directors on annual basis.

Kazakhtelecom JSC developed the Corporate Governance Code in accordance with the legislation of the Republic of Kazakhstan, Samruk-Kazyna SWF JSC internal documents and their Transformation Programme.

The Government of the Republic of Kazakhstan approved the new edition of the Samruk-Kazyna JSC Corporate Governance Code by its Resolution No. 590 of 23 July 2023. Kazakhtelecom JSC plans to update its Corporate Governance Code in 2024.

The Kazakhtelecom JSC’s corporate governance system is a set of processes ensuring management and control over the joint stock company’s activity as well as the system of relationships between the executive body, the Board of Directors, shareholders, and stakeholders. The Charter of Kazakhtelecom JSC determines and enshrines the competence of the bodies and procedure for making decisions.

The analysis by the 2023results showed that Kazakhtelecom JSC’s activity and its corporate practice ensure compliance with the principles and provisions of the Corporate Governance Code.

Management bodies:

the supreme body - the General Shareholders Meetings;
the management body - the Board of Directors;
the executive body - the Management Board.

The Management Board is subordinate and accountable to the Board of Directors, which, in turn, is responsible to the General Shareholders Meeting. The detailed role and functions of each body of the Company are described in the law On Joint-Stock Companies, the Charter and other internal documents of the Company.

The Internal Audit Service is a body that monitors the financial and economic activities of the Company, evaluates internal control, risk management and execution of documents in corporate governance as well as consulting to improve the activities of the joint stock company.

Corporate Governance Structure

GRI 2-9