There is a Corporate Governance Code at “Samruk-Energy” JSC approved by the resolution of “Samruk-Kazyna” JSC Management Board dated May 27, 2015.

In 2021, the Company conducted a self-assessment and analysis of the actual compliance of the Company's current operations with the principles and provisions of the Code.

The results of the self-assessment conducted show that in 2021 the Company ensured compliance with the basic principles and provisions of the Code. At the end of 2021, 60 provisions out of 64 provisions of the Code complied, 4 provisions partially complied. Inconsistencies are presented in the sections “Government as a shareholder of the Fund” and “Effectiveness of the Board of Directors and the Executive Body”.

Thus, the below mentioned items have been determined as partially complying with the provisions of the Code:

  1. Item 2 of Chapter 1 “Government as the shareholder of the Fund” according to which companies should seek to simplify the structure of their assets and their legal forms to the maximum. The Company’s group includes subsidiaries of various corporate forms: both joint-stock companies and limited liability partnerships. Due to the implementation of activities on the sale of the Company for the purpose of the execution of the Republic of Kazakhstan Government decree dated December 29, 2020 No. 908 “On some matters of privatization for 2021–2025” as well as activities on establishing the perimeter of the Company’s companies for sale as part of the Company, the activities on changing/simplifying the structure of the Company’s group including organizational and legal forms of subsidiaries of the Company were not conducted.
  2. Item 5 of Chapter 5 “Effectiveness of the Board of Directors and Executive Body”, according to which it is necessary to provide a variety of experience, personal characteristics, and gender composition in the composition of the Board of Directors.  The current composition of the Board of Directors provides diversity in the necessary skills, knowledge, and competencies, but does not provide gender diversity.
  3. Item 7 of Chapter 5 “Effectiveness of the Board of Directors and Executive Body”, according to which the Board of Directors approves the induction program for newly elected members of the Board of Directors and the professional development program for each member of the Board of Directors. The corporate secretary ensures the implementation of these programs. Thus, in 2021, the Corporate Secretary implemented the procedure for inducting newly elected members of the Board of Directors. Training program for members of the Company’s Board of Directors in 2021 has not been developed.
  4. Item 18 of Chapter 5 “Effectiveness of the Board of Directors and Executive Body”, according to which the Board of Directors elects the head and members of the executive body, sets the terms of office, the size of wages, conditions of their labor remuneration, and terminates the powers of the head and members of the executive body. In accordance with the Charter and internal documents of the Company, the Board of Directors determines the size, term of office of the Management Board, elects members of the Management Board, early terminates their powers (except for the Chairman of the Management Board). At this, the matter of appointment (election) and early termination of powers of the Company’s Chairman of the Management Board pertains to the competence of the Sole Shareholder.

Being aware of the importance of adhering to national and international corporate governance standards, the Company intends to continue the development its corporate governance system to maintain a high level of trust on the part of all stakeholders and ensure sustainable business development.

To review the full report on the compliance of corporate governance practices with the principles and provisions of the Corporate Governance Code, follow the link: https://www.samruk-energy.kz/ru/shareholder/other-statements

Corporate culture and ethics

The introduction of high ethical standards and building a corporate culture based on trust is among the main directions of “Samruk-Energy” JSC.

“Samruk-Energy” JSC group has a Code of Conduct, which establishes high professional and ethical standards, and activities of “Samruk-Energy” JSC employees must comply with these standards regardless of their position.

The purpose of the Code is to ensure that “Samruk-Energy” JSC corporate life and business relations with all stakeholders are characterized by common values.

Therefore, during interaction with its suppliers and contractors, the Company requires observance of labor laws, including compliance with health and safety requirements. The relevant requirements are included in standard contracts for the group of companies of Samruk-Energy JSC.

Pursuit of “Samruk-Energy” JSC corporate values specified in the Code of Conduct, contributes to the achievement of strategic goals and accomplishment of the Company's mission.

A member of the executive body who violated the provisions of the Code of Business Ethics cannot be a member of the executive body.

The Board of Directors ensures the implementation of ethical standards and their observance. All officers and employees sign a statement that they got acquainted with the Code of Conduct and regularly confirm their knowledge of the Code. The Company regularly conducts training for officials and employees aimed at understanding the Code of Conduct, the role of the Ombudsman and the availability of the system for reporting alleged violations.

According to the results of 2021, there were no cases of violation of the Code of Conduct by the members of the Board of Directors and the executive body of “Samruk-Energy” JSC.