1. Overview of the corporate governance system
The corporate governance system in Kazkommertsbank is founded on the principle of full and unconditional compliance with the regulatory requirements of the Republic of Kazakhstan and our commitment to full compliance with international best practice. The corporate governance system is based on the Corporate Governance Code (“the Code”) which was approved by the Bank’s General Shareholders Meeting in 2006. The Bank complies with the Code in its everyday operations in order to facilitate efficient, effective and entrepreneurial management that can deliver shareholder value over the longer term. Good corporate governance contributes to improving the performance of the Bank by helping the Board carry out its duties in the best interests of all of its shareholders.
The Code meets the requirements of the Joint-Stock Companies Law of Republic of Kazakhstan, which provides the legal framework for corporate governance standards in the country. The code also fulfills the regulatory requirements of other Republic of Kazakhstan legislation, key provisions of the Combined Code of the UK Financial Reporting Council (The Combined Code), as well as the Articles of Association of the Bank and Model Corporate Governance Code, approved by the Issuers Council.
2. Corporate governance structure
The General Shareholders Meeting is the Bank’s highest governing body. The Board of Directors of Kazkommertsbank is elected by shareholders and is accountable to them. The Board provides strategic management and oversight of the executive body which is made up of the Management Board, the Board committees, Internal Audit Department and the Corporate Secretary.