Corporate Governance

The corporate governance system, which is in force in LLP "Caspioilgas" serves to make the effective decisions that ensure the Company progressive and sustainable development in favour of all its shareholders. In the governance activity, We follows the world experience, practice of Kazakhstan business leaders, and national corporate governance standards. According to statistics, the risk of an accident at an oil production facility, an oil refinery, or any point in the supply chain is low. However, because this risk still remains, the company has devised and implemented an emergency preventive and response system. Measures to prevent emergencies, protect employees, and protect production facilities are developed and implemented with its assistance.

The Kazakhstan Corporate Management Code is based on existing international best practices in corporate governance and sets out recommendations for applying the principles of corporate governance by Kazakhstan joint-stock companies. It was approved by the Expert Council for Securities Market Matters under the National Bank of the Republic of Kazakhstan.

The Board of Directors, and the Centralized Internal Audit Service are all involved. Effective corporate governance is one of the most critical factors of a company’s competitiveness. The Company’s development is impossible without an efficient structure in place to regulate the relationships between the Board of Directors, the executive board, and the shareholders, and without investors having confidence that the Company’s management spends their funds wisely to achieve capitalization growth.

LLP "Caspioilgas" corporate governance has been submitted to annual diagnostics Since its approval to ensure compliance with the level of best practice corporate governance. As a result of the diagnostics, flaws in the governance system are revealed, and methods for enhancing governance quality in the Company are determined. In addition, corporate governance reform measures are launched based on the diagnostic results to ensure compliance with worldwide best practices. The Independent Non-Executive Directors work closely with other Directors and the Management Board to ensure that the Company complies with its corporate governance obligations.