Corporate Governance
Corporate Governance System – a set of processes that ensure management and control over LLP Kaz West Munai activities, as well as a system of relationships between shareholders, the Board of Directors, the Management Board, and stakeholders.
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Corporate Governance
LLP Kaz West Munai understands how important sound corporate governance is to the expansion of the business. Consequently, one of the Board’s duties is to uphold strict corporate governance guidelines. To get this right for our stakeholders, we need clearly defined roles and responsibilities, non-executive independence, diversity in the boardroom and in the workplace, an open and transparent culture, and the work of our committees in implementing the Company’s policies and values throughout LLP Kaz West Munai.
Non-executive directors are expected to have extensive knowledge of the firm and its connections with key stakeholders in addition to their work in the boardroom. They should therefore take use of the opportunity to communicate with all stakeholders, important clients, and staff members. LLP Kaz West Munai places a high importance on corporate governance. Management and the control and audit authorities must effectively communicate in order to protect and advance the interests of all shareholders and promote trust in LLP Kaz West Munai. satisfies the standards set forth by Kazakhstan’s Code of Corporate Governance, which attempts to establish a morally sound and open system of management and control that produces long-term value.
Key indicators in 2022
Profit
billion tenge
Taxes and other
obligatory payments
Purchases,
billion tenge
Share of local
content in purchases
The Internal Audit Service
LLP Kaz West Munai’s Internal Audit Service is a single, unified organization that answers directly to the board of directors. The Service keeps an eye on the financial and economic operations of LLP Kaz West Munai Organizations, evaluates internal controls and risk management, keeps track of whether corporate management documents are being followed, and offers advice to help LLP Kaz West Munai operate better. The primary goal of the Service is to offer the LLP Kaz West Munai Board of Directors independent and objective information for effective management of the company by establishing a consistent strategy for enhancing internal control, corporate management, and risk management procedures.
The Institute of Internal Auditors’ Internal Audit Definition, the International Internal Audit Standards, and the Code of Ethics were all 100% followed, according to the findings of LLP Kaz West Munai’s regular external independent assessment of the Service’s operations in 2020. Notable were the Service’s audit team’s high degree of professionalism and maturity as well as the relatively high degree of automation of internal audit procedures.
Corporate risk
management system
The corporate risk management system (CRMS) of LLP Kaz West Munai has been included into important business procedures. A crucial part of the corporate governance system, CRMS aims to promptly identify, evaluate, monitor, and mitigate possible risks that could have a negative impact on KMG and its affiliates’ and subsidiaries’ ability to fulfill their strategic and operational goals. The organization has developed a vertical risk management procedure and ensures that the risk management system is operational at all management levels. Both qualitative and quantitative methods are used to evaluate risks, taking into account the possibility of occurrence as well as the potential consequences.
