The Corporate governance system of Kazkommertsbank is founded on the principle of full compliance with the legal requirements of the Republic of Kazakhstan and the National Bank, as well as the commitment to full compliance with international best requirements, practices and experience in the matters of corporate governance.
The founding document for corporate governance system regulation in organization is the Corporate Governance Code, which was approved by the General Shareholder Meeting of shareholders of Kazkommertsbank in 2006, and was renewed and amended thereafter in 2008 and 2010. Bank complies with principles of the Code in its everyday operations in order to ensure an appropriate management, which, in turn, is intended to keep and improve the investment attractiveness for shareholders over the long term.
Qualitative and effective corporate governance system contributes to improving the Bank’s performance, allowing to the Board of Directors to perform their duties in the best interests of all of it’s shareholders. Corporate Governance Code complies with the statutory requirements of the Republic of Kazakhstan “On Joint Stock Companies”, which provides the legal basis of corporate governance standards in the country. The Сode is also comply with the requirements of the current legislation of the Republic of Kazakhstan, the key provisions of the Combined Code of Corporate Governance of UK Financial Reporting Council, the Charter of Kazkommertsbank, the Corporate Governance Code, which was approved by the Issuers Council.
The General Meeting of Shareholders of the Bank is the highest governing body of Kazkommertsank. The members of the Board of Directors of Kazkommertsank are elected by shareholders and are accountable to the General Meeting of Shareholders. The Board of Directors is established the priority activity areas and exercise a control over the executive body, which is made up of the Management Council, the Board of Directors committees, Internal Audit Department and the Corporate Secretary.