Corporate Governance Principles

In its activities, the Export Insurance Company ”KazakhExport” JSC (hereinafter – the  “Company") registered in the Republic of Kazakhstan is guided by the Law of the Republic of Kazakhstan “On Joint Stock Companies”, the Law of the Republic of Kazakhstan “On Insurance Activities”, the Regulation of the Board of the RK Agency on Regulation and Supervision of Financial Market and Financial Organizations “On Approval of the Instruction on requirements for availability of risk management and internal control systems in insurance (reinsurance) organizations”, the Articles of Association of the Company, and the Corporate Governance Code as approved by a resolution of the Sole shareholder (hereinafter – the “Code”) [1] and other internal regulatory documents of the Company.

The Corporate Governance Code is a set of rules and recommendations the Company should follow in the course of its activities to ensure a high level of the corporate governance in relations within the corporation and with other market participants. The corporate governance principles set out in the Code are aimed at creating trust in relations arising out of, or in connection with the corporate governance and are the basis of all rules and recommendations contained therein. 

Corporate Governance Principles

The Company's corporate governance is based on the principles of fairness, honesty, responsibility, transparency, professionalism and competence.

In its activity, the Company aims to follow the standards of good corporate governance, constantly improving and developing its Corporate Governance System, the fundamental principles of which are as follows:

 

  1. principle of separation of powers;
  2. principle of protecting the rights and interests of the Sole Shareholder;
  3. principle of effective management of the Company by the Board of Directors and the Management Board;
  4. principle of sustainable development;
  5. principle of risk management, internal compliance and internal audit;
  6. principle of regulating corporate conflicts and conflicts of interest;
  7. principles of transparency and objectivity of disclosure of information about the Company's activity.

In addition, the Company is guided by the Code of Business Ethics approved by a resolution of its Board of Directors (Minutes No. 52 of 20.05.2011), which determines the values of the Company and the basis of its operation and external communications as well. This Code is worked out subject to the recognized world standards of business conduct and corporate governance and covers, in particular, issues such as relations between the Company’s employees, relations with business partners, shareholders, state bodies and public organizations, environmental protection, and prevention of a conflict of interest. 

With a view to implement the provisions of the Code of Business Ethics, to identify its violations and adoption of necessary measures, and to examine knowledge of its provisions by employees.

The Company submits a risk management report to the Board of Directors on a quarterly basis including the Company’s Consolidated Balance Sheet (assets, liabilities, equity of the Company) at the reporting date and at the beginning of the reporting year; the Statement of Profit and Loss of the insurance (reinsurance) organization as compared to the similar period of the last year and the planned performance indicators; Report on Investment Portfolio Status by grouping financial instruments by their types and indicating book value, market value, and profitability; brief analysis of the impact of the movement of asset prices, which are most exposed to market risk on compliance with the requirements of the legislation of the Republic of Kazakhstan; brief analysis of the insurance (reinsurance) organization of exposure to interest rate risk; brief analysis of the current and forecast needs for equity of the insurance (reinsurance) organization; Report on Technical (Insurance) Risks; Report on Catastrophic Risks.

Information on current issues of the shareholder is provided by the Company within such time frames  as specified by the Sole Shareholder.

Corporate documents

Reports on compliance / non-compliance with principles of the Corporate Governance Code