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Current status and prospects of corporate governance in Kazakhstan

Domestic business only recently discovered the benefits of corporate governance, but in the world, this practice has been around for centuries. All this time, the basic principles of corporate governance remained unchanged: the transparency of all processes and collegiality in decision-making.

Quite often, Corporate governance refers to the general management, strategic management of the organization and others. However, it is important to separate the concept of corporate management and corporate governance. Under the first term refers to the activities of professionals in the course of business operations. In other words, management is focused on the mechanisms  of doing business. The second concept is much broader: it means the interaction of many individuals and organizations that are  related to various aspects of the functioning of the company. Corporate governance is at a higher level leadership of the company, rather than management.

Corporate governance, especially as management of corporate law. At the same time, if we take corporate rights as the most common object of corporate governance, it can be characterized as follows: corporate governance is the process of adjusting its corporate owner of the rights in order to profit, corporate governance now, reimbursement by obtaining a share of assets upon liquidation. KU is a work of election and appointed bodies of the company is to maintain a balance between the interests of owners and managers who manage their own society to maximize profits from all activities of society within the current legislation. Law “On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on securities market and joint-stock companies” dated  July  8, 2005 at the legislative level introduced the concept of “corporate governance code” [1].

Most experts and researchers consider corporate governance in two ways: in the narrow sense – Corporate Governance – a system of rules and incentives that encourage executives to act in the interests of shareholders;  in  the  broadest  sense,  corporate  governance  – a system of organizational, economic, legal and administrative relations between the subjects of economic relations, the interest of which is associated with the company.

In particular, the case when some scientists in the corporate governance system include the traditional functions of regular management (planning, organization, motivation and control), organizational change management, and regulate the relationship between business owners and top managers.

Tracing the evolution of the concept of corporate governance in the industry in Kazakhstan and abroad, we can conclude that the classical understanding of corporate governance as a process of interactions between shareholders and managers became narrow and exhausted itself. The main goal of the modern paradigm of Corporate Governance transition to a model of stakeholder review of the boundaries of the corporation as a coalition of interest groups, each of which seeks to increase the well-being and implement specific economic interests. 

Definition of key individuals, “interested” in the company (stakeholders). They are:

  • The company’s management;
  • State (owner and regulator);
  • Employees;
  • Investors (lenders);
  • Customers (population of Kazakhstan and the company). 

 Balanced Board of Directors

Figure 1 – Balanced Board of Directors [2] 

One of the main goals are to protect CG and balance the interests of all key stakeholders.  First of all this is done through the introduction of mandatory requirements for the management of the organization through the model regulations. One example of such requirements is that the internal audit function is subordinate only to the board, not the executive body (Article 61 of the JSC Law).

In Kazakhstan, the company trying to solve business problems through administrative measures, that is, an order prohibits businesses to raise prices (Article  15  of  the  Regulation  on  the  Agency for Regulation of Natural Monopolies, approved by Government Resolution of 12 December 2007). These Soviet action leads to a deficiency of goods and services, lack of motivation and opportunities to invest in the assets and business development, which in turn results in deterioration of the equipment and permanent subsidies. In the West, socially important spheres of trying to make competitive and at the same time begin to regulate not the price, and management in the enterprise, in order to accommodate and protect the interests of all major stakeholders. What is required in this case: the legal regulation of not prices, and corporate governance [3].

To date, the law was amended, concerning the improvement of the order of creation, reorganization and liquidation of the JSC. The current legal practice shows that the possibility of reorganization of JSC in the form of  separation  and  isolation provided by applicable law, contributes to a lot of abuse. In addition, the Act, to protect the rights of shareholders introduced criminal liability for knowingly giving false information to officials of four joint-stock companies (JSC) for fraud on a large scale, for violations in the process of issuance and circulation of securities, as well as increased penalties of up to 500 MCI in the case of other violations.

Upon recognition of the state registration of securities issue as invalid by  the  court,  JSC  is now given the opportunity for a certain period to register a new issue of shares or to take a decision on its reorganization or liquidation. In general, the changes have affected the Civil Code (General Part), the Criminal Code, the Code of Administrative Offences, the laws “On Licensing”, “On Banks and Banking Activity”, “On pensions”, “On Limited and Additional Liability” “Insurance activity”, “On Joint Stock Companies” and “On the Securities Market”. In Kazakhstan, access to international capital markets have major listed companies and their subsidiaries. Therefore, the joint-stock companies that have adopted corporate governance standards in Kazakhstan are scarce. Now a significant part of local companies finances its investment program through  syndicated  loans  and  equity,  which is due to the  reluctance  of  companies  to  disclose the ownership structure. Importance of corporate governance in financial institutions that provide services to the general  public,  primarily  due  to the challenges banks provide better management and transparency, the stability of their activity, introduction of risk management systems, to protect the rights and interests of investors [4].

Currently, the bill is before the Parliament. According to him, it is suggested amendments to the Law of the Republic of Kazakhstan “On Banks and Banking Activity in the Republic of Kazakhstan”, some of which deal with the issues of improving corporate governance in banks. In particular, this bill provides:

  • introducing the concept of “control” to improve transparency of the owners of the banking group to identify the authenticity ownership structure of banks and their regulatory frameworks as well as the scale of the banking group;
  • strengthening the requirements for the acquisition of a large participant of the bank and bank holding company, including an increase in transparency of ownership of a large party and the bank holding company, requirements for business and professional skills of executives of large participant and bank holding company;
  • mandatory reporting a major member of the bank and bank holding information on affiliated persons, persons exercising control over a large participant (bank holding company), the financial statements of such organizations  and  disclosure of information about the kinds of activities, the disclosure of information about the group to which it is a major player bank (bank holding company), information on the availability of risk management and internal control;
  • representation of not less than thirty percent of independent directors on the governing body of the bank.

For further prospects of corporate governance in Kazakhstan should:

  • Limit directorships on the boards of directors, for example, up to three or even two;
  • Require the Board of Directors greater professionalism;
  • Expand the «aptitude test», including the assessment of professionalism and personal qualities of the candidate;
  • Strengthen the role of supervisory and control authority in the evaluation of corporate governance structures;
  • To require the risk committees of the Board of  Directors  to  implement   policies notification of readiness for risk (of risk appetite) through the publication of the disclosure risk;
  • Strengthen the legal liability of directors by expanding the «duty of care to the company»;
  • Enhance the  powers  of  the  structure of risk management, providing the director of risk management with the same status CFO;
  • Regulate or restrict stock options and golden parachutes;
  • Divide the functions of the Chairman and CEO;
  • impose more stringent requirements for auditors to report any serious violations of the Board of Directors and the supervisory authority, to consider the possibility to strengthen their role by giving them the right to inspect the risk management system. The planned review of  the  Commission of the existing provisions on auditors now be supplemented thus strengthening their role;
  • To require institutional investors to publish their position, results of voting and policies, reports, and information on compliance with relevant codes [5].

With the globalization of modern economy one of the most pressing problems of large industrial business was the problem of corporate governance. The term «corporate governance» is used in a variety of interpretations. As i have discussed different approachestothenatureofthelackofacomprehensive definition. I think the most appropriate corporate governance is considered  systemically,  meaning by this term primarily a system of interaction of corporate governance, cost management company and its sustainable development, a set of principles for constructing an optimal structure interaction with all key stakeholders in accordance with the mission to provide the most favorable redistribution of concentrated the corporation resources and reduce risks to the company›s owners.

Kazakhstan›s experience and world practice shows that the maximum economic efficiency, sustainable economic growth and improving the welfare of the nation, freedom is achieved when private capital only where market competition ensures the implementation of the interests of owners and the interests of society. In this case, it is the system of corporate governance in a constantly changing  environment  and  the  globalization of the world economy makes it  possible  to  ensure the development of strategic decision-making and control of the changes taking place, contributes to the development of corporate strategies based on sustainable competitive advantages.

 

References 

  1. Avdasheva, S. Public corporations: is it possible to assess the corporate governance Txt. / S. Avdasheva, Yu Sgshachev // Problems of Economics. 2009. – № 6. – S.99-105.
  2. Law «On Joint Stock Companies» dated May 13, 2003
  3. Karapetyan, Corporate Governance: basic concepts and results of research practices / Karapetyan, D., M. Grachev // Management of the company. – 2004. – № 1- p.245Information about the authors Proceedings of the International Conference on Corporate Governance “Corporate governance and the investment climate in Kazakhstan”, 20-21 October 2005, Almaty, Kazakh- stan.
  4. Report of the Chairman of the FSA RK Zhamishev BB “The state of corporate governance in Kazakhstan”, p.
  5. Resolution of the Board of the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations of March 15, 2004 № 63

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