Following an independent review conducted by independent consultant in 2018 using the review methodology for corporate governance in legal entities in which 50% or more of the voting shares are owned directly or indirectly by Samruk-Kazyna, KMG was assigned a “BB” corporate governance rating which demonstrates that the Company’s corporate governance system in all essential aspects complies with most of the established requirements.

Throughout 2019, KMG consistently and thoroughly implemented the recommendations presented by independent consultant following the corporate governance review and included in the 2019–2020 Detailed Action Plan to Improve Corporate Governance at KMG, approved by KMG’s Board of Directors.

The Corporate Governance Plan comprises over 500 activities covering various aspects of corporate governance such as the performance of the Board of Directors and the executive body, risk management, internal control and audit, sustainability, shareholder rights, and transparency.

In order to ensure proper and timely implementation of activities within the Corporate Governance Plan, the Board of Directors approved in 2019 a corporate KPI on “The Progress of the Detailed Action Plan to Improve Corporate Governance at KazMunayGas”. In addition, Samruk-Kazyna’s and KMG’s Development Strategies until 2028 outline the milestones for the ambitious targets established by the “Corporate Governance Rating” KPI.

In 2019 KMG successfully implemented a number of initiatives to further implement the Corporate Governance Plan, with greatest progress made in areas such as the performance of the Board of Directors, risk management, and sustainability.