Corporate Governance in Kazakhstan
Corporate Governance in Kazakhstan started its development since 2003 with adoption of Law “On Joint-stock companies” (JSC Act). In 2008 has been launched the IFC (International Finance Corporation) Project for Corporate Governance in Central Asia (Kazakhstan, Uzbekistan, Tadzhikistan) that gave new impetus to dynamic corporate governance development in Kazakhstan, new important legal developments were added to JSC Act, legal terminology and implementation mechanizms like “minority stockholder”, “independent director”, “corporate secretary”, “corporate” were incorporated to the Act and other corporate sector laws, Club of Corporate Secretaries was created as informal working discussion platform. Kazakhstan Joint-stock companies started actively hiring foreign qualified independent directors, along with establishment the National Council of Kazakhstan for Corporate Governance, were published the first National Registry of Corporate Directors on 2008.
Today Kazakhstan joint-stock companies like Kaspi.kz, HalykBank (banking), Kazatomprom (uranium), Kazmunaigas (oil and gas) well presented and listed on world’s largest by capitalization stock exchanges like NYSE and LSE. This factor serve as evidence to confirm that Corporate Governance in Kazakhstan is well-developed enough to attract large foreign investments and conduct an IPOs.
BOND STONE international law firm’s corporate governance practice provides support in establishing and structuring smart corporate governance in join-stock companies via developing corporate bylaws to strengthen board of directors management and accountability, enhance corporate secretary’s role in corporate relationship between all stockholders and executive body.
Our team are recognized experts in the field of Corporate Governance in Kazakhstan, permanent members of Club of Corporate Secretaries and National Council of Kazakhstan for Corporate Governance, actively engaged in providing constant developments and ensuring best practices of Corporate Governance in Kazakhstan.
We do provide the following services in Corporate Governance in Kazakhstan:
- Development of Corporate Governance Code, Internal Corporate Control and other Corporate Governance documentation;
- Due diligence, assessment and recommendations proposal on improving Corporate Governance;
- Stockholders Rights Protection (deals approval, remunerations, control and compliance of corporate procedures).
- Independent Directors and Corporate Secretary candidates search, approval and assignment.