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468,65
488,76
7,68

Assessment of the Board of Directors performance

«KazTransOil» JSC regularly conducts a comprehensive assessment of the efficiency of the work of the Board of Directors and its Committees, and individual assessment of the performance of the directors in accordance with the best international practices.

In 2018 an independent consultant – KPMG in Kazakhstan and Central Asia, KPMG Tax and Advisory LLC – was engaged to evaluate the performance of the Board of Directors for 2017. KPMG's approach is based on many years of practical experience of specialists, an extensive methodological base, knowledge base and use of best practice standards.

The assessment included an analysis of internal documents and minutes of meetings of the Board of Directors and its Committees, reports of the Board of Directors, conducting survey of members of the Board of Directors, individual interviews of independent consultants with members of the Board of Directors, corporate secretary and members of the Executive body. Within the framework of the survey and interviews, the roles and functions of the Board of Directors, the composition, structure and priorities of the Board of Directors and its Committees, the interaction of the Board of Directors with the «KazTransOil» JSC management were discussed.

The analysis of issues considered by the Board of Directors in 2017 showed that priority was given to the consideration of issues related to the management of subsidiaries and jointly controlled entities, corporate governance and financial and economic performance. Along with the issues of business planning, financial and investment performance, the priority was also the direction of increasing the efficiently of the Board of Directors, as well as the corporate governance system in general.

High level of competence of board members, key role of the Chairman of the board of directors and efficiently organizational work of the corporate secretary with shareholders and board members is noted during the meetings.

At the moment, the number and composition of the Board of Directors is optimal and balanced for efficient work, and all members have the necessary knowledge and skills. Also, the key role of the Chairman of the Board of Directors was emphasized, which created a favorable atmosphere during the meetings and ensured professional interaction and communication between the members of the Board of Directors and the «KazTransOil» JSC Executive body.

The high level of the organizational part of the meetings was noted – all materials for the meetings were complete, understandable and structured, and the rules for holding meetings of the Board of Directors ensured as sufficiently in-depth consideration of the agenda items and facilitated the adoption of well – considered decisions.

Based on the results of the assessment, the Board of Directors' high efficiency was demonstrated to meet the requirements of the legislation of the Republic of Kazakhstan, internal documents of «KazTransOil» JSC and the principles of international corporate governance practices in all significant aspects.
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