JSC "National exploration
company "Kazgeology"

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Description of Corporate Governance System

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The Corporate Governance System of “Kazgeologiya” JSC is drawn up taking into account the approaches and standards established by the method of diagnosis of corporate governance of “Samruk-Kazyna” JSC, methods of Standard&Poor’s, in the OECD Principles of Corporate Governance and the United Code of the UK.

“Kazgeologiya” JSC undertakes an obligation to develop corporate relationship in accordance with the principles providing for:

- the real possibility of the Sole Shareholder to exercise its rights;

- execution of strategic management of “Kazgeologiya” JSC by the Board of Directors and its effective control over the executive bodies of “Kazgeologiya” JSC as well as accountability of the Board of Directors to the Sole Shareholder;

- the need of the executive bodies of “Kazgeologiya” JSC to carry out the current activity of “Kazgeologiya” JSC reasonably and in good faith and their accountability to the Board of Directors of “Kazgeologiya” JSC and the Sole Shareholder;

- timely disclosure of information on “Kazgeologiya” JSC including its financial position, economic performance, ownership and management structure;

- effective control of financial and economic activity of “Kazgeologiya” JSC;

- rights of employees of “Kazgeologiya” JSC as provided for in the legislation, the development of partnerships between “Kazgeologiya” JSC and employees in solving social issues and regulation of working conditions;

- active cooperation of “Kazgeologiya” JSC with investors, creditors and other stakeholders in order to increase the assets of “Kazgeologiya” JSC.