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Corporate Governance
Compared to 60.9 percent in 2021, 60.8 percent of businesses in 2022 satisfied the international standards’ requirements for best available practices. One shareholder has devised a scheme in which shareholders, the Board of Directors, and the Centralized Internal Audit Service will all participate. Corporate governance is one of the most important variables in determining how competitive a company is. The Company cannot grow unless there is an effective framework in place to oversee the interactions between the Board of Directors, the executive board, and the shareholders, as well as investors’ confidence that the Company’s management is using their assets properly.
Capitalization growth. Since its approval, LLP, Kazakhstan Lubricants Refinery corporate governance has undergone annual diagnostics to ensure compliance with best practices. The diagnostics identify faults in the governance system and provide recommendations for improving the company’s governance standards. Additionally, corporate governance reform initiatives are implemented based on the diagnostic results to ensure conformity with worldwide best practices. Aksu Exploration recognizes the importance of corporate governance. Increasing the capitalization.
The LLP, Kazakhstan Lubricants Refinery corporate governance framework enables the company to make sound decisions that promote long-term growth and the interests of all shareholders. LLP, Kazakhstan Lubricants Refinery follows national corporate governance standards, Kazakhstan business leaders’ initiatives, and international best practices in its governance activities.
Respect and protect the interests of shareholders and investors in line with the law, the articles of organization, and the company’s regulatory paperwork. Give shareholders a solid, practical way to exercise their rights and protect their interests. Ensure that the LLP, Kazakhstan Lubricants Refinery Board of Directors is in charge of all company activities.
All LLP, Kazakhstan Lubricants Refinery governance bodies are responsible for ensuring fair and reasonable administration of the Company’s activities. Ensure the Company’s financial transparency by quickly publishing accurate and complete information on the LLP, Kazakhstan Lubricants Refinery operations.
Recognize and protect the legal rights and interests of all parties involved; follow the company’s socially acceptable business practices. Priorities in financial management assist the company in financing its production, investments, and social initiatives while maximizing the use of financial resources. LLP, Kazakhstan Lubricants Refinery fulfilled and paid all of its obligations in full and on time, including those relating to works and services, provided commodities, taxes, and non-budgetary sources. VAT refunds were still handled using the declarative (expedited) technique.