Following an independent diagnostics that was conducted by an independent consultant PricewaterhoseCoopers LLP in 2018 in accordance with the updated Methodology of diagnostics of corporate governance in legal entities with 50% of more of their voting shares belong to Samruk Kazyna JSC either directly or indirectly, the corporate governance rating of KMG has been upgraded from B to BB which is in line with the Development Strategy of “Samruk-Kazyna” JSC and that of KMG until 2028 and demonstrates an improvement in corporate governance of KMG.

In order to reach BBB rating by 2020, based on the outcome of the independent diagnostics of corporate governance that was conducted in 2018, on 7 March 2019 the Board of Directors of KMG approved a Detailed Plan to Improve Corporate Governance of KMG for 2019-2020 (as recorded in minutes No. 3/2019) (the “Plan”). The Plan comprises over 500 actions aimed to further improve the current practice of corporate governance within KMG. Also, on 12 December 2018 the Board of Directors of KMG approved a corporate key performance indicator of KMG for 2019 titled “The Extent of Implementation of Action Items in the Detailed Plan to Improve Corporate Governance”.

The progress of the corporate governance rating in 2017 and 2018