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Corporate Governance Review The Republic of Kazakhstan 2022

Korn Ferry has published its 2022 Survey of Corporate Governance Practices in the Republic of Kazakhstan based on 30 Kazakh companies (data as at December 2022). The report highlights some interesting trends:

1) a high turnover among independent directors (4.7 years), compared for instance to the US, where the average is c.8 years

2) relatively small board of directors (6 people) in a global context: for reference, in Europe, the average is 9 people

3) 23 of the 30 companies had foreign nationals on boards, suggesting the attractiveness of Kazakh companies in an international context. Moreover, 54.7% of all independent directors are foreign nationals

4) Significantly low proportion of women on boards at10.9%, versus 30% in the US and 39% in Europe

5) younger board members, with an average age just under 53 compared to 60 in Europe

The research was conducted with the support of the Kazakhstan Stock Exchange (KASE). Board Chair of KASE, Alina Aldambergen, observed that “Ever greater attention is being paid to the gender diversity of board of directors and to ensuring that board members are highly skilled. In this regard, companies are increasingly focusing on improving their procedures for selecting, nominating, and appointing board members.”

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