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The Company continues to maintain its high standards of corporate governance which is key to trust and transparency in our relationships with our stakeholders.
Since delisting in 2021, KAZ Minerals has adopted the Wates Corporate Governance Principles for Large Private Companies (‘Wates’) and we have continued to maintain our internal control framework, ensuring our policies and Committees are adapted to fit the transition to the UAE. This includes revising the terms of reference for the Supervisory Board Committees to ensure they are closely aligned with our revised structure and objectives.
Purpose, values and strategy
Since KAZ Minerals delisted and transitioned from a public listed company to a private company, we have maintained our purpose and our corporate values, and we are committed to maintaining our culture.
Our purpose is focused on the sustainable future that can be achieved through the supply of copper, and to support the global transition to a green economy, which is strongly linked to our strategy of growth in copper, to ensure the sustainability of our business for the future.
Our global workforce has been instrumental in our success in 2024 as they continue to embody our corporate values in their daily work, these being, safety, long-term efficiency, teamwork, professional development and integrity.
Culture
The culture of the business is set by our long-established corporate values, which are embedded by training and reward and engagement with our employees. We use a number of mechanisms to monitor our culture, which include our Internal Audit processes, safety and health reports, the Speak Up facility and site visits by senior management, together with other feedback mechanisms which input to the Supervisory Board.
KAZ Minerals is committed to diversity and equality in the workplace, offering equality of opportunity to all current and potential future employees. We aim to recruit and develop the best talent for the role on merit and are proud to have a relatively high proportion of female representation in our workforce when benchmarked against major mining companies, at 21% of total employees. This is reflected at the senior management level, where 25% of employees are female. The Group raised the issue of roles that were previously prohibited by law which related to women in mining with the Government of Kazakhstan, and after successfully working together, these roles are now accessible to women. The Group continues to work to increase the proportion of female employees at all levels.
Committee framework
KAZ Minerals' corporate governance framework is in place to support the Board in delivering long-term, sustainable growth in a transparent and ethical manner. Each of our Board Committees deals with specific aspects of the Group's affairs and has an important role in internal control and risk management within the Group. Further information on the Group's Board Committees and the activities they have undertaken during the year is set out in their respective sections of the Governance framework report which follows.
Stakeholder engagement
As a Board, we engage with our stakeholders throughout the year so that we gain their valuable insights and this engagement enables us to work together effectively in the achievement of our corporate purpose, remaining mindful of our duties towards them under section 172 of the Companies Act 2006. The aim of our growth strategy is to create value and long-term sustainable success for the business to support our stakeholders.
