By continuing to browse the site you are agreeing to our use of cookies. For more details about cookies and how to manage them, see our cookie policy.
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, the Company has adopted the Wates Corporate Governance Principles for Large Private Companies (‘Wates’) and we have continued to maintain our internal control framework, most of our policies and our Board Committees, the terms of reference for which remain largely as before.
The Governance framework report sets out the ways in which the Company has complied with the provisions of Wates and describes the activities of the Board and its Committees and the matters which they have considered during the financial year.
Purpose, values and strategy
Since the Company delisted and we transitioned from a public listed company to a private company we have maintained our purpose and our corporate values and we are committed to preserving 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 2023 as they live our corporate values in their work: 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, reward and our 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 members of the Board where possible, together with other feedback mechanisms which input to the 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 20% of total employees. This is reflected at the senior management level, where 28% of employees are female. The Group is working to increase the proportion of female employees at all levels, and we are pleased to have successfully raised with the Government of Kazakhstan the issue of roles previously prohibited by law from women in mining and have worked with them to make such roles accessible to women.
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.
1