Improving corporative management in state companies: Prospects, distribution of power and collegial decision

¹ Esil University, Astana, Republic of Kazakhstan,
² Kazakh University of Technology and Business, Astana, Republic of Kazakhstan

^* Corresponding author: umirshukeyev@gmail.com

Abstract

This article presents a methodology for assessing corporate governance belonging to the quasi-public sector organisations. The article discusses the main prerequisites based on which a new methodology for assessing this type of corporate governance is developed and applied. The object of the study is the National Welfare Fund “Samruk-Kazyna". The analysis of corporate governance is considered from the perspective of an economic approach, within which three essential aspects are highlighted: structure, process and transparency. The work also presents a scale for assessing corporate governance, which allows performing a quantitative assessment of the effectiveness of the management system within the organisation. The study presents the results of applying this method, which demonstrate that most companies in the quasi-public sector have already reached a certain level of development in corporate governance, which became the reason for the search for a new approach to assessing this system. The authors emphasise the importance of defining criteria for improving the effectiveness of corporate governance and identifying the strengths and weaknesses of this system. In this context, corporate governance assessment is based on professional assessments and expert opinions and not simply on the presence of specific business processes. Moreover, this assessment must be agreed with the principles and requirements established by the Corporate Governance Code.