Features of Corporate Governance in Kazakhstan

Purpose – Following globalization, Kazakh companies are considered to be among the main economic agents of the country. The influence of Limited Liability Partnerships (LLPs) on Kazakhstan s economic development is becoming increasingly pronounced. Therefore, limitations and backwardness of legislation regarding regulation of corporate governance must be overcome at the earliest. Research design, data, and methodology – We considered the basis for legislation of corporate governance in Kazakhstan, and the corporate governance models that better describe the situation of being in the organization. Results – Earlier studies have identified several problems, including transparency of issuers and markets, and the consequent lack of (undeveloped) external control of managers of the former state-owned enterprises; lack of traditional corporate ethics and culture; and corruption, and other criminal aspects of the problem. This article describes several proposals to improve corporate governance in Kazakhstan to solve these problems. Conclusions – Domestic reformers acting without consideration of local features is a common occurrence today. They often ignore that these features are recommended for reputable international organizations, and therefore should be used carefully