In 2021, 60.8 percent of companies were in compliance with the requirements of best available practice as defined by international standards, compared to 60.9 percent in 2022. One shareholder has chosen a model in which shareholders, the Board of Directors, and the Centralized Internal Audit Service are all involved. Effective corporate governance is one of the most critical factors of a company’s competitiveness. The Company’s development is impossible without an efficient structure in place to regulate the relationships between the Board of Directors, the executive board, and the shareholders, and without investors having confidence that the Company’s management spends their funds wisely to achieve capitalization growth.

Since its acceptance, the corporate governance of Tengri Oil has been submitted to annual diagnostics for compliance with the level of best practice corporate governance. As a result of the diagnostics, flaws in the governance system are revealed, and methods for enhancing governance quality in the Company are determined. In addition, corporate governance reform measures are launched based on the diagnostic results to ensure compliance with worldwide best practices. Tengri Oil recognizes the relevance of corporate governance and places a high focus on the implementation of corporate governance standards. In 2023, a Corporate Governance Code was approved. The Company’s Corporate Governance Code was prepared in accordance with the Corporate Governance Code of a single stakeholder, Tengri Oil.