Экономические науки/6.Маркетинг и Менеджмент

Zhumalina Angelina Asylbekovna

Kazakh National University named after Al-Farabi

Modern development trends of corporate governance in Kazakhstan

As you know, in today's economic environment of particular importance takes the problem of constructing an effective model of corporate governance in every modern large organization. At the same time, we note that the low quality of corporate governance worsens the investment climate and prevent attracting external funding.

In addition, corporate governance, largely determines the business culture. In this regard, it is important to identify the major milestones in the development of corporate governance in Kazakhstan.

At present, the development of the foundations of corporate governance is influenced by certain factors.

Firstly, the factors associated with certain social and economic processes taking place in the global economy.

These factors influence the formation of the environment of the corporation. Develop a global international capital market began in the 70s of the last century. A post socialist countries have become parties to mature markets, which were the rules of the game. Just did and Kazakhstan. In 90 years, the government of Kazakhstan has taken a number of measures to stimulate foreign investment. At the same time comply with the requirements and recommendations of foreign investors, and the most significant investments in Kazakhstan's economy in 90 years came from the US, UK, Switzerland and Germany. Gradually, by the end of the 90s, began to change the geography of foreign investors. [1] By 2000, these countries were added Cyprus, France and the Netherlands.

After the default of 1998, Kazakhstan became more active growth in the number of corporations that have been interested in attracting foreign capital, but to use the services of the international capital market could not all, only those who build their model of corporate governance in accordance with international standards. For domestic investors, the most important criterion is the proportion occupied by the company in the market. A foreign - Disclosures. Thus, the documented cases of local companies that are already listed on foreign exchanges, practicing double standards, ie provide a variety of information in Russian and English languages.

Another trend - a decisive role in today's world economic system play multinationals. They regulate the international production and distribution of goods. Experts believe that the role of transnational corporations will only increase. That is why Kazakhstan should establish mechanisms to improve the efficiency of the corporations that have had a positive impact on the development of the inner potential of the state and helped to enter into the international division of labor.

The second group of factors include macroeconomic factors. Currently undergoing rapid changes in market conditions due to changes in lifestyle, system of values in society, hence the appearance of such a variety of goods. In this case, with the rapid growth of income is a shift in demand with a relatively simple and cheap goods to more expensive and high-quality products.

The third group includes factors that influence the development of corporate governance at the micro level, ie at the level of the corporation. Corporations are becoming more complex to manage. They vary at high speed. Moreover, each change in one field can appear in other areas, because they are interrelated. The link between corporations and complicated. They start to not only compete but also cooperate. At the turn of the twentieth and twenty-first centuries., Changed customer needs, they began to seek individual style. All this requires a flexible corporate organization of production. Another feature is that corporate governance is happening against the backdrop of the process of redistribution of property.

This leads to concentration of ownership. This is confirmed by studies of the largest public companies in Kazakhstan. This study was conducted by the rating agency Standart & Poors. These data confirm that there is a high degree of concentration of ownership in Kazakh companies and the high share of state ownership in the total capital of the participants.

The number of companies with major shareholders (more than 30% of the vote) is 39 out of 42. Of these, the controlling shareholder (more than 50% of the votes) 31 company. Among them: companies with a large package (more than 30%), owned by the holding company or a financial and industrial corporations, 24 companies. Among them: directly owned by the state more than 30% of the 9 companies. Companies with share capital structure of the spray (the largest share in the hands of less than 30%) - 3 companies.

The fourth group of factors comprise factors that are directly related to the development of corporate governance. The most significant of these are the factors that determine the rate of development of corporate governance. Currently implementing the principles of corporate governance, mainly corporations seeking to attract long-term foreign investment and access to the international markets. This is due to the fact that the introduction of high standards of corporate governance requires significant amount of funds. In addition, managers of large companies do not always understand the relationship between the improvement of standards of corporate governance and increase the investment attractiveness of the company. Most surveyed by Standard & Poor's investors believe that the quality of corporate governance is the determining factor in making their investment decision. The experts do not deny that the transition to a new model of corporate governance depends primarily on the state. It is the state creates the preconditions for the development of corporate governance, and that it should create favorable conditions for the development of corporate governance and push for the transition to the principles declared by the Code of Corporate Conduct. It should be noted that since the adoption of the Code of Corporate Conduct have been some changes in the direction of improving the quality of corporate governance. Currently, steps are being taken to strengthen the role of the Board of Directors. In particular, measures to increase the representation on the boards of independent directors. In addition, increasing information transparency of corporations, especially from the perspective of the lighting of the corporation. On top of all corporate governance itself becomes a competitive advantage Kazakhstan corporations. Those who have managed to improve the quality of corporate governance itself closer to the level of international standards. To summarize, it should be noted that the relevance of this problem will only grow. So, to improve the quality of corporate governance requires:

Firstly, all interested groups of people realize the importance of this issue for each group.

Second, the process of creating the preconditions must be integrated. That is why it must be based on the results of monitoring trends in the development of corporate governance.

Thus, the quality of the construction of the basic principles of corporate governance in Kazakhstan companies directly affects the level of economic development, not to mention the image of Kazakhstan abroad and its ability to attract investment. That is what ultimately motivates us to develop and improve in this area.

References

1. Patyurel R. Creation of network organizational structures. // Problems of the theory and practice of governance. - 1997.- №3- p. 20.

2. OECD Principles of Corporate Governance. - 2004 - www.source OECD.org.

3. G. Kleiner Who and how to manage the Russian enterprises .// Independent newspaper.- 2001.- May 8th.