Social Responsibility

JSC Shaimerden performs an annual social situation evaluation to promptly resolve social friction among personnel. In 2023, the private organization “Center for Social Interaction and Communications” conducted a study on the Samruk Research Services (SRS) social stability index for the JSC Shaimerden group firms. The reduction in SRS was influenced by both a drop in the Engagement Index, which indicated a decline in employee loyalty, and a drop in the Social Well-Being Index, which indicated a decline in contentment with the social package and salary level as a result of greater inflation in the Republic of Kazakhstan. In order to assess trends of different complaint categories and differentiate between systematic (recurring) and single complaints, all received complaints are categorized and systematized by nature. Complaints and associated tracking data (number of complaints received, number of complaints discussed and determined to be justified, number of complaints that were repeated, number of complaints worked on and closed) are included.

Ethical Principles

JSC Shaimerden creates both direct and indirect economic benefit in many different nations across the world. Therefore, we must always act in a way that complies with the highest ethical standards in the world, wherever we do business, and we must enforce these standards across our supply chain. We follow the OECD Guidelines for Multinational Enterprises in our operations and have ratified the UN Global Compact and the UN Guiding Principles on Business and Human Rights. In all of our international activities, we adhere to applicable laws and demand that our supply chain adhere to our core values and policies as well as the standards outlined in our code of conduct.

Community Relations

We think that the secret to our activities’ long-term success is being a good neighbor. We therefore place a high value on openness, trust-building, and forming collaborative connections with local communities. We are aware that the local community may be significantly impacted by our commercial operations. In order to establish relationships based on respect and trust, we so routinely interact with local stakeholders. Important facets of our approach to community connections include supporting local development, protecting human rights, and making sure that our local suppliers adhere to our Code of Conduct and pursue sustainable practices. See Human Rights and Supply Chain for further details.

The first step in our development management and community relations process is a Social Impact Assessment (SIA), which we carry out each time we expand into a new region or make a significant change to the way we operate. Making sure that local populations’ perspectives—particularly those of indigenous peoples—are taken into account at every stage of the project lifespan is the goal. Stakeholder analyses, baseline research, community needs evaluation, and social risk identification are all included in these evaluations. SIAs are carried out as participative as possible, involving direct contact with communities that may be impacted or their representatives.

Ensuring social and labor rights of contractors’ employees

The idea to alter the Fund of JSC  Shaimerden and the enterprises in its portfolio is supported by the Group of enterprises of JSC Shaimerden, a significant participant in Kazakhstan’s energy industry. On February 24, 2022, the Fund’s Board approved an expanded Roadmap that included new management and reform measures. The procurement system, personnel policy, business support, CSR programs, compliance service procedures, new dividend and investment policy methods, asset privatization, and human capital development are among the systemic changes that this document seeks to implement.

The Roadmap outlines specific actions to enhance the corporate governance and commercial operations of portfolio companies. JSC Shaimerden supports the authorized Roadmap’s execution in its operations to meet the Fund’s responsibilities and the expectations of investors and other stakeholders. The Fund’s requirement that contractor businesses that support the Korolev oil field increase employee wages to the industry average fulfilled one of the Roadmap’s objectives.