Article 12. Bodies of the Credit rating Agency of the Law of the Republic of Kazakhstan On Credit Rating Activities

     1. Unless otherwise established by this Law and (or) the charter of the credit rating agency, the competence of the supreme body, the management body and the executive body is determined in accordance with the Law of the Republic of Kazakhstan "On Joint Stock Companies".

     2. The number of members of the Board of directors of the Kazakhstan rating agency must be at least five people.

     At least half of the Board of Directors are independent directors.

     3. Independent directors exercise control over:

     1) maintaining and developing credit rating procedures and methodologies;

     2) assessment of the effectiveness of the quality control system of credit rating activities;

     3) evaluating the effectiveness of measures and procedures established to ensure the prevention, identification, management, and disclosure of conflicts of interest;

     4) compliance with the requirements of this Law and regulatory legal acts adopted in accordance with it, as well as internal documents of the credit rating agency.

     4. The duties specified in subitems 1), 2) and 3) of paragraph 3 of this Article may be assigned, in addition to independent directors, to members of the board of directors representing an international or foreign rating agency, a shareholder of the Kazakhstan rating agency.

     5. The Board of Directors of the credit rating agency approves the code of conduct, ensures compliance with its provisions in the activities of the credit rating agency, and updates it as necessary.

     6. A representative of the National Bank of the Republic of Kazakhstan may not be elected to the committees of the Board of Directors of the Kazakhstan rating agency, whose functions include consideration of issues related to methodology and (or) rating actions.

The Law of the Republic of Kazakhstan on Credit Rating Activities  

On credit rating activities, the Law of the Republic of Kazakhstan dated July 23, 2026 No. 351-VIII SAM.  

President    

Republic of Kazakhstan     

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