Kissikov N.Z.

Karaganda State Technical University, Kazakhstan

About managing of the holdings’ activity

Recently, both in Russia and Kazakhstan a tendency of the integration of the coal-mining companies with the metallurgical or power-producing companies in holdings is observed. Accordingly it promotes strengthening of market positions of the companies, an opportunity to get an outlet to the international share market. Simultaneously there arise a question of management efficiency of these companies. For example, in the review of research of mining and metallurgical industry of Kazakhstan it has been noted by foreign investors, that at the enterprises of these branches there is no transparency and quality of management [1]. At the beginning, we shall note the basic state programs directing economic development in the Republic of Kazakhstan. They include:

- The Strategy of industrial-innovative development of the Republic of Kazakhstan, 2003-2015. It says about that steady development of the country must reveal itself by deversification of the economy branches, promoting stepping aside from raw material orientation, preparing conditions for changing to a service-technological economy in long-term plan;

- The State program "Thirty corporative leaders of Kazakhstan". It is directed to that several leading of companies of Kazakhstan will able to become the large competitive players in the world market. This is one of the component parts of the program of becoming of Kazakhstan one of the 50 most competitive countries in the world.

- The President Message of the Republic of Kazakhstan to citizens of Kazakhstan [2], which says about rising role of the state holdings and necessity to take specific measures in efficient development and increasing of the competitiveness of mining and smelting branch.

Besides, on February 21, 2005, on the first council-board of emitters, created by the Assotiation of financiers of Kazakhstan and Agency of regulation and control of the financial market and financial organizations the project of the Code of corporative control was approved. It presents itself code of the rules and recommendations, directed to provide the high level of the business ethics in relationship between business participants.

There is no data that the "correct" corporative management certainly provides high competitiveness to companies. For instance, many big "household" companies, which don’t correspond to standard of corporative management are quite competitive. It is considered that the corporative management indemnifies from abuses, but makes the companies more flexible.

At the same time, companies, keeping standards of the corporative management, have an undoubted advantage in attraction of investment. The good corporative control provides probity of management and transparency of the company activity, so risk of the loss of the facilities decreases greatly.

For companies from developing countries corporative management is particularly important, because international investors have a fear for probity and business quality of their management. Capitalization of the companies with good corporative management is greatly above average mark on the market. Particularly, this difference is great for arabic countries, Latin America counties (except Chile), Turkey, Russia, the Malaysia, the Indonesia.

For kazakhstan corporative governing the typical following negative features are:

- A combination of holding and control functions. Meanwhile, companies being public corporations, continue being controlled as private companies;

- A Weakness of checking mechanism for management activity. As a result, the managers are accountable for only dominant owner (rather then for all shareholders) and as a rule, they are affiliated with him;

- A distribution of profit in non-dividend channels. That is to say, not all shareholders, but only dominant owners get profit;

- Low transparency of majority companies, labored access to financial information, real owners and conditions of the essential deals;

- An ordinary usage of unethical and even illegal methods ( an evacuation of the assets, a prohibition to attend of the shareholders’ meeting, arrest of the shares and etc.). Necessary to note that development of the corporative management in Kazakhstan for business is tempted by unfavorable circumstances of the state policy. For instance, to raise the transparency is not profitable, as the informational openness makes the company more vulnerable against controlling units.

In this connection the main trends of improvement of the holdings’ activity regulation must include:

1. Formation of the corporative culture, requiring transparency of models of company activity control, skill to submit the decisions in accordance with theory of activity [3] and subject to the new type of the organizing structure;

2. Development of universally recognized standards of transparencies and accessibility to information, financial reporting and auditing for large corporations, as well as the main protective measures of the shareholders’ rights.

Sources:

1. The Review of mining and metallurgical industry of the Kazakhstan // "The Kazakhstan" – International business magazine, №1, 2008;

2. The President Message of the Republic of Kazakhstan to citizens of Kazakhstan // "Kazakhstanskaya Pravda", №26 (25473), 02/07/2008;

3. Tsoy V.P. "World outlook landmarks of the management thinking and activity", 2003.