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Peter Howes: Most national companies are low transparency

20 may 2011, 17:35
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Photo cortesy of wordpress.com
Photo cortesy of wordpress.com
Most of the national companies have a low level of transparency, KazTAG reports citing Managing Director of Samruk-Kazyna National Welfare Fund Peter Howes.

“Currently transparency of most of the (national) companies is unsatisfactory. We are diagnosing the management system inside the fund. They are doing well in terms of structure and documents. Many are not well in terms of procedures, because this involves implementation of what is written in the documents. As for transparency, it is very bad,” he said during a roundtable meeting called People's IPO: How to do this?

“This is because reports are released too late and not frequently enough. It would be perfect if reports are released every quarter and also contain forecasts and explanations (why the forecasts have or have not come true). Of course the forecasts don't necessary have to be very explicate, but they at least have to have an understanding of where they are going,” Howes added.

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