This article examines the current context in which ESG is a strategic mechanism for transforming corporate governance. The maturity of an ESG system is determined by the degree of its integration into governance, risk management, data, and investment decisions. The subject of this study is KazMunayGas JSC, which has an institutionally established but unevenly mature ESG system. Key barriers to ESG transformation at KMG include the gap between information disclosure and internal management integration, incomplete financial materialization of ESG factors, and insufficient formalization of ESG criteria in the investment cycle. The reliability of the obtained results is ensured by the use of a modern theoretical and methodological framework, reliance on recognized international standards and scientific sources, the application of systemic and comparative analysis, as well as the use of official corporate reporting and internal documents of JSC NC KazMunayGas.

ESG, long-term business, corporate governance, strategic mechanism, corporate governance model.