«Samruk-Kazyna» preparing for large-scale transformation

Head of State Nursultan Nazarbayev has received the chairman of the Board of «Sovereign Wealth Fund «Samruk-Kazyna» JSC Umirzak Shukeyev.

During the meeting U.Shukeyev reported to the Kazakh President on the preparation of the transformation program related to «NWF «Samruk-Kazyna» group of companies.

There have been identified four priority areas of the transformation program: corporate governance; standardization and optimization of business processes; creation of a single information system for management and business solutions; creation of culture for continuous improvement of the group companies.

At the moment, the development of the transformation program is under completion. The document will be submitted to the Board of Directors of the Fund at the beginning of September.

President of Kazakhstan Nursultan Nazarbayev:

-All state-owned industrial companies are within the jurisdiction of the fund and its purpose is to improve their corporate governance and increase the value of assets. In the period of the global crisis the fund carried out considerable work to support banks and it became a part of their shareholders. Today «Samruk-Kazyna» is already out of the banks' capitals, and now it should focus on its direct activities including attracting investments in manufacturing companies, developing of new products and new technologies.

Chairman of the Board of » Sovereign Wealth Fund » Samruk-Kazyna» JSC Umirzak Shukeyev:

-According to some measures we are already able to compete with foreign companies, but the three main areas require serious revision. They are efficiency of daily work, return on investment and the restoration of capital expenditure. For the implementation of these plans we have developed  special transformation program.

Transformation program of «Samruk-Kazyna» JSC has been developed at the request of the Head of State and is aimed at achieving the objectives set out in the Strategy «Kazakhstan-2050». Leading experts invited from abroad are working on this important document in the history of the Fund.

The composition of the top management of «Samruk-Kazyna» JSC consists of experienced managers who at different times held key positions in companies from around the world such as «General Electric», «Philip Morris», IBM and others. According to foreigners, the implementation of the new program will give strong impetus not only to the development of the Fund, but in general, the whole economy of Kazakhstan.

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