SAMRUK-KAZYNA JSC INTRODUCES NEW STANDARDS FOR THE CORPORATE PROCESSES ORGANIZATION OF NATIONAL COMPANIES
Samruk-Kazyna JSC introduces new standards for corporate processes of national companies, which will significantly improve operational performance and focus on implementing strategic objectives. Standards (reference models) based on international best practices will cover such functions as Accounting and Tax Accounting, Treasury, Human Resources Management, IT Management, Data Governance, Operational Planning, etc.
Six largest Fund’s portfolio companies will start working on new processes starting in January 2017. According to the most conservative estimates, the economic impact from standardization of the corporate functions of the national companies will amount to approximately 300 billion KZT by 2020.
Managing Director for Transformation and Special Projects of Samruk-Kazyna JSC, A.Ilkevicius: “The reason for the inefficient performance of any company usually lies in the inefficient organisation of its daily operations. This may be a duplication of functions, fulfillment of unnecessary tasks, staff overage or the lack of specialists with relevant background. All this is forcing the company to bear substantial hidden costs, and does not allow to address the strategic objectives aimed at maximising benefits.”
«Our reference models are universal and can be applied to any large Kazakhstani companies. However, they do not take into account the specifics of each individual company, in terms of the nature of its activities (mining, postal services, power energy and any other industry). Thus the task of each portfolio company is to adapt them to fit their own needs,» A.Ilkevicius noted.
Business reengineering and standardization of corporate functions are one of the most important initiatives implemented within the framework of the comprehensive Transformation Programme of Samruk-Kazyna JSC, which currently covers Kazakhstan Temir Zholy NC JSC, Kazpost JSC, KazMunayGas NC JSC, Kazatomprom NAC JSC, Samruk-Energу JSC and KEGOC JSC.