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Corporate Governance

The corporate governance system of «Samruk-Kazyna» JSC protects the rights of shareholders and provides investors with prompt and reliable information on profits, management principles and the state of affairs in the company, minimizes and eliminates potential risks of violation of interests and rights of shareholders.

The Fund is currently implementing
six projects on corporate governance:


The new Corporate Governance Code For the first time in Kazakhstan, the Fund, with the assistance of the Organization for Economic Cooperation and Development (OECD), have drafted a new Corporate Governance Code that meets the best international standards

The new methodology Following the introduction of the new Corporate Governance Code, Portfolio Companies are facing new tasks that require higher standards for implementation

Efficiency As a result of transformation, the Fund should convert from an operational holding into a strategic holding

Sustainable development Samruk-Kazyna JSC is a Sovereign wealth Fund. Therefore, the Fund’s Companies must responsibly conduct its business and increase the value of its portfolio for both current and future generations of Kazakhstan.

Transparency Transparency is one of the main points of interest for investors and stakeholders. The introduction of information ethics and responsible data management culture is a necessary preparatory stage for an IPO.

Reports The quality of annual reports directly affect transparency, therefore both content and ways of its presentation have been revised. The upcoming stage is introduction of annual reports based on standards of the GRI.
Management bodies Corporate governance system at Samruk-Kazyna JSC includes management, control and responsibility of management bodies across all the companies of the Fund at all levels:
The Fund Management Council is the supreme management body that elaborates proposals for enhancement of the Fund’s efficiency, for priority sectors of the economy and for the Fund’s participation in state programs for diversification and modernization of the economy of Kazakhstan;
Government of Kazakhstan is the Sole Shareholder of Samruk-Kazyna JSC with an authority to approve the Fund’s Development Strategy, appoint directors and Chairman of the Management Board, approve financial results, and receive dividends;
Board of Directors provides overall management of the company and delegates day-to-day operational tasks to the Management Board led by its Chairman

Fund Management Board


Nursultan Abishevich Nazarbayev


The first President of the Republic of Kazakhstan - Elbasy, chairman of the Council

Council members

Askar Uzakpaevich Mamin



The Prime Minister of the Republic of Kazakhstan

Erlan Zhakanovich Koshanov



The head of the Administration of the President of the Republic of Kazakhstan -

Akhmetzhan Smagulovich Yessimov



Chairman of the Board of JSC “National Welfare Fund“ Samruk-Kazyna ”

Board of Directors

Management board

Management

Committees of the Board of Directors

Audit Committee
Chairman: Sutera Luce
Independent Director.
Member: Ong Boon Hwee
Independent Director.
Nomination and Remuneration Committee
Chairman: Dudas Jon
Independent Director.
Member: Bozumbayev Kanat Aldabergenovich
Aide to the President of the Republic of Kazakhstan;
Mazhibayev Kairat Kuanyshbayevich
Independent Director;
Sutera Luce
Independent Director.
Special Committee
Chairman: Sultanov Bakhyt Turlykhanovich Member: Bergenev Adylgazy Sadvokasovich
Zhanadil Ernar Beysenuly
Tuleshov Gabdulkumyt Madenovich
Kiyakbaeva Ardak Boranovna
Bushmuhambetova Ainur Sansizbaevna
Karymsakov Beıbıt Erkınbaevıch
Issayev Bakhtiyar Orynbasarovich
The Transformation Program Progress Control Committee
Chairman: Dudas Jon
Independent Director.
Member: Bozumbayev Kanat Aldabergenovich
Aide to the President of the Republic of Kazakhstan;
Ong Boon Hwee
Independent Director.
Strategy Committee
Chairman: Dalenov Ruslan Yerbolatovich
Minister of the National Economy of the Republic of Kazakhstan.
Member: Dudas Jon
Independent Director;
Mazhibayev Kairat Kuanyshbayevich
Independent Director
Ong Boon Hwee
Independent Director.

Organizational structure

Board of Directors
CEO
Corporate Secretary Service
Internal Audit Service
Ombudsman
Advisor to the CEO
Compliance Service
Department of Security and Protection of State Secrets
Secretariat of the Chairman of the Management Board
Deputy CEO
Co-Managing Director for Procurement
HR Department
Public Relations and Marketing Communications Department
Procurement Control and Monitoring Department
Government Relations Department
Director of Assets Development Department – Member of the Management Board
Assets Development Department
Managing Director for Assets Management and Privatization
Assets Management Directorate
Assets Privatization and Restructuring Department
Managing Director for Logistics and International Cooperation
Transport and Logistics Directorate
Department for International Cooperation
Managing Director for Economy and Finance - Member of the Management Board
Co-Managing Director for Economy and Finance – Member of the Management Board
Economy and Planning Department
Accounting and Financial Reporting Department
Corporate Finance Department
Treasury Department
Managing Director for Strategic Development
Strategic Development Department
Managing Director for Legal Support and Risks - Member of the Management Board
Legal Support and Methodology Department
Corporate Governance Department
Risk Management and Internal Control Department
Managing Director for Digitalization and Transformation

Samruk-Kazyna JSC
Corporate Governance Code

Following an extensive and comprehensive discussion,
the Fund adopted the new Corporate Governance Code in 2015.
Since 1 January 2017, annual reports of the Fund and Portfolio Companies
must disclose the information on compliance with the Code.