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Sovereign Wealth Fund «Samruk-Kazyna» JSC

Reports and plans

Sovereign Wealth Fund Samruk-Kazyna Joint Stock Company was created in accordance with the Presidential Decree No. 668 of 13 October 2008 and Government Resolution No. 962 of 17 October 2008. The Fund was created through a merger of two large state conglomerates: Sustainable Development Fund Kazyna and Kazakhstan’s Holding for Management of State Assets Samruk.

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13 December 2016

1. The policy of the external auditor

By the Board of Directors of JSC «Samruk -Kazyna» dated the 19th of July, 2011 № 66 it was established the policy of JSC «Samruk -Kazyna» in engaging the services of audit firms. The purpose of this policy is to organize effective action to bring services to audit organizations (including non-audit services provided by audit firms), the introduction of standardized procedures of their choice, ensuring the preservation of the auditors of JSC «Samruk -Kazyna» the status of independence in the provision of audit and non-audit services and the avoidance of conflicts of interests.

2. The procedure of selecting an auditor

Decision of the Board of JSC «Samruk -Kazyna» dated the 27th of December, 2016 № 46/16 approved the Auditor Selection Rules for “Samruk-Kazyna” JSC and organizations which more than fifty percent of the voting shares (interest) are directly or indirectly owned by “Samruk-Kazyna” JSC on the right of ownership or trust management.

3. Description of the interaction process of the company with the external auditor.

The external auditor of the Fund is accountable to the Fund’s Board of Directors; their communication is carried out through the Audit Committee of the Board of Directors.
During the audit process, it cooperates closely with the management of the Fund, the Internal Audit Service, the Department of Accounting and Reporting, and other businesses involved in the development of management's judgment that affected the financial statements.

4. Name of the audit firm

LLP «Ernst & Young”, http://www.ey.com/kz/en.
The auditor of JSC «Samruk -Kazyna» (hereinafter the Fund) since 2008.

5. The remuneration of the external auditor

Period

Audit Volume

Remuneration, exclusive of VAT, tenge

2012

Audit of the annual and semi-annual review of individual and consolidated financial statements

58 875 733

2013

Audit of the annual and semi-annual review of individual and consolidated financial statements

38 603 113

2014

Audit of the annual and semi-annual review of individual and consolidated financial statements

38 603 113

2015

Audit of the annual and semi-annual review of individual and consolidated financial statements

38 603 113


6. Non-audit services provided by the external auditor directly «Samruk -Kazyna»

 

Period

 Name of service

 Remuneration, exclusive of VAT, tenge

2012

Consulting services

135 900 000


Selection of the external auditor for the non-essential subsidiaries of Level 1 Foundation

The announcement of the selection procedures of the external auditor for the non-essential subsidiaries of Level 1 Foundation is located on the website of the subsidiary, which are in the procedure of choice.

List of the minor subsidiaries of Level 1 Foundation.

1

LLP «United Chemical Company»

8

LLP «Samruk-Kazyna Contract»

2

JSC «Air Astana»

9

JSC «Qazaq Air»

3

JSC «Real Estate Fund Samruk-Kazyna»

10

LLP «Samruk Kazyna Business Service»

4

JSC «NC «Kazakhstan Engineering »

11

JSC «International Airport Aktobe»

5

JSC «KazPost»

12

JSC «International Airport Atyrau»

6

JSC «KOREM»

13

JSC «Pavlodar Airport»              

7

LLP «Samruk-Kazyna Invest»

14

JSC «Aviation Company «Air Kazakhstan»



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