Sole Shareholder
The Government of the Republic of Kazakhstan acts as the Sole Shareholder of the Fund. The Government manages the Fund and the Organisations exclusively by exercising the powers of the Sole Shareholder of the Fund, as provided for by the Law on the Fund and Charter of the Fund, and by representation on the Board of Directors of the Fund. The key principles and issues of interaction between the Government and the Fund are defined in the Cooperation Agreement. The Government of the Republic of Kazakhstan delineates its powers as the sole shareholder of the Fund and powers related to state regulation. It manages the Fund in order to increase the Sovereign Wealth of the Republic of Kazakhstan by increasing the long-term value and effective management of the Fund's and Organisations' assets.
The Government grants the Fund and its Organisations full operational autonomy, excluding interference in their current and investment activities, except in cases specifically provided for by the legislation and acts of the President of the Republic of Kazakhstan. The Management of the Fund, including the Chairman of the Management Board, as well as the governing bodies of the Organisations have full autonomy and independence in making decisions and taking actions within the scope of their authority.
The list of tasks to be resolved directly by the Sole Shareholder is clearly defined. Below is an overview of the key issues attributed to its exclusive competence. These aspects are critical for the Fund when analysing its strategic and financial performance, namely:
- Approval of the Statutes of the Fund;
- Approval of the annual financial statements of the Fund;
- Approving the Fund Development Plan;
- Approving the Fund's Corporate Governance Code;
- Shaping the Fund's dividend policy, making a decision on distribution of the Fund's net income based on the results of the reporting period, making a decision on dividend payment;
- Making decisions on voluntary reorganisation or liquidation of the Fund;
- Setting the term of office of the Fund's Board of Directors, election of its members and early termination of their powers;
- Appointing and dismissing early the Chairman of the Management Board;
- Alienating shares of companies according to the list establsihed by the Sole Shareholder of the Fund, as well as transfer of these shares into trust management;
- Making decisions on liquidation, reorganisation of companies according to the list determined by the Sole Shareholder of the Fund.
