ҚАЗРУСENG

Единственный акционер

Правительство Республики Казахстан выступает единственным акционером Фонда. Правительство осуществляет управление Фондом и организациями исключительно посредством реализации полномочий Единственного акционера Фонда, предусмотренных Законом о Фонде и Уставом Фонда, а также путем представительства в Совете директоров Фонда.

Ключевые принципы и вопросы взаимодействия Правительства и Фонда определены в Соглашении о взаимодействии. Правительство Республики Казахстан разграничивает свои полномочия как единственного акционера Фонда и полномочия, связанные с государственным регулированием. Оно управляет Фондом в целях повышения национального благосостояния Республики Казахстан посредством увеличения долгосрочной стоимости и эффективного управления активами Фонда и организаций.

Правительство предоставляет Фонду и его организациям полную операционную автономию, исключая вмешательство в их текущую и инвестиционную деятельность, кроме случаев, предусмотренных законодательством и актами Президента Республики Казахстан. Руководство Фонда, включая Председателя Правления, а также руководящие органы организаций, обладают полной самостоятельностью и независимостью при принятии решений и осуществлении действий в рамках своих полномочий.

Список задач, которые подлежат решению непосредственно Единственным акционером, четко определен. Ниже приведен обзор ключевых вопросов, отнесенных к его исключительной компетенции. Эти аспекты критически важны для Фонда при анализе стратегических и финансовых результатов его деятельности, а именно:

  • Утверждение Устава Фонда;
  • Утверждение годовой финансовой отчетности Фонда;
  • Утверждение Плана развития Фонда;
  • Утверждение Кодекса корпоративного управления Фонда;
  • Определение дивидендной политики Фонда, принятие решения о распределении чистого дохода Фонда по итогам отчетного периода, принятие решения о выплате дивидендов;
  • Принятие решений о добровольной реорганизации или ликвидации Фонда;
  • Определение срока полномочий Совета директоров Фонда, избрание его членов и досрочное прекращение их полномочий;
  • Назначение и досрочное освобождение от должности Председателя Правления;
  • Отчуждение акций компаний по перечню, определенному Единственным акционером Фонда, а также передача указанных акций в доверительное управление;
  • Принятие решений о ликвидации, реорганизации компаний по перечню, определенному Единственным акционером Фонда.
Полный перечень вопросов, отнесенных к исключительной компетенции Единственного акционера, раскрыт в Уставе Фонда на сайте www.sk.kz.

Management Board and its Committees

The Management Board is a collegial executive body of the Fund responsible for the management of its current activities, implementation of the strategy and development plan, as well as execution of decisions made by the Board of Directors and the Sole Shareholder of the Fund.


The activity of the Management Board of the Fund is regulated by the legislation of the Republic of Kazakhstan, the Charter of the Fund, decisions of the Sole Shareholder and the Board of Directors of the Fund, as well as the Regulations on the Management Board and other internal documents of the Fund.

The Chairman of the Management Board is appointed by the decision of the Sole Shareholder. Members of the Management Board are elected by the decision of the Fund's Board of Directors.

In their activities, the Management Board and the Chairman of the Management Board are accountable to the Sole Shareholder and the Board of Directors of the Fund. The competence of the Management Board includes, among other things, the following:

  • Making decisions on issues related to the competence of the General Meeting of Shareholders (Participants), other body of the company or other legal entity in relation to which the Fund is a shareholder, participant or has the right to a share in the property in accordance with the legislation of the Republic of Kazakhstan and (or) the Charter, except for decisions on issues made by the Sole Shareholder or the Board of Directors of the Fund in accordance with the Law On Sovereign Wealth Fund;
  • Taking operational measures with respect to companies to prevent failures in the completeness and timing of implementation of investment decisions and investment projects;
  • Shaping unified policies (including by sectors of the companies' activities) on finance, investment, production and economic, R&D, money management, personnel, social and other policies in relation to the companies;
  • Approval of rules for the development, coordination, approval, adjustment, execution and monitoring of the execution of the companies' action plans;
  • Approval of the staffing level, staffing table and organisational structure of the Fund;
  • Hearing on an annual basis on the performance of the portfolio companies and reporting on the performance of the companies to the Fund's Board of Directors;
  • Decision-making on the internal activities of the Fund.
The full list of matters falling within the exclusive competence of the Fund’s Management Board is set out in the Fund’s Charter, available on the Fund’s website at www.sk.kz

Composition of the Fund's Management Board

Nurlan Zhakupov

Nurlan Zhakupov

Member of the Board of Directors, Chairman of the Management Board of Samruk-Kazyna JSC

Date of election:
April 2023

Education:

  • Moscow State Institute of International Relations of the Ministry of Foreign Affairs of the Russian Federation, Department of International Economic Relations – Bachelor of Economics, Master of Economics, Candidate of Economic Sciences

Working experience:

  • Financial Analyst Eurasian Industrial Association (ENRC) (2001–2003);
  • Business Manager, Chambishi Metals PLC (Kitwe, Zambia) (2003–2004);
  • Project Manager Research, Investment and Development Ltd (2004–2007);
  • Analyst for the value of publicly traded company shares, Credit Suisse basic materials team (2007–2009);
  • Managing Director, Member of the Management Board of Tau-Ken Samruk National Mining Company JSC (2009–2011);
  • Director of Investment Banking Department, Head of Representative Office in Astana of JSC Subsidiary Bank RBS (Kazakhstan) (2011–2012);
  • Executive Director of the Investment Banking Department, Head of the Astana Representative Office of UBS AG Almaty Representative Office (2012–2016);
  • Managing Director for Development and Investments – member of the Management Board of NAC Kazatomprom JSC (2016–2017);
  • Chairman of the Board of JSC SPK Astana (2017–2019);
  • Representative in Kazakhstan of Rothschild & Co (2019–2020);
  • Chairman of the Management Board of "Kazakhstan Investment Development Fund (KIDF) Management Company" Ltd (2020 – April 2023);
  • Chairman of the Management Board of Samruk-Kazyna JSC (from 04.2023).
Nikolay Kazutin

Nikolay Kazutin

Managing Director for Legal Support, Counselling and Risks

Date of election:
March 2022

Education:

  • Turar Ryskulov Kazakh University of Economics, speciality "Accounting and Audit"

Working experience:

  • Specialist on insurance and accounting of branches of Industrial Insurance Group OJSC, Almaty (2001–2003);
  • Financial analyst of Amanat Insurance JSC, Almaty (2003–2005);
  • Financial analyst of LLP "Insurance broker Kazinterpolis", Almaty (2005–2006);
  • Senior Department Manager of PricewaterhouseCoopers Tax & Advisory LLP Almaty (2006–2016);
  • Advisor to the Chairman of the Management Board of Kokshetau Mineral Waters JSC (2016–2018);
  • Head of Internal Audit Service of East Kazakhstan Regional Energy Company JSC, Ust-Kamenogorsk (2018–2019);
  • Deputy Chairman of the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan (2020–2022);
  • Managing Director for Legal Support, Security and Risks of Samruk-Kazyna JSC (from 2022), Member of the Management Board (from 2022).
Yelzhas Otynshiyev

Yelzhas Otynshiyev

Managing Director for Strategy and Asset Management

Date of election:
April 2023

Education:

  • Moscow Institute of Physics and Technology, Department of General and Applied Mathematics, specialisation – applied mathematics and physics (Bachelor's degree)
  • Moscow Institute of Physics and Technology, Department of General and Applied Mathematics, specialisation – applied mathematics and physics (Master's degree)

Working experience:

  • Ernst&Young (Moscow) – Audit and Advisory Services, Technology and Security Services. Positions from Analyst to Senior Analyst (2007–2008);
  • Ernst&Young (Moscow) – Valuation and Business Modelling Department. Position – Analyst (2008–2009);
  • Tau-Ken Samruk National Mining Company JSC, Investment Projects Department, Financial Institutions Department. Positions – from Manager to Director of the Department (2009–2012);
  • Samruk-Kazyna JSC, Investment Projects Department, position – Chief Manager (2012–2014);
  • Samruk-Kazyna Invest LLP (seconded to Samruk-Kazyna JSC), position – Director of the Department for Project Analysis of Investment Activity of the Fund (2014–2016);
  • Samruk-Kazyna JSC, Position – Project Director of New Projects Development Department (management of growing portfolio companies) (2016–2018);
  • Samruk-Kazyna JSC, Position – Head of the Mining Assets Development Sector of the Asset Development Department (2018–2019);
  • PlanetCare Management LLP, Position – Deputy General Director for Investment and Development (2019–2021);
  • Kazakhstan Investment Development Fund (KIDF) Management Company Ltd., Position – Deputy Chairman of the Management Board (2021–2023);
  • Samruk-Kazyna JSC, Co-Managing Director for Strategy and Asset Management (2023–04.2025);
  • Samruk-Kazyna JSC, Managing Director for Strategy and Asset Management (from 04.2025).
Aidar Ryskulov

Aidar Ryskulov

Managing Director for Economics and Finance

Date of election:
August 2023

Education:

  • Karaganda Buketov University, speciality "Finance and Credit", qualification: Economist
  • Karaganda Economic University of Kazpotrebsoyuz – Speciality "Legal Regulation in the Sphere of Economy” (Bachelor of Law)
  • Nazarbayev University, Executive MBA

Working experience:

  • Engineer-economist in NC Kazakhstan Temir Zholy JSC (Karaganda branch) (2002–2003);
  • Specialist of the Client Attraction Sector, Specialist of the Service Managers Service of the Operations Department, Specialist of the Lending Sector under the EBRD Programme of the SME Lending Department, Leading Specialist of the 2nd Level of the Microcrediting Sector of the SME Lending Department in ATF Bank JSC (Astana Branch) 
(2003–2006);
  • Senior Credit Officer of the Business Clients Department of the Credit Office of JSC Bank Centre Credit (2006);
  • Head of the Middle Business Sales Centre Department at JSC Halyk Bank of Kazakhstan (2006–2008);
  • Chief Specialist of the Corporate Lending Department at Eurasian Bank JSC (2009);
  • Chief Manager of the Project Analysis Division of the Investment Projects Department, Head of the Project Analysis Division of the Investment Projects Department, Deputy Director of the Investment Projects Department at JSC National Managing Holding KazAgro (2009–2012);
  • Director for Financial Asset Management, Director of the Corporate Finance Department of Samruk-Kazyna JSC (2012–2019);
  • Managing Director for Economics and Finance – Member of the Management Board of Samruk-Energy JSC (2019–2023);
  • Managing Director for Economics and Finance – Member of the Management Board of Samruk-Kazyna JSC (from 08.2023).
Saltanat Satzhan

Saltanat Satzhan

Managing Director for Development and Privatisation

Date of election:
August 2023

Education:

  • Australian National University, Bolashak Programme – Bachelor of Economics
  • MBA, University of Warwick
Qualifications:
  • ACCA, an international qualification in accounting and finance
  • CFA Level 3 candidate
  • Financial mentor in the school of financial literacy at Finmentor.kz LLP

Working experience:

  • Honorary member of the Association of Chartered and Certified Accountants, ACCA;
  • 10 years of experience in finance, audit and economic analysis in a Big4 company and in the Sovereign Wealth Fund of the Republic of Kazakhstan;
  • 5 years of experience as a Business Coach (EY Academy, Agency of the Republic of Kazakhstan for Civil Service, KUSK);
  • Head of the Economic Analysis Sector of the Asset Management Directorate of Samruk-Kazyna JSC (2018–2021);
  • Head of the Department for Consolidated Analytical Work and Control of Samruk-Kazyna JSC 
(2021–08.2023);
  • Managing Director for Development and Privatisation – Member of the Management Board of Samruk-Kazyna JSC (from 08.2023)
Bakhytzhan Ryspekovich Taubayev

Bakhytzhan Ryspekovich Taubayev

Co‑Managing Director for Strategy and Asset Management

Date of election:
June 2025

Education:

  • Kazakhstan‑British Technical University;
  • Polytechnic University of Turin.

Working experience:

  • Field Engineer, IPC‑Munay LLP, Almaty (2008);
  • Junior Drilling Engineer, IPC‑Munay LLP, Almaty (2009);
  • Drilling Engineer, IPC‑Munay LLP, Atyrau and Almaty (2011);
  • Drilling Engineer, Zhambyl Petroleum LLP, Atyrau (2011–2015);
  • Drilling Engineer, Satpayev Operating LLP, Atyrau (2015–2016);
  • Deputy General Director for Production, Satpayev Operating LLP, Atyrau (2016–2017);
  • Deputy General Director for Production, Zhambyl Petroleum LLP, Atyrau (2017–2019);
  • Director for Production, Isatay Operating Company LLP, Astana (2019–2022);
  • First Deputy General Director, Zhenis Operating LLP, Aktau (2022–2023);
  • Acting Director of the Gas Industry Department, Ministry of Energy of the Republic of Kazakhstan, Astana (2023);
  • Director of the Gas Industry Department, Ministry of Energy of the Republic of Kazakhstan, Astana (2023–2025);
  • Co‑Managing Director for Strategy and Asset Management – Member of the Management Board, Samruk‑Kazyna JSC, Astana (since 2025).
Ablaikhan Ospanov

Ablaikhan Ospanov

Managing Director for Digitalisation

Date of election:
November 2025

Education:

  • L.N. Gumilyov Eurasian National University – Informatics (Bachelor’s degree);
  • Sh. Ualikhanov Kokshetau State University – Law (Bachelor’s degree);
  • Russian Presidential Academy of National Economy and Public Administration – Business Administration (Master’s degree);
  • Almaty Management University – Business Administration (Master’s degree).

Work experience

  • City Manager for Astana, Republican Headquarters of Youth Labour Brigades “Zhasyl El”, Private Institution, Astana (2005–2006);
  • Project Manager, IT Research Centre LLP, Astana (2006–2007);
  • Head of Project Management Department, Arta Software LLP, Astana (2007–2009);
  • Deputy Director, Digital Life Style LLP, Astana (2009);
  • Head of Project Management Department, Corporate Solutions LLP, Astana (2009–2010);
  • Specialist, Business Development Department, National Information Technologies JSC, Astana (2010);
  • Senior Engineer, Technical Services Department, Ministry of Internal Affairs of the Republic of Kazakhstan, Astana (2011);
  • Deputy Director, Department of Public Policy in Information Technologies, Ministry of Communications and Information of the Republic of Kazakhstan, Astana (2011–2012);
  • Deputy Chairman of the Committee for Monitoring the Automation of Public Services and Coordination of Public Service Centres, Ministry of Transport and Communications of the Republic of Kazakhstan, Astana (2012–2014);
  • Director, Department for the Development of E‑Services and Public Service Centres, Agency of the Republic of Kazakhstan for Communications and Information, Astana (2014);
  • Head of the Department for Optimisation of Public Services, Committee for Communications, Informatisation and Information, Ministry for Investment and Development of the Republic of Kazakhstan, Astana (2014–2015);
  • Head of the Public Reception Office of the Central Executive Office of Nur Otan Party, Astana (2015–2016);
  • Deputy Chairman of the Management Board, Almaty City Development Centre JSC, Almaty (2016–2017);
  • Chairman of the Management Board, State Corporation “Government for Citizens” NJSC, Astana (2017–2019);
  • Vice Minister of Digital Development, Defence and Aerospace Industry of the Republic of Kazakhstan, Astana (2019);
  • 
Vice Minister of Digital Development, Defence and Aerospace Industry of the Republic of Kazakhstan, Astana (2019–2021);
  • Advisor for Digitalisation, Freedom Finance Bank Kazakhstan JSC, Almaty (2021–2022);
  • Managing Director, Freedom Bank Kazakhstan JSC, Almaty (2022–2024);
  • Advisor to the Executive Office, Astana International Financial Centre, Astana (2024);
  • Director for Digitalisation and Big Data Management, Information Technology Division, Kazakhtelecom JSC (2024–2025);
  • Managing Director for Digitalisation – Member of the Management Board, Samruk‑Kazyna JSC (since 2025).

Report on the activities of the Management Board

During 2025, a total of

75

meetings of the Fund’s
Management BoardA total of 312 issues
were considered

In 2025, the Fund’s Management Board held 75 meetings, including 49 in‑person meetings and 26 absentee meetings. A total of 312 issues were considered, of which 264 were reviewed in‑person.

The most important issues considered by the Fund's Management Board were:

  • Approval of the annual financial statements of the Fund's portfolio companies for 2024, and the interim financial statements of the Fund's portfolio companies for the respective reporting periods of 2025;
  • Election of the Boards of Directors and Supervisory Boards/Boards of Trustees of the Fund's portfolio companies;
  • Approval and/or appointment of the first managers of the Fund's portfolio companies;
  • Acquisition of shares/contributions to authorised capitals of the Fund's portfolio companies;
  • Amendments to the charters and other internal regulatory documents of the Fund's portfolio companies;
  • Preliminary approval and submission of issues for consideration by the Fund’s Board of Directors;
  • Approval and/or amendments to the Fund's internal regulatory documents;
  • Changes in the organisational structure and staffing of the Fund;
  • Adjusting the Fund budget;
  • Issues on execution of the privatisation programme of the Government of the Republic of Kazakhstan;
  • Investment project issues;
  • Approval of transactions in which the Fund has an interest.

Plans for 2026

In 2026, the Management Board is set to consider:

  1. Issues of day-to-day operations of the Fund, including budget, procurement process and implementation of investment projects;
  2. Transactions of the Fund (interested and/or major transactions);
  3. HR issues of the Fund (organisational structure, staffing table);
  4. Matters related to portfolio companies, including appointments and elections to supervisory and trustee boards, boards of directors, approval of annual financial reports, consideration of internal regulatory documents, changes in authorised capital or number of shares, and participation in other legal entities;
  5. Approval or amendment of the Fund's internal regulatory documents;
  6. Reports (reports of the structural units of the Fund and reports submitted to the Board of Directors of the Fund).

Management Board analytical materials

Committees of the Management Board

Diagram of the six committees of the Fund’s Management Board

Investment and Strategy Committee

The main objective of the Investment and Strategy Committee is to improve the efficiency of the management decision-making process within the framework of the Fund's asset portfolio management. The Committee is designed to ensure achievement of the Fund's strategic KPIs through coordination and formulation of recommendations and proposals on key issues. This includes creating conditions for a risk-oriented approach to decision-making on issues:

  • Strategic Development of the Fund and the portfolio companies;
  • Management of the Fund's Asset Portfolio and the portfolio of the Fund's Investment Projects and the PC;
  • Risk management (financial, investment, operational);
  • Implementation of the Investment Policy, Credit Policy, Debt Management and Financial Stability Policy;
  • Implementation of Corporate Standards for investment activities, strategic and business planning, and management of large capital projects.

In 2025, the Investment and Strategy Committee held 61 meetings.

Qazaq Eli Monument

HR Committee

The task of the HR Committee is to coordinate the implementation of the Fund's HR policy, to develop recommendations on human resources management, as well as to provide methodological and analytical support in the field of HR for the companies of the Fund's group.

The composition of the Personnel Committee is determined by the decision of the Fund's Management Board and consists of at least 5 (five) permanent members, including the Chairman of the Personnel Committee. Representatives of the Working Body and the Secretary of the Committee (without the right to vote) take part in the work of the Personnel Committee.

In 2025, the HR Committee held 10 meetings, including 7 in-person meetings and 3 absentee meetings. A total of 17 issues were considered and 34 decisions were made.

Mountain landscape near Almaty

In particular, the following issues were considered at these meetings:

  • Issues of job evaluation (grades) of individual employees of the Fund;
  • Issues of revision of official salaries of certain employees of the Fund;
  • Issues of one-time bonuses for the Fund's employees;
  • Issues of training and professional development of individual employees of the Fund;
  • Issues on awarding the employees of the Fund's group for the Republic Day;
  • Issues regarding the final evaluations for the second half of 2025 for individual employees of the Fund.

Scientific and Technical Council

Scientific and Technical Council in Samruk-Kazyna JSC was established in 2019 to provide a collegial and transparent decision-making process, selection, accounting, monitoring and control of R&D and innovation projects to ensure Sovereign Wealth.

In 2022, a restated Corporate Standard on R&D and Innovation of Samruk-Kazyna JSC was approved, which regulates a unified approach in the management of R&D and innovation portfolio of the Fund Group.

In 2025, the Scientific and Technical Council held 13 meetings, as a result of which 24 promising projects were approved for financing.

Health, Safety and Environment Committee (HSE Committee)

In 2025, the Occupational Health, Industrial Safety and Environmental Protection Committee continued to provide systematic coordination of activities aimed at improving working conditions and preventing accidents at the production facilities of the Fund’s companies.

This committee, in operation since 2019, effectively serves as a platform for dialogue, discussing current issues, sharing experiences and presenting strategic initiatives and ideas in the field of health and safety.

In 2025, the Committee held three meetings, one of which was chaired by the Chair of the Fund’s Management Board with the participation of chief executives of portfolio companies.

Within the framework of the meetings held, issues related to the implementation of digital solutions in the field of industrial safety, including those based on artificial intelligence, the results of industrial safety audits, the status of implementation of the Industrial Safety Action Plan, as well as measures taken to reduce the level of occupational injuries, were reviewed.

Sustainable Development Committee

The Sustainable Development Committee was established to develop recommendations for the Management Board of the Fund and the Fund's representatives in the Boards of Directors of portfolio companies, as well as to coordinate sustainable development activities in these companies. The key areas of the Committee's tasks include:

  1. Implementation of a system of systematic and continuous adherence to the principles of sustainable development;
  2. Developing an effective stakeholder engagement system that demonstrates the company's commitment to sustainability standards;
  3. Ensuring that the strategic goals of the Fund and the PC are achieved without compromising their sustainability in the long term, taking into account the interests of stakeholders.

No meetings were held in 2025.


Information Security Committee

The Information Security Committee develops recommendations for the Fund's Management Board regarding the creation and development of a unified information security system within the Fund's group.

We revised the structure of the Information Security Committee to include employees of the Fund's group companies directly involved in the Committee's activities involving information security.

In the reporting period, within the framework of the meeting of the Information Security Committee of the Fund Group, the issues of IT equipment inventory, active use of information security systems, revision of the organisational structure of portfolio companies, subsidiaries and affiliates on the separate status of information security units, timely reporting of information security incidents to the Fund and approval by the Fund of candidates appointed to the positions of information security officers were considered.