The meeting of the Board of Directors of “Samruk-Kazyna” JSC under the chairmanship of Prime Minister of Kazakhstan Karim Massimov took place on January 28, 2016.The Board of Directors reviewed number of issues including the composition of the Management Board and change in the composition of the Board of Directors of the portfolio organizations.

New organizational structure and staffing chart has been introduced on January 5, 2016 within the implementation of Transformation program.

In this regard, Board of Directors of “Samruk-Kazyna” JSC made decision on the new composition of the Management Board:

Shukeyev Umirzak – CEO of the Fund.

Mrs. Baljeet Kaur Grewal - Managing Director for Strategy and Portfolio. She has international experience in top management positions in banking and financial companies for 15 years, including in the capacity of Senior Advisor of National Fund Development Agenda in Asian Development Bank, Managing Director and Vice-President in Kuwait Investment Authority & Kuwait Finance House, and Vice-President in ABN AMRO Bank, Maybank Malaysia and in Deutsche Bank, London;

Bakhmutova Yelena - Managing Director for Finance and Operations. Previously she was Deputy CEO of the fund. Over the years, she worked as Director of the Financial Supervision Department of the National Bank of Kazakhstan, the Chairman of the Agency for Regulation and Supervision of Financial Market and Financial Institutions;

Bitenov Gani - Managing Director for Legal Support and Risks. Work experience in various management positions for over 10 years in international (Bracewell & Giuliani) and Kazakh law firms. He represented the interests of EBRD, Merrill Lynch International, JPMorgan Chase Bank NA and other global investment banks in the projects worth hundreds of millions of US dollars. He also worked in JSC «NAC» Kazatomprom”, JSC «EP «KazMunayGas», Development Bank of Kazakhstan and the largest second-tier banks of Kazakhstan;

Beisengaliyev Berik - Managing Director of Asset Optimization. Previously, he was Chief Business Development Officer of the Fund.  At different times he worked as Managing Director - First Deputy Chairman of “ATF Bank» JSC, General Director of «Astana Capital Investment Group», Chairman of the Management Board of «KazAgro» holding;

Tazhibayev Ulan - Managing Director of Human Resources Management. Previously, he served as Chief of Staff of the fund. Mr. Tazhibayev graduated Kazakh National University named after Al-Farabi, he holds Executive MBA Institutode Empresa (Spain).

The Board of Directors also agreed in position of the member of the Management Board of “Samruk-Kazyna” JSC Berik Beisengaliyev as member of the Board of Directors of JSC NC «KazMunayGas».

It should be noted that in December 2015 “Samruk-Kazyna” JSC announced a change of the Fund’s functional model in the framework of the transformation program. The new model of organizational structure has been developed taking into account the best practices of leading sovereign wealth funds, large private equity funds and analysis of efficiency of business processes.

According to the new organizational structure the positions of deputy chairpersons were abolished and the number of managing directors was reduced twice.

The meeting also discussed other issues of the Fund on which relevant decisions were made.