Managing Director for Finance and Operations and member of the Management Board of «Samruk-Kazyna» JSC (hereinafter - the Fund) Elena Bakhmutova vacated her position in connection with her transfer to another job.

Elena Bakhmutova worked in the Fund as Deputy Chairman of the Management Board starting from January 2012 and as Managing Director and member of the Management Board since 2016. She supervised the activities concerning financial stability of the fund, corporate finance, investment and fiscal policy.

«Elena played a major role in ensuring the financial sustainability of the Fund in the crisis” said CEO of «Samruk-Kazyna» JSC Umirzak Shukeyev. “Largely due to her considerable experience in the field of financial regulation and professionalism, we were able to solve the problem of second-tier banks belonging to the Fund. In 2014, the Fund withdrew as shareholder from «BTA Bank» JSC, «Temirbank» JSC and «Alliance Bank» JSC, which allowed us to implement the President's instructions to let the banks operate in competitive environment. To work with a professional of such a high caliber has been an honor and a good learning for all of us. We wish Elena Leonidovna all the best and further success in her future career.»

The significant phase of the project Target model of the treasury management, part of the transformation of the Fund, was completed under the leadership of E. Bakhmutova. Within the framework of the project, «Modernization of management reporting system», visualization tools for the operational reporting (Dashboards) were introduced. The reengineering of budgeting, accounting and taxation, data management, business intelligence and reporting were also successfully implemented under her supervision.

Financial Controller of «Samruk-Kazyna» JSC Yernar Zhanadil will temporarily be in charge of Finance and Operations. The issue of the withdrawal of Elena Bakhmutova from the Management Board will be considered at the next meeting of the Board of Directors of the Fund.

Notes:

Over the last many years, Elena Bakhmutova worked as Director of the Financial Supervision Department of the National Bank of Kazakhstan, Chairman of the Agency for Regulation and Supervision of Financial Market and Financial Institutions. Mrs. Bakhmutova was Vice-Minister of Labor and Social Protection of the Republic of Kazakhstan. She was awarded various orders and medals for merits in state and public activity, including “Parasat” and “Kurmet” orders, “Astana” and “10 years to the Constitution of the Republic of Kazakhstan” medals and expression of gratitude of the President of the Republic of Kazakhstan.