Today, at a briefing in the Central Communications Service, Samruk-Kazyna JSC has presented the reform program, which will increase the efficiency of the entire quasi-public sector of the economy of Kazakhstan.

Almassadam Satkaliyev, the CEO of Samruk-Kazyna JSC, took part in the press conference.

According to A. Satkaliyev, since the beginning of the year, the Samruk-Kazyna Fund has already carried out a number of personnel reforms. The number of employees of the corporate center in Nur-Sultan has been halved (from 248 to 124 people), 106 advisers have been dismissed for the Group of Companies, the institute of “advisers” has been completely excluded from the organizational structure. All foreign representative offices of the Fund have been closed: in London, Beijing, Abu Dhabi and Moscow. The management of six companies of the Samruk-Kazyna Group has been replaced, among them KazMunayGas and QazaqGaz. Personnel optimization of the Samruk-Kazyna corporate center saved more than KZT2 billion.

To ensure transparency of the Fund’s activities and prevent financial and economic offenses, memoranda of cooperation were signed with the Anti-Corruption Agency and the Financial Monitoring Agency. The role of the Fund’s Public Council has been strengthened.

In 2022, the Fund increased the salaries of employees with an emphasis on low-paid positions. The salary of production personnel for all companies of the group (239 thousand workers and engineers) increased from 5% to 48%. By the end of the year, four more companies will additionally raise the wages of workers.

Since April, the Fund has introduced a new procurement procedure. The support of Kazakhstani entrepreneurs has been strengthened, barriers to business have been eliminated and corruption risks have been minimized.

The systemic reforms of Samruk-Kazyna include reduction of the Fund’s share in the economy by bringing portfolio companies to IPO/SPO and privatization. At the same time, the Fund will retain controlling interests in strategic assets. In the next 5-8 years, Samruk-Kazyna will position itself as a “strategic holding” with a gradual transition to an investment holding model. When managing portfolio companies, the Fund continuously makes efforts to reduce costs while maximizing the value of assets.

The main priority for the Fund at this stage is investing in the real sector of the economy and development of infrastructure in the energy sector, oil and gas industry and transport and communications.

At the moment, the Fund is implementing a number of major investment projects in the field of gas supply, water supply, transport and energy, most of which are included in the National Action Plan for implementation of the President’s Message. 

The projects are aimed at improving the quality of life of the population of Kazakhstan. As part of implementation of these projects, more than 15 thousand jobs will be created. In addition to the direct effect in the form of job creation, the projects have indirect long–term effects - the total result of improving working conditions and environmental situation, increasing living standards, developing social infrastructure, stimulating business development.

Another priority for the Fund is economic diversification, import substitution and support for domestic business. The Fund is ready to act together with the domestic business as a co-investor of large investment projects, as well as to provide long-term offtake contracts for business. Moreover, Samruk-Kazyna plans to coordinate work with foreign investors at the Fund level.
The Fund takes measures to increase the dividends paid to the shareholder. In 2021, the Fund sent KZT88.3 billion in the form of dividends to the republic budget. Taking into account the positive results of last year, this year Samruk-Kazyna plans to pay KZT170 billion of dividends to the state.

Last year, the Fund's portfolio companies paid about KZT1.2 trillion in taxes, which is up to 10% of annual revenues to the republic budget.