This instruction was given by Almassadam Satkaliyev, the CEO, at the meeting on implementation of the Plan for reforming the Fund today. According to the Head of the Fund, the new provisions from the best international practices will include an increase in the percentage of independence of the composition of the boards of directors, strengthening the risk management system, internal audit and compliance systems, succession planning of boards of directors, integration of ESG goals, gender equality. 

The CEO of Samruk-Kazyna JSC stressed that according to the latest 2022 IFC (International Finance Corporation – part of the World Bank) study, gender diversity on the boards of directors increases the profitability of companies, ESG indicators and, as a result, investment attractiveness. The Heads of portfolio companies with no women in their management were given recommendations. 

Almassadam Satkaliyev emphasized the importance of strengthening the boards of directors and their professional staff. Compliance with ESG principles is another priority task of the Fund, as the CEO noted. 
 
“Last October, the LSE became the first platform to issue climate reporting guidelines based on the UN Model Guide on Sustainable Stock Exchanges on Climate Disclosure, which complies with the recommendations of the Task Force on Climate-Related Financial Disclosure (TCFD, Task Force on Climate-Related Financial Disclosures). 

The Fund Group of companies need to implement information disclosure standards such as ISSB, TCFD, GRI (Global Reporting Initiative) and others to enhance the quality and accessibility of information in public reporting,” Almassadam Satkaliyev said. 

At the same time, the Fund will tighten the requirements for contractors, suppliers and investment partners to comply with ESG requirements. All these initiatives, along with others, were included in the second package of reforms of the Fund.