The regular meeting of the Board of Directors of «Samruk-Kazyna» JSC chaired by Prime Minister Karim Massimov took place on June 19.
During the meeting a report on the implementation of the transformation program was heard, the annual financial statements of the Fund for 2014, as well as the current activity issues were approved.
The Board of Directors noted the future functional model of the Fund in the framework of the transformation, according to which the corporate center performs two key mandate - optimizer of assets and constructor of new branches. According to the Fund’s model all future business processes conventionally grouped into three blocks of functional features: commercial, operating and monitoring units.
The Fund’s model assumes absolutely new directions and ongoing improvement. For example, such areas as the development of new industries, research and knowledge management, financial controlling and business ethics (Compliance) were included. The process of optimizing the portfolio companies has been significantly improved. Great importance is given to the talent development.
In order to comply with the concept of the future and the new mandate of the Fund, it is planned to move from the detailed operational management of separate subsidiaries to assets portfolio management taking into account the best practices of international investment institutions and sovereign wealth funds.
In addition, the meeting approved the annual report of «Samruk-Kazyna» JSC for 2014 and noted the plan shifting to the target efficiency of the Fund's portfolio. Among the strategic objectives are improvement of the long-term value of companies involved in the diversification and modernization, social responsibility, the transformation of the group of companies, the introduction of the Corporate Governance Code.