'Management Board and its Committees
- Moscow State Institute of International Relations of the Ministry of Foreign Affairs of the Russian Federation, Faculty of International Economic Relations (1996-2001) - Bachelor of Economics, Master of Economics, Candidate of Economic Sciences
In 2001-2003, Nurlan Karshagovich worked as the Financia Analyst at the Eurasian Industrial Association (ENRC) In 2003-2004, he hold the position of the Business Manager at Chambishi Metals PLC (Zambia, Kitwe) and 2004 - 2007 - the Project Manager at Research, Investment and Development Ltd. In 2007-2009, he worked as the Analyst for the value of the company’s shares traded on the stock exchange, the Credit Suisse basic materials team. In 2009-2011, he worked as the Managing Director, Member of the Management Board of JSC “National Mining Company “Tau-Ken Samruk”. In 2011-2012, he became the Director of the Investment Banking Department, the Head of the Representative Office in Astana of JSC “Subsidiary Bank “RBS (Kazakhstan)”. In 2012-2016, he took the position of the Executive Director of the Investment Banking Department, Head of the Representative Office in Astana of UBS AG Almaty Representative Office. In 2016-2017, he was the Managing Director for Development and Investment - Member of the Management Board of JSC “NAC “Kazatomprom”. In 2017-2019, he served as the CEO of JSC SEC Astana. In 2019-2020, he was the Representative in Kazakhstan of Rothschild & Co. From 2020 to April 2023, he worked as CEO of Kazakhstan Investment Development Fund (KIDF) Management Company Ltd. On April 04, 2023, he was appointed CEO of JSC “Sovereign Wealth Fund “Samruk-Kazyna”.
- Kazakhstan Institute of Management, Economics and Forecasting, (KIMEP), majoring in “Accounting”;
- Manchester Business School, University of Manchester, UK, Master’s Degree in Accounting and Finance.
Over the years, Yernar Beisenuly has worked for Philip Morris Kazakhstan, and PricewaterhouseCoopers, the international auditing firm. In 2016, he was appointed to the position of Financial Controller of Samruk-Kazyna JSC with subsequent approval as Managing Director for Finance and Operations and Co-Managing Director for Economy and Finance - a member of the Management Board of Samruk-Kazyna JSC. At the moment, he is the Managing Director for Development and Privatization – a member of the Management Board of Samruk-Kazyna JSC.
- University of Wisconsin Richland Center, USA, specialty “Business Administration”.
Nazira Nurtuleuovna began her career in 1998 at the PriceWaterhouse Branch. From 2002 to 2003, she worked as the Senior Consultant in tax services. From 2003 to 2004, she took the position of the Senior Tax Advisor at LUKOIL Overseas Services, Ltd. From 2004 to 2014, she served as the Senior Manager in PriceWaterhouseCoopers Tax & Advisory LLP. From 2014 to 2020, she held the position of the Director of PriceWaterhouseCoopers Tax & Advisory LLP. From June 2020 to April 2021, she worked as the Partner at Deloitte TCF LLP. Since April 2021, she has been appointed to the position of Managing Director for Economy and Finance of Samruk-Kazyna JSC - a member of the Management Board of Samruk-Kazyna JSC.
- 2007-2010 University of Toronto, Canada, Public Policy and International Studies;
- 2015-2018 University of Warwick, UK, Master of Business Administration.
Yernat Kudaibergenovich began his career in 2011 in Samruk-Kazyna JSC. In the period from 2013 to 2018, he held the positions of Director of various Departments and Adviser to the Chief Executive Officer of Samruk-Energy JSC. From 2019 to 2021, he worked at Whiteshield Partners as the Project Manager. Since 2021, he took the position of Co-Managing Director for Strategy, Sustainable Development and Digitalization of Samruk-Kazyna JSC. Since February 2022, he has been Managing Director for Strategy and Asset Management - member of the Management Board of Samruk-Kazyna JSC.
- T. Ryskulov Kazakh University of Economics, majoring in Accounting & Audit.
Nikolai Yurievich began his career in 2001 and worked in insurance companies as a financial analyst until 2005. In the period from 2006 to 2016, he worked at Pricewaterhousecoopers Tax and Advisory LLP. From 2016 to 2020, he held the positions of the Director of the Internal Audit Service and Adviser to the Chief Executive Officer of Kokshetau Mineral Waters JSC and East Kazakhstan Regional Energy Company JSC. From 2020 to 2022, he worked as the Deputy Chairman of the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan. Since February 2022, he has been working as the Managing Director for Legal Support, Counselling and Risks.
- Moscow Institute of Physics and Technology in the specialty “System Integration and Management”
Yelzhas Muratovich started his career in 2007 and worked in the consulting company “E&Y” in Moscow as an analyst until 2009. In the period from 2009 to 2012 he held the position in National Mining Company “Tau-Ken Samruk” JSC, and from 2012 to 2014, he worked for Samruk-Kazyna JSC in the Investment Projects Department. From 2014 to 2016 he took the position of the Director of the Project Analysis Department of the Fund’s Investment Activities in Samruk-Kazyna Invest LLP. From 2016 to 2019, he worked as the Project Director of the New Projects Development Department, then as the Head of the Mining Assets Development Sector of the Asset Development Department of Samruk-Kazyna JSC In the period from 2019 to 2021 Yelzhas Muratovich held the position of the Deputy General Director for Investment and Development in PlanetCare Management LLP. From May 2021 to April 2023, he served as the Deputy CEO of Kazakhstan Investment Development Fund (KIDF) Management Company Ltd.
Performance Report of the Management Board
In 2022, 70 meetings of the Management Board were held, 55 of them in-presence and 15 absentee meetings. 381 issues were considered, 365 of them in in-presence format.
The most important issues considered by the Management Board of the Fund are as follows:
- Approval of the annual financial statements of the Fund’s Portfolio Companies for 2021;
- Election of the Boards of Directors and Supervisory Boards of the Fund’s Portfolio Companies;
- Coordination and/or appointment of the CEOs of the Fund’s Portfolio Companies;
- Replenishment of the authorized capital of the Fund’s Portfolio Companies;
- Amendments to the Charters and other internal regulatory documents of Portfolio Companies of the Fund;
- Pre-approval and submission of issues for consideration of the Board of Directors of the Fund;
- Approval and/or amendments to the internal regulatory documents of the Fund;
- Changing the organizational structure and staffing of the Fund;
- Fund’s budget adjustment;
- Privatization issues;
- Approval of the related-party transactions of the Fund.
Plans for 2023
In 2023, it is planned to consider:
- Issues of the Fund current activities;
- Fund transactions (related-party and/or large transactions);
- HR issues of the Fund (organizational structure, staffing);
- Issues of Portfolio Companies (appointments, election of supervisory boards/boards of directors, annual financial statements, internal regulatory documents, increase in the authorized capital/number of shares, issues of participation in other legal entities, etc.);
- Approval or amendments to internal regulatory documents of the Fund;
- Reports (reports of the structural subdivisions of the Fund and reports submitted to the Board of Directors of the Fund).
Committees under the Management Board
In order to improve the effectiveness of decisions taken by the Management Board, there are seven committees: Investment and Strategy Committee; HR Committee; Labor Protection, Occupational Safety and Environmental Protection Committee; Sustainable Development Committee; Information Security Committee; Scientific and Technical Council and Modernization Council.
Investment and Strategy Committee
The objective of the Investment and Strategy Committee is to assist in increasing efficiency in decision-making when managing the Fund’s Asset Portfolio to achieve the Fund’s strategic KPIs by presenting a platform for discussion, developing recommendations and proposals on the following issues (including ensuring taking risk-based decisions):
- Strategic Development of the Fund and Portfolio Companies;
- Management of the Fund’s portfolio of assets and the portfolio of investment projects of the Fund and Portfolio Companies;
- Risk management (financial, investment and operational);
- Implementation of the Investment Policy, Credit Policy, Debt Management and Financial Sustainability Policy;
- Implementation of Corporate Standards for investment activities, strategic and business planning, management of large capital projects.
In 2022, 70 meetings of the Investment and Strategy Committee were held.
HR Committee
The purpose of the HR Committee is to ensure the coordination and implementation of the Fund’s HR Policy, preparation of recommendatory decisions on human resource management, and providing of methodological and expert and analytical support in the field of HR for the Fund Group.
The composition of the HR Committee is determined by the decision of the Management Board of the Fund and consists of at least five permanent members, including the Chairman of the HR Committee. Representatives of the Working Body and the Secretary of the Committee (without the voting right) take part in the work of the HR Committee.
In 2022, 9 meetings of the HR Committee of the Fund were held, of which 7 in-presence meetings and 2 absentee meetings. In total, 30 issues were considered, on which 59 decisions were taken.
In particular, the following issues were considered at these meetings:
- issues of assessment of positions (grades) of individual employees of the Fund;
- issues of evaluation of individual employees of the Fund based on results of H1 2022;
- issues of training and professional development of employees of the Fund;
- issues on remuneration of employees of the Fund group on the Independence Day of the Republic of Kazakhstan and the Republic Day of the Republic of Kazakhstan.
Modernization Council
The main purpose of the Modernization Council is to manage and coordinate activities aimed at implementing the Transformation Program in the Fund Group and introducing advanced practices, technologies and standards for effective management of Companies.
The Council is a collegial consultative and advisory body under the Management Board of the Fund, the decisions of which should be taken into account when implementing the Transformation Program.
The main tasks of the Modernization Council are:
- determination of the content, main directions, financing issues, key performance indicators, coverage and timing of the implementation of the Transformation Program;
- coordination of the introduction of the Transformation Program in the functional areas of the Fund and the Companies;
- ensuring communication between the participants of the Transformation Program in the Fund and the Companies;
- control over compliance with unified quality requirements for the introduction of the Transformation Program;
- monitoring the implementation of the Transformation Program, assessing, analyzing the results of the introduction of changes, adjusting the Program itself;
- prompt consideration of issues and problems arising during the implementation of the Transformation Program, including issues and problems of a general nature for several Companies;
- initiating the submission of issues for consideration of the relevant bodies of the Fund and state bodies of the Republic of Kazakhstan within the framework of the implementation of the Transformation Program.
Scientific and Technical Council
The Scientific and Technical Council of Samruk-Kazyna JSC was established in 2019. The main role of the Council consists of a collegial and transparent decision-making process, selection, accounting, monitoring and control over R&D and innovation projects to ensure national welfare.
In 2022, 5 meetings of the Scientific and Technical Council were held, as a result of which 70 promising projects were approved. In general, more than 120 applications for research and development were considered.
The Corporate Standard for R&D and Innovation of Samruk-Kazyna JSC has been approved in the new version, which regulates a unified approach to the management of R&D and innovation portfolio of the Fund group.
HSE Committee
The purpose of the work of the HSE Committee is to develop recommendations for the Management Board of the Fund and representatives of the Fund on the PC Boards of Directors, as well as to coordinate the activities of Portfolio Companies in the field of occupational safety aimed at improving the work to ensure personal safety and trouble-free production in the group of the Fund companies.
The HSE Committee has been successfully serving for three years as a platform for dialogue on discussing problematic issues, exchanging experience, as well as submitting strategic initiatives and ideas in the field of occupational safety (hereinafter - OS) for consideration.
In 2022, 5 HSE Committee meetings were held, during which the following topical issues were discussed:
- progress and results of PC activities in the field of occupational safety, including monitoring of the status of implementation of the Health & Safety Action Plan within the framework of the announced “Year of Safety and Labor Protection” in the group of Samruk-Kazyna JSC companies;
- Results of accident investigations and measures taken;
- unification and development of internal regulatory documents based on best practices;
- consideration of a number of solutions for the OS processes digitalization.
Thus, the activities of the HSE Committee in 2022 were aimed at reducing injuries in the group of the Fund Companies. The number of injured persons in 2022 as a result of industrial accidents decreased by 16% from 133 to 111 people as compared to 2021 through the functioning of the HSE Committee. The LTIF coefficient was 0.16 decrease in the FAR (Fatal Accident Rate) fatality rate by 11%.
Sustainability Committee
The purpose of creation of the Sustainability Committee is to elaborate recommendations for the Management Board of the Fund and its representatives on the PC Boards of Directors, as well as to coordinate measures carried out by Portfolio Companies in the field of sustainable development, namely:
- Introduction of the system of systematic and continuous adherence to the sustainable development principles;
- Development of the effective system of interaction with stakeholders, confirmation of the Company’s commitment to sustainable development standards;
- Ensuring the achievement of the strategic goals of the Fund and the PCs without compromising their sustainability in the long term, considering interests of stakeholders.
In 2022, one meeting of the Sustainable Development Committee was held on topical issues of sustainable development for the Fund group of companies, including energy and resource conservation.
Information Security Committee
The purpose of creation of the Information Security Committee is to develop recommendations for the Management Board of the Fund, on the construction and development of a unified information security system in the Fund Group, as well as the organization of interaction with state bodies, PC information technology subdivisions and other persons on information security issues.
During the reporting period, meetings of the Information Security Committee were held within the framework of the IT Council, at which recommendations were developed on issues of ensuring information security in Portfolio Companies. The strategies of information security of Portfolio Companies and projects to improve the level of security information are also considered.