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19 April 2018
Board Meeting on Samruk Kazyna National Welfare Fund Management

Bakytzhan Sagintayev, Prime Minister, Alibek Dzhaksybekov, Head of the Presidential Administration, Daniyar Akishev, Chairman of the National Bank, Akhmetzhan Esimov, Chairman of the Board of Samruk Kazyna JSC, Deputy Prime Ministers Askar Mamin and Askar Zhumagaliyev, Alikhan Smailov Assistant President, Zhenis Kasymbek, Minister for Investments and Development, Timur Suleimenov, Minister of National Economy, Bakhyt Sultanov, Minister of Finance, Kanat Bozumbayev, Minister of Energy, R. Evans, Independent Director of Samruk Kazyna JSC,  and heads of national companies and enterprises have also attended the meeting.

Issues related to the adoption of the updated Samruk Kazyna Development Strategy and the Fund's Transformation Program were discussed during the meeting.

Opening the meeting, the President of Kazakhstan noted the strategic importance of Samruk Kazyna National Welfare Fund in the national economy’s strengthening and further development.

- Samruk Kazyna plays an important role in the national economy. The Fund’s first long-term development strategy was adopted in 2012. It was designed to counter the effects of the global financial crisis. In recent years, the situation has changed. Resisting external factors, our economy has taken the path of stable development. A lot of work has been done, Nursultan Nazarbayev said.

The Head of State positively assessed the activities aimed at the development of the Fund, and pointed out the need to update previously adopted programs in accordance with modern conditions.

- We started the Third Economic Modernization, and the active work began on digitalization. The country's development strategy was adopted until 2025. Under these conditions, it is time to adopt the new Development Strategy of Samruk Kazyna. We also need to update the Fund's Transformation Program. The Program’s results should be reflected in the activities of the Fund's companies, the President of Kazakhstan said.

During the meeting, Bakytzhan Sagintayev, Prime Minister and the Chairman of Samruk Kazyna JSC Board of Directors, Akhmetzhan Yessimov, Chairman of the Board of Samruk Kazyna JSC, R. Evans, Independent Director of Samruk Kazyna JSC made their reports. The meeting participants were presented with the updated Development Strategy of Samruk-Kazyna JSC for 2018-2028 and the Transformation Program. Particular attention was paid to the human capital development of human capital and effective use of the human resources of the Fund.

After listening to the speakers, Nursultan Nazarbayev drew the attention of those present to a number of issues that require appropriate measures.

- Concerning the improvement of the Fund’s management efficiency. Until now, the multi-level system of management of the Fund’s companies continues to operate. This complicates decision-making, requires considerable financial resources to maintain a large number of administrative and managerial personnel. It is necessary to reduce the levels of government, the Head of State said.

The President of Kazakhstan has also paid attention to the importance of continuing work on privatization of the Fund's assets, noting the high interest of foreign investors in participating in this program.

Nursultan Nazarbayev separately focused on digitalization of the Fund's companies, emphasizing the relevance and timeliness of this program in the conditions of the Fourth Industrial Revolution.

In addition, the Head of State pointed to the need to make systemic decisions with respect to the Fund’s major investment projects.

Following the meeting, the President of Kazakhstan approved the updated Development Strategy of Samruk Kazyna JSC for 2018-2028 and the Fund's Transformation Program and instructed to ensure special control over their further implementation.

- The National Welfare Fund’s activity should be aimed at improving the lives of Kazakhstan’s citizens and strengthening the national economy. The updated Development Strategy and the Transformation Program will not only improve the Fund's performance, but also positively influence the further development of the national economy. In this regard, the Government, together with the Fund’s leadership, should carry out active work to implement these programs, Nursultan Nazarbayev concluded.


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