Reshuffle of board of directors expected in Kazakh national companies
Kazakhstan, Astana, April 4 / Trend D. Mukhtarov /
The criteria for the selection of members of the board of directors in the national company members of the Sovereign Wealth Fund of Kazakhstan 'Samruk-Kazyna' will be revised, the deputy chairman of the Fund, Kuandyk Bishimbayev, said on Wednesday at a round table meeting dedicated to the discussion of the main strategic directions of the Fund for 2012-2020.
"We had a staff analysis of the board of directors which has shown that it consists of people with similar characteristics. That means there is no polarity of viewpoints, or simply do not have sufficient skills to be represented on the Board," Bishimbayev said.
He said that in this regard clear criteria for the selection of directors will be developed for it to be objective, professional and independent. In addition, he said, the Fund will pay attention to the composition of independent directors.
"We plan to increase the share of independent directors in companies to at least 50 per cent," said Bishimbayev.
Sovereign Wealth Fund 'Samruk-Kazyna' was established by decree of President of Kazakhstan Nursultan Nazarbayev dated October 13, 2008.
The Fund was established to improve the competitiveness and sustainability of the national economy and prevent the possible negative impact of changes in world markets on the economic growth of the country.
The main objective of the Fund is the management of shares (stakes) of the national development institutions and companies and other legal entities belonging to it to maximise their long-term value and increase competitiveness in world markets.