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Kazakh Sovereign Wealth Fund works out development strategy to 2022

Business Materials 29 May 2012 11:26 (UTC +04:00)

Azerbaijan, Baku, May 29 / Trend E. Kosolapova/

The Board of Directors of Kazakh Sovereign Wealth Fund Samruk-Kazyna considered the draft development strategy for 2012-2022 at the meeting headed by Kazakh Prime Minister Karim Massimov, the Fund reported on Tuesday.

"The draft strategy of Samruk-Kazyna development for 2012-2022 was approved and submitted for consideration of the sole shareholder of the Fund. According to the draft strategy, the Fund will increase Kazakhstan's welfare through increasing the long-term value of the organizations included in the fund's group and effective management of their assets," the Fund said.

Moreover, the Board of Directors of Samruk-Kazyna approved and submitted the Fund's Charter in the new edition and the Code of Corporate Governance to the sole shareholder.

"The code of corporate governance is aimed at improving and systematization of the Fund's corporate governance, insuring the greater transparency in fund management and confirmation of fund's willingness to meet the standards of good corporate governance," the Fund said.

Moreover, the Board of Directors of Samruk-Kazyna decided to set up a specialized committee under the board of directors of Samruk-Kazyna, which will realize comprehensive and objective analysis of the impact of the Fund's organizations on the development of the economy and sectors of the economy.

The main objective of the Samruk-Kazyna Fund is to manage the shares of the national development institutions, companies and other legal entities belonging to it, to maximize their long term value and increase competitiveness in the world markets.

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