Astana, Kazakhstan, Sept. 8
By Daniyar Mukhtarov - Trend:
The board of directors approved a program to transform the Samruk-Kazyna National Welfare Fund, the press service of the fund said Sept.8.
The Board of Directors of Samruk-Kazyna JSC at a meeting under the chairmanship of the prime minister of Kazakhstan Karim Massimov in Astana endorsed the program of transformation. The program involves the implementation of the three main objectives: increase of the value of existing assets, portfolio optimization, and improvement of corporate governance," the statement said.
It is noted that in order to increase the value of current assets it is planned to implement re-engineering of business processes, review strategic key performance indicators (KPI) of the portfolio companies and their strategies in terms of achieving the goals of the strategic KPI. The press service of the foundation reported that portfolio optimization suggests simplification of the legal structure of ownership in portfolio companies, elimination of non-core business assets and social projects of the portfolio, as well as the introduction of a new approach of active investment through the redistribution of funds between portfolio companies based on profitability and risk.
There are also plans to improve the efficiency of interaction with the government and regulators, strengthening of sector commands of the fund and the changing of role, powers and authorities of the board of directors within the framework of improvement of corporate governance activity.
"This year, the process of transformation has been launched on a pilot basis in some areas of the fund and the three major portfolio companies - Kazakhstan Temir Joly JSC, KazMunaiGas JSC and Kazpochta JSC," the press service said.