DECISION MAKING
ceivables arising from lending, leasing, doc-
umentary (guarantees), investment and ad-
COMPLIANCE
In accordance with the Fund’s Charter, its
ministrative operations;
management bodies include:
8. Other bodies established in accordance
OF CORPORATE
1. Sole shareholder as the supreme body;
with legislation of the Republic of Ka-
zakhstan.
GOVERNANCE WITH
2. Board of Directors as the management
body;
THE BEST PRACTICE
3. Executive Board as the executive body;
The report on compliance with the seven
4. Office of Internal Audit as the body over-
fundamental principles enshrined in the
REQUIREMENTS IS
seeing financial and business operations of
Corporate Governance Code for
2018 is
the Fund;
posted on the Fund’s corporate website.
5. Credit Committee as the body responsible
80,1%
for the internal credit policy;
According to results of diagnostics of the
6. Assets and Liabilities Committee as the
Fund’s Corporate Governance conducted
body responsible for enhancing the Fund’s
by the Office of Internal Audit Service of
assets and liabilities management with a
DAMU Entrepreneurship Development
ORGANIZATIONAL STRUCTURE
view to their diversification, optimization
Fund JSC for the period 2015-2016, compli-
of financial risks and ensuring financial
ance of corporate governance with the best
Organizational structure helps the Fund ef-
sustainability;
practice requirements is 80.1%.
fectively achieve strategic goals and objec-
7. Committee for Non-Performing Assets
The Fund’s corporate governance diagnos-
tives. The Fund has 22 departments, 2 offices
as the body responsible for recovering re-
tics for 2017-2018 is expected in 2019.
and 16 regional branches.
ORGANIZATIONAL STRUCTURE
COMPLIANCE CONTROLLER
OFFICE
BOARD OF DIRECTORS
OF INTERNAL OFFICE
CORPORATE
SECRETARY
SECURITY
SERVICE
MANAGING
CHAIRMAN
DIRECTOR
OF THE MANAGEMENT BOARD
CHIEF
OF STAFF
DEPARTMENT
OF RISK MANAGEMENT
DEPUTY
DEPUTY
DEPUTY
MANAGING
MANAGING
CHAIRMAN
CHAIRMAN
CHAIRMAN
DIRECTOR -
DIRECTOR -
OF THE
OF THE
OF THE
MEMBER
MEMBER
MANAGEMENT
MANAGEMENT
MANAGEMENT
OF THE EXECUTIVE
OF THE EXECUTIVE
BOARD
BOARD
BOARD
BOARD
BOARD
ANNUAL REPORT 2018
SOLE SHAREHOLDER
MEMBERS OF THE BOARD OF DIRECTORS
Baiterek National Managing Holding JSC
Chairman of the Board of Directors - Yerbolat Askarbekovich Dossayev
(hereinafter, the Holding) is the Fund’s sole
born in 1970, elected as the Chairman of the Board of Directors on October 5, 2017, termination
shareholder.
date - March 13, 2019.
The mission of the Holding is to support sus-
Member of the Board of Directors - Aydar Abdrazakhovich Arifkhanov
tainable economic growth of the Republic of
born in 1974, elected as a member of the Board of Directors on April 5, 2017.
Kazakhstan in order to achieve the goals set
Representative of the Sole Shareholder of DAMU Entrepreneurship Development Fund JSC.
by the Strategy-2050. The Holding is a key
operator in implementation of the state and
Member of the Board of Directors - Bektas Gafurovich Mukhamedzhanov
government programs.
born in 1957, elected as a member of the Fund’s Board of Directors on August 1, 2018.
One of the key tasks of the Holding is to en-
Independent Director - Yelena Leonidovna Bakhmutova
sure the effective and complementary opera-
born in 1962, elected as a member of the Fund’s Board of Directors on September 19, 2018.
tion of the Holding’s group of companies.
Independent Director - Askar Raushanuly Yelemessov
born in 1968, elected as a member of the Fund’s Board of Directors on May 28, 2018.
THE MISSION
Member of the Board of Directors - Abai Serikovich Sarkulov
born in 1981, elected as a member of the Fund’s Board of Directors on April 5, 2017
OF THE HOLDING
IS TO SUPPORT
Members of the Board of Directors of the Fund are citizens of the Republic of Kazakhstan; they do
SUSTAINABLE
not own shares in the Fund, its suppliers or competitors.
ECONOMIC
Detailed information about the members of the Board of Directors is posted on the Fund’s
GROWTH OF THE
corporate website.
REPUBLIC OF
KAZAKHSTAN
In 2018, the following changes occurred in
4. By the decision of the Sole Shareholder
the Board of Directors.
dated August 1, 2018 (No. 31/18), member of
1. In the first quarter of 2018, by the decision
the Board of Directors, independent director
BOARD OF DIRECTORS
of the Sole shareholder dated January 24,
S.Zh Bisekeev was removed from office. B.G.
2018 (No. 02/18), member of the Board of
Mukhamedzhanov was elected a member of
The Board of Directors is a management
Directors, G. T. Dzholdybayeva was removed
the Board of Directors with tenure until ex-
body that ensures strategic management of
from office in accordance with the submit-
piration of tenure of the Board of Directors
the Fund and control of the Management
ted notice. G.B. Tadjiyakov was elected to the
as a whole.
Board of Directors as a representative of the
5. By the decision of the Sole Shareholder
Board’s activity.
Sole shareholder.
dated August 29, 2018 (No. 34/18), member of
2. On March 25, 2018, tenure of independent
the Board of Directors G.B. Tadzhiyakov was
The Board of Directors ensures full transpar-
director Zh.D. Yertlessova expired. By the de-
removed from office. The composition of the
ency of its activities to the Sole Shareholder.
cision of the Sole shareholder dated March
Board of Directors was set in the number of 6
27, 2018 (No. 11/18), the composition of the
(six) people.
The Board of Directors operates in accor-
Board of Directors was set in the number of
6. By the decision of the Sole Shareholder
dance with the legislation of the Republic
6 (six) people.
dated September 19, 2018 (No. 37/18), the
of Kazakhstan, the Charter of the Fund, the
3. By the decision of the Sole shareholder
composition of the Board of Directors was
Corporate Governance Code of the Fund and
dated May 28, 2018 (No. 21/18), the composi-
set in the amount of 7 (seven) people. The
other documents of the Fund.
tion of the Board of Directors was set in the
tenure of independent director O.A. Zhan-
number of 7 (seven) people. A. R. Yelemessov
dossov was established until September 25,
As of January 1, 2019, the Fund’s Board of
elected a member of the Board of Directors,
2018. Y.L. Bakhmutova was elected a mem-
Directors consists of 6 members, including 2
independent director of the Fund with tenure
ber of the Board of Directors, independent
independent directors.
of 3 (three) years.
director with tenure of 3 (three) years. Since
ANNUAL REPORT 2018
September 26, 2018, the composition of the
sentatives of the Sole shareholder, members
ity of loans granted to STB using the funds
Board of Directors was set in the number of
of the Board of Directors, the Fund’s Exec-
from the National Fund of the Republic
6 (six) people
utive Board and other representatives. As
of Kazakhstan, reporting format of private
7. During the fourth quarter of 2018, there
part of sessions in February and September
entrepreneurship
- customers of Damu
were no changes made to the composition of
2018, the issues of adjustment of the Fund’s
Entrepreneurship Development Fund JSC
the Board of Directors.
Ðevelopment Strategy for 2014-2023, qual-
and other topics were considered.
Selection of independent directors is gov-
erned by the Board of Directors Bylaws
PARTICIPATION IN MEETINGS OF THE FUND’S BOARD OF DIRECTORS IN 2018
of DAMU Entrepreneurship Develop-
ment Fund JSC approved by the decision
of the Sole Shareholder dated November
28, 2018, No 53/18.
№ Members of the Board of Directors
Participation
%
REPORT OF THE BOARD
1
Yerbolat Askarbekovich Dossayev
15/15
100%
OF DIRECTORS
AND BOARD COMMITTEES
2
Aidar Abdrazakhovich Arifkhanov
15/15
100%
In 2018, the Board of Directors held 10 in-per-
3
Bektas Gafurovich Mukhamedzhanov (from August 1, 2018)
7/8
88%
son meetings and 5 meetins in absentia. More
than 130 topics were reviewed. In the report-
ing year, the Board Committees held 29 meet-
4
Askar Raushanuly Yelemessov (from May 28, 2018)
11/11
100%
ings. All of these were in-person meetings.
5
Yelena Leonidovna Bakhmutova (from September 19, 2018)
6/6
100%
In addition, at the initiative of the inde-
pendent directors, there were two strategic
6
Abai Serikovich Sarkulov
15/15
100%
sessions held with participation of repre-
BOARD OF DIRECTORS
Members of the Board
Member
Member
Independent Director
Independent Director
Member
of Directors
of the Board of
of the Board of
Yelena
Askar
of the Board
Chairman of the Board
Directors
Directors
of Directors
of Directors
Leonidovna
Raushanuly
Aydar
Bektas
Yerbolat
Abai
Abdrazakhovich
Gafurovich
Bakhmutova
Yelemessov
Askarbekovich
Arifkhanov
Mukhamedzhanov
Serikovich
Dossayev
Sarkulov
Election as the
Chairman of the
Board of Directors
on October 5, 2017,
termination date -
March 13, 2019
ANNUAL REPORT 2018
ACTIVITIES OF THE BOARD COMMITTEES
The Board of Directors of the Fund has
Audit, quarterly risk reports, corporate gov-
Executive Board, Corporate Secretary, etc.
3 committees which are (1) Strategic and
ernance reports, financial statements of the
In 2018, the Committee held 11 in-person
Budget Planning, (2) Audit, and (3) Nomi-
Fund for 2017, etc.
meetings and reviewed a number of topics
nation, Remuneration and Social Affairs. In
including maps of key performance indica-
accordance with the best practices of cor-
Nomination, Remuneration and Social
tors for senior management of the Fund for
porate governance, the Board Committees
Affairs Committee was established to sub-
2017 (functional KPIs), changes in the com-
are headed by independent directors.
mit recommendations to the Board of Di-
position of the Executive Board, a map of
rectors on matters pertaining to human re-
key performance indicators for senior man-
The Board Committees operate in accor-
sources and motivation policy, assessment
agement of the Fund in 2019 (functional
dance with the bylaws adopted by deci-
of activity of the Board of Directors, the
KPIs), etc.
sions of the Fund’s Board of Directors.
By the decision of the Board of Directors dated September 19, 2018
Strategic and Budget Planning Committee
the approved composition of the Committee had the following members:
prepares recommendations and proposals
on the matters pertaining to the develop-
Audit Committee
ment and adjustment of the Fund’s De-
velopment Strategy, approves the Fund’s
Chairman of the Committee
Yelemessov A. R. , independent director
development plans and monitors their
Member of the Committee
Bakhmutova Y. L. , independent director
implementation, submits proposals to im-
prove budgeting and solves other issues.
Member of the Committee
Mukhamedzhanov B. G. , member of the Board of Directors
Nomination, Remuneration and Social Affairs Committee
In 2018, the Committee held 9 in-person
meetings and reviewed more than 29 top-
Chairman of the Committee
Bakhmutova Y. L. , independent director
ics, including preliminary review of the fol-
Member of the Committee
Yelemessov A. R. , independent director
lowing: 2017 Annual Report, 2017 Strategy
Implementation Reports, 2017-2021 Devel-
Member of the Committee
Mukhamedzhanov B. G. , member of the Board of Directors
opment Plans (adjustment), etc
Strategic & Budget Planning Committee
Audit Committee submits recommenda-
Chairman of the Committee
Bakhmutova Y. L. , independent director
tions to the Board of Directors about ways
Member of the Committee
Yelemessov A. R. , independent director
to establish effective oversight of financial
and business operations of the Fund, and
Member of the Committee
Mukhamedzhanov B. G. , member of the Board of Directors
to ensure independence and effectiveness
of internal and external audit and risk man-
The Fund, in accordance with the Board of Directors Bylaws, annually conducts a comprehensive
agement, compliance with corporate gover-
assessment of the performance of the Board of Directors and committees, an individual assessment
nance protocols, etc.
of the activities of directors in accordance with international best practice. At the end of 2018, the
performance evaluation of the Board of Directors and committees was carried out by indepen-
In 2018, the Committee held 9 in-person
dent external experts of the International Finance Corporation (IFC). The purpose of the assess-
meetings and one meeting in absentia
ment was to obtain objective information on the activities of the Board of Directors and commit-
during which more than 80 topics were
tees, as well as the analysis of individual contribution of directors to the work of the Board. As a
reviewed, including preliminary review of
result of the assessment, the strengths of the activities of the Board of Directors and committees
quarterly reports of the Office of Internal
were identified, and recommendations were developed to improve the efficiency of their activities.
ANNUAL REPORT 2018
EXECUTIVE BOARD
The Executive Board is the collegial exec-
interests of the Fund and its Sole Share-
the scope of authority of other bodies and
utive body of the Fund accountable to the
holder.
officials of the Fund according to the leg-
Board of Directors and the Sole Sharehold-
islation of the Republic of Kazakhstan and
er, formed in accordance with the Charter
The Executive Board can make decisions
the Fund’s Charter, including matters within
and responsible for the management of
regarding any matters pertaining to the ac-
its scope of authority according to the leg-
day-to-day operations of the Fund in the
tivities of the Fund, except the matters in
islation and the Fund’s Charter.
COMPOSITION OF THE EXECUTIVE BOARD
Chairman
Deputy Chairman
Deputy Chairman
Deputy Chairman
Managing Director
Managing Director
of the Management
of the Management
of the Management
of the Management
member
member
Board
of the Management
of the Management
Board
Board
Board
Abai
Board
Board
Gaukhar
Daulet
Galym
Serikovich
Aset
Kuanysh
Sarkulov
Asylbekovna
Maksutovich
Nurgazievich
Bulatovich
Serikovich
Buribaeva
Abilkairov
Nurgaziev
Sharipov
Ulasbekov
Election date as
Chairman of the
Executive Board -
February 23, 2017,
termination date -
April 24, 2019
Chairman of the Management Board - Abai Serikovich Sarkulov
Born in 1981, election date as Chairman of the Executive Board - February 23, 2017, termination date- April 24, 2019.
Chairs the Executive Board of the Fund. Responsible for the general oversight, coordination and management of all departments and employees of the
Fund, directly oversees, co-ordinates and directs the activities of the Executive Board members, Assistant to the Chairman of the Board, Chief of Staff,
Managing Director, Department of Risk Management, Security Service.
Deputy Chairman of the Management Board - Gaukhar Asylbekovna Buribaeva
Born in1983, election date as Deputy Chairman of the Management Board - June 27, 2018.
Supervises and coordinates the work of the Apex Department, Department of Guarantees, Department of Subsidies, Department of Program Tools and
Customer Service Department.
Deputy Chairman of the Management Board - Daulet Maksutovich Abilkairov
Born in 1983, election date as Deputy Chairman of the Management Board - May 21, 2014.
Supervises and coordinates the work of the International Cooperation Department, Marketing Department and Borrowing Department.
ANNUAL REPORT 2018
Deputy Chairman of the Management Board - Galym Nurgazievich Nurgaziev
Born in 1972, election date as Deputy Chairman of the Management Board - December 15, 2017.
Supervises and coordinates the work of Managing Director, Government Relations Department, regional branches, Treasury Department, Accounting and
Reporting Department and the Press Secretary.
Managing Director - member of the Management Board - Aset Bulatovich Sharipov
Born in 1982, election date as Managing Director - member of the Management Board - July 3, 2017.
Supervises and coordinates the work of the Monitoring Department, Non-Performing Assets Department, Department for Administration of Financial
Support Tools and Legal Department.
Managing Director - member of the Management Board - Kuanysh Serikovich Ulasbekov
Born in 1984, election date as Managing Director, member of the Management Board - July 3, 2017.
Supervises and coordinates the work of Managing Director, Strategic Analysis and Corporate Governance Department, Business Technology Department,
Department of Information Technologies, Budget Planning Department.
Members of the Executive Board of the Fund are
In 2018, the following changes occurred in the composition of the Executive Board.
citizens of the Republic of Kazakhstan; they do not
1. By the decision of the Board of Directors dated May 31, 2018 (No. 05/2018), Akshanov N.S. was
own shares in the Fund, its suppliers or competitors.
removed from office as Deputy Chairman of Executive Board.
2. By the decision of the Board of Directors dated June 6, 2018 (No. 06/2018), Buribayeva G.A.
Detailed information about the members of
was appointed Deputy Chairman of the Management Board.
the Executive Board is posted on the Fund’s
3. By the decision of the Board of Directors dated September 3, 2018 (No. 08/2018), Finogenova A.V. ,
corporate website.
the Managing Director, member of the Management Board was removed from office.
REPORT OF THE EXECUTIVE BOARD
Board - Akshanov Nurlan Sagyndykovich;
Board
- Gaukhar Asylbekovna Buribaeva;
5. Managing Director, Member of the Manage-
5. Managing Director, Member of the Manage-
ment Board - Kuanysh Serikovich Ulasbekov;
ment Board - Kuanysh Serikovich Ulasbekov;
The rights and responsibilities of the mem-
6. Managing Director, Member of the Man-
6. Managing Director, Member of the Man-
bers of the Executive Board are defined by
agement Board - Aset Bulatovich Sharipov;
agement Board - Aset Bulatovich Sharipov.
the Charter, the Executive Board Bylaws and
7. Managing Director, Member of the Manage-
other internal policies of the Fund.
In
2018, the Executive Board held
197
ment Board - Alyona Valeryevna Finogenova.
meetings, at which it made decisions on
The Executive Board Bylaws established the
the Fund’s operational management and
In 2018, Nurlan Sagyndykovich Akshanov and
procedure for forming and functioning of the
reviewed a total of 980 topics.
Fund’s Executive Board, rights and respon-
Alena Valeryevna Finogenova were removed
sibilities of the members of the Executive
from the Management Board, and Deputy
Board, making and documentation of its deci-
Chairman of the Management Board Gaukhar
THE EXECUTIVE
sions as well as control over their fulfillment.
Asylbekovna Buribaeva was included in the
BOARD HELD MEETINGS
Management Board of the Fund.
At the beginning of 2018, the Executive Board
of the Fund was composed of 7 members, in-
At the end of 2018, the composition of the
cluding:
Fund’s Board included 6 members:
197
1. Chairman of the Management Board - Abai
1. Chairman of the Management Board - Abai
REVIEWED A TOTAL OF
Serikovich Sarkulov;
Serikovich Sarkulov;
2. Deputy Chairman of the Management
2. Deputy Chairman of the Management
Board - Daulet Maksutovich Abilkairov;
Board - Daulet Maksutovich Abilkairov;
980
3. Deputy Chairman of the Management
3. Deputy Chairman of the Management
TOPICS
Board - Galym Nurgazievich Nurgaziev;
Board - Nurgaziev Galym Nurgazievich;
4. Deputy Chairman of the Management
4. Deputy Chairman of the Management
ANNUAL REPORT 2018
THE EXECUTIVE BOARD COMMITTEES
Human Resources Committee, the Change
2) Change Management Committee is the
the decision of the Fund’s Executive Board.
Management Committee, and the Budget
body that improves, automates and stream-
The Committees are managed by the Chair-
Committee are permanent collegial-adviso-
lines existing/new business processes of
men of the Committees. The committees
ry bodies under the Fund’s Executve Board,
the Fund, as well as reviews and pre-ap-
are composed of members of the Execu-
operating within the powers assigned to
proves new products. In 2018, the Commit-
tive Board (no more than 2 (two), including
them by the Executive Board of the Fund.
tee reviewed 220 topics.
other employees the Fund. The Committees
1) Human Resources Committee is the body
3) Budget Committee is the body that de-
consist of the Committee Chairman, which
that ensures the implementation of the hu-
velops the Fund’s budget structure for a
is a member of the Fund’s Executive Board,
man resources policy, develops and imple-
particular fiscal year, develops adjustments
Deputy Chairman of the Committee and
ments professional standards regarding the
to the current budget based on the budget
other members of the Committee with vot-
work content and working conditions, qual-
progress. In 2018, the Committee reviewed
ing power, including the deliberate vote.
ifications and competences of the employ-
190 topics.
ees, develops an integrated human resourc-
The activities of Executive Board Commit-
es planning system. In 2018, the Committee
Personal composition and number of mem-
tees are governed by the Fund’s Commit-
reviewed 734 topics.
bers of the Committees are determined by
tees Bylaws.
OVERSIGHT OF THE FUND
The Office of Internal Audit (hereinafter,
14, 2017, minutes No. 83, the OIA completed
signments, a total of 139 recommendations
the OIA) is responsible for the organiza-
12 audit assignments within the time frame
were issued aimed at reducing risks, im-
tion and implementation of internal audit
set by the AAP, including effectiveness
proving internal controls, further improve-
and oversight of the Fund.
assessment of the enterprise risk manage-
ment of corporate governance and enter-
ment, internal controls system, monitoring
prise risk management. Action plans with
The OIA reports to the Fund’s Board of
the limits of certain administrative costs;
corrective and/or preventive measures
Directors and has a mission to provide the
checking the KPI performance, as well as
were developed based on each of the rec-
necessary assistance to the Board of Direc-
functional KPI performance of the Execu-
ommendations issued.
tors and the Executive Board in performing
tive Board; audit of funds allocation busi-
their responsibilities with respect to the
ness process under the framework of pro-
Assessment of the effectiveness of en-
achievement of the Fund’s strategic goals.
grams for conditional allocation of funds,
terprise risk management
(ERM) and
audit of treasury operations and cash flow
internal controls
(IC) was carried out
The OIA is supervised by the Board’s Audit
management business processes, audit of
by the OIA based on relevant Methods
Committee. The work of the OIA is guided
regional branches in the city of Almaty, Pav-
approved by the decision of the Fund’s
by the legislation of the Republic Kazakh-
lodar, East Kazakhstan, Kyzylorda regions.
Board of Directors. The following scores
stan, the Charter, decisions of the Fund,
were achieved based on the assessment:
the OIA bylaws and other internal policies
On the instructions of the Board of Di-
ERM (85 %), IC (83 %).
of the Fund, as well as international best
rectors of the Fund and Baiterek National
practice in internal audit of the Institute of
Managing Holding JSC, 2 unscheduled in-
On a quarterly basis, the OIA reviews the
Internal Auditors.
spections were carried out regarding imple-
progress of the implementation of its own
mentation of KPI “Number of created jobs”
and external auditor recommendations.
According to 2018 Annual Audit Plan (here-
and on the complaint of Kydyrbaev E.Zh.
The results of these reviews are submitted
inafter, the AAP) approved by the decision
to the Audit Committee and the Board of
of the Board of Directors dated December
According to the results of the audit as-
Directors of the Fund.
ANNUAL REPORT 2018
In accordance with internal audit stan-
The OIA performs a regular internal assess-
According to the results of the assessment,
dards, the OIA team took advanced train-
ment of its effectiveness against key perfor-
the OIA’s performance was rated as “compli-
ing courses on the following topic “Cor-
mance indicators approved by the decision
ant” with International professional standards
ruption: counteraction and investigation”,
of the Board of Directors of the Fund.
of internal audit, the Office of Internal Audit
participated in specialized training work-
Bylaws approved by the decision of the Board
shop COBIT5 “Implementation and Audit”,
Under the Program for Ensuring and Improv-
of Directors dated March 30, 2018, minutes
passed exams and received diplomas on
ing the Quality of Internal Audit, approved
No 02/2018, Rules for organization of internal
internal audit from the Institute of Finan-
by the decision of the Board of Directors
audit of the Fund dated May 31, 2018, minutes
cial Analysts (IFA) (UK), passed exams and
dated May 31, 2018, minutes No. 05/2018, an
No 05/2018, compliance with Ethical Code
received certificates of “Professional Ac-
internal assessment of the quality of the in-
approved by the decision of the Board of Di-
countant of Kazakhstan”.
ternal audit activity for 2018 was carried out.
rectors dated July 25, 2011, minutes No 28.
Aktobe region,
“CaspianPlus” LLP.
Project for the
production of fixing
arrangements.
The company has
received support
through the subsidy
and guarantee
instruments in the
framework
of the 2020 BRM
ANNUAL REPORT 2018
INFORMATION ABOUT EXTERNAL AUDITOR
The Fund hires a professional audit firm (an
sive responsibility of the Sole Shareholder.
In
2018,
“Pricewaterhouse Coopers” LLP
external auditor) through competitive ten-
provided a number of various services:
dering in order to validate and verify the
“Pricewaterhouse Coopers” LLP audited
annual financial statements and assess risk
the financial statements for 2018. “Price-
- Financial consulting services for
management and internal controls systems.
waterhouse Coopers” LLP was paid KZT
a total fee KZT
3,082,000 incl. VAT.
Selection of the audit firm in accordance
10,640,000 incl. VAT for auditing the finan-
The Fund did not hire former employees of
with the established guidelines for audit-
cial statements for 2018.
audit companies that carried out an audit of
ing the financial statements is the exclu-
financial statements.
CORPORATE CONFLICT AND CONFLICT OF INTEREST RESOLUTION POLICY
In accordance with the Policy on the resolu-
The policy defines the practices and proce-
interests of the Fund and the Sole Share-
tion of corporate conflicts and conflicts of
dures for the pre-trial resolution of corpo-
holder.
interest, the officers and employees of the
rate conflicts and conflicts of interest, as well
Fund shall avoid any situations when their
as the actions of the bodies, officers, and em-
The compliance controller initiated chang-
personal interest may affect the proper per-
ployees of the Fund in these processes.
es to the Policy in terms of expanding the
formance of their duties. Personal interests
circle of persons subject to the Policy, as
of the Fund’s officer or employee shall not
The Executive Board and the Board of
well as in connection with the redistribu-
affect the impartial performance of their
Directors are involved in conflict resolu-
tion of functions between structural units
roles and responsibilities.
tion, guided by the reasonable and lawful
and compliance controller.
REMUNERATION POLICY
In accordance with the law of the Republic
the work of the Fund’s Board of Directors.
member of the Board of Directors of the
of Kazakhstan, the Charter, the Fund’s inter-
Fund, the duties of members of the Board of
nal documents, the members of the Board of
Member of the Fund’s Board of Directors
Directors, the scope of the Fund’s activities,
Directors of the Fund may receive remuner-
may have the following types of remunera-
long-term goals and objectives determined
ation and (or) compensation related to their
tion:
by the development strategy, the complexity
performance of functions of members of the
1) a fixed annual fee for membership in the
of issues reviewed by the Board of Directors
Fund’s Board of Directors.
Board of Directors;
of the Fund, the level of remuneration in
2) a fixed annual fee for membership in a
similar companies of private sector are taken
Members of the Board of Directors who
Committee of the Board of Directors as
into account (benchmarking, review of remu-
are representatives of the Sole Share-
Chair of the Committee;
neration).
holder, Chairman of the Management
3) a fixed annual fee for membership in a
Board (in case of his membership in the
Committee of the Board of Directors
In 2018, members of the Fund’s Board of
Board of Directors of the Fund) do not re-
Directors (including independent directors)
ceive remuneration for participation in
When establishing the remuneration of a
were paid a total of KZT 13,853,125.
ANNUAL REPORT 2018
Including (remuneration structure)
Name of member
of the Board
for working
for working in the Committee
of Directors
(including
as the
as the
independent
Remuneration
in the Board
Committee
Committee
Amount
director)
Work in the Board Committees
Total actual
of Directors
Chair
member
paid
Oraz
Chairman of the Strategic and Budget
4 225 636
3 694 543
346 364
184 726
3 431 250
Alievich
Planning Committee, member of the
Zhandossov
Nomination, Remuneration and Social
Affairs Committee
Zhannat
Chairman of the Audit Committee
1 215 278
1 111 111
104 167
0
1 093 750
Dzhurgalievna
Yertlessova
Serikbai
Chairman of the Nomination, Remuneration
2 652 778
2 222 222
208 334
222 222
2 387 500
Zholdybaevich
and Social Affairs Committee, member of
Bisekeyev
the Audit Committee, member of the
Strategic and Budget Planning Committee
Yelena
Chairman of the Nomination, Remuneration
2 199 806
1 845 856
230 952
122 998
1 787 500
Leonidovna
and Social Affairs Committee and the
Bakhmutova
Strategic and Budget Planning Committee,
member of the Audit Committee
Askar
Chair of the Audit Committee, member of
3 604 494
3 072 458
403 509
128 528
2 928 125
Raushanuly
the Nomination, Remuneration and Social
Yelemessov
Affairs Committee, member of the Strategic
and Budget Planning Committee
Bektas
Member of the Audit Committee, Member
2 739 930
2 462 851
0
277 079
2 225 000
Gafurovich
of the Nomination, Remuneration and
Mukhamedzhanov
Social Affairs Committee, Member of the
Strategic and Budget Planning Committee
TOTAL
16 637 921
14 409 040
1 293 326
935 553
13 853 125
Rules for remuneration, performance review,
mining the remuneration amount;
management, ensuring adherence to the
and compensation for the Fund’s executives
- correlation between the size of remuner-
above principles in the work and improves
include the following principles of remuner-
ation and the Fund’s performance , as well
the financial and business performance of the
ation system:
as the personal performance of the senior
Fund through effective planning and goal set-
- correlation between the remuneration and
management.
ting, reliable and fair evaluation of the perfor-
the achievement of targets and goals in the
mance of each member. These factors notably
interests of the Fund and its Sole Shareholder;
A system of key performance indicators is
increase the achievement of corporate and
– simplicity and fairness in deter-
used to assess the performance of senior
individual KPIs by senior managers.
ANNUAL REPORT 2018
Pavlodar region, “Steklomir” LLP. Project for
the construction and modernization of
glass processing plants. The company has
received support through the subsidy and
guarantee instruments in the framework of
the 2020 BRM
North Kazakhstan region, “RiM-KazAgro”
LLP. Fast Food Project.
The company has received support
through the subsidy
instrument in the framework
of the 2020 BRM
ANNUAL REPORT 2018