11 January 2012The Senate (upper house of Kazakhstan parliament) passed a law that increases the autonomy of the National Welfare Fund, Samruk-Kazina, Vice Minister of Economic Development and Trade Marat Kusainov said.
Mr Kusainov noted that the law introduces principles of corporate governance in the Samur-Kazina group of companies and provides the provision of funds and organisations, which is part of the fund, giving them the ability to make decisions on current issues of economic activity.
The law also limits the intervention of public authorities in the fund and its member companies' activity. The Government will monitor the activities of Samur - Kazina by participating in important decisions made by the board of directors whose head is Prime Minister Karim Masimov.
Mr Kusainov said the law has been developed in relation to the intensification of competition, including the Customs Union and Common Economic Space, which requires greater flexibility and mobility from Samur - Kazina to respond to changing market conditions, including procurement.
Samur - Kazina was created to enhance the competitiveness and sustainability of the Kazakh economy and to prevent any possible negative impact of changes in world markets on economic growth in the country. The main purpose is management of its ownership shares (stakes) of the national development institutions, national companies and other entities to maximise their long-term value and competitiveness in world markets.