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Transformation

‘Kazakhstan 2050 Strategy: New Political Course of the Established State’ outlines Kazakhstan’s aspirational target to become one of the world’s top 30 developed nations. To achieve this aspiration, Kazakhstan will need to make a major breakthrough in terms of investment growth and improved productivity of its existing assets. Samruk-Kazyna controls some of the country’s key assets and has a critical role in setting the necessary conditions to achieve the Strategy goals.

Currently, the Fund’s operational and investment performance indicators are not sufficient to set the necessary conditions to achieve the Strategy goals. To deliver the required improvement in operational and investment performance, the Fund has developed a program of large-scale transformation of the Fund itself and of the portfolio companies it controls (“Transformation program of JSC Sovereign Wealth Fund Samruk-Kazyna”, hereinafter referred to as the Program). The Program was developed by the Fund’s top management and serves as a blueprint which outlines general principles of transformation for the entire Samruk-Kazyna Group, including the Fund and its portfolio companies.

The next critical step will be aligning and detailing these principles jointly with the management of the Fund’s portfolio companies. This work will result in transformation plans for the portfolio companies. The Program encompasses three axes: 1) value improvement in portfolio companies, 2) portfolio restructuring and changing the Fund’s approach to investing, and 3) reforming powers and responsibilities in the Fund’s and portfolio companies’ governance. The implementation of the Program will require substantial changes to the mode of operation of the Fund and its portfolio companies, as well as to the interaction mechanism with the state bodies that are involved in the Fund’s operations.

Meeting the Program’s goals will require not only implementing a number of initiatives, but also changing the mindsets of all stakeholders.

The transformation of Samruk-Kazyna and its portfolio companies will progress in two stages: in the first stage (2014-2015) the Program will involve the Fund itself and three pilot companies, and in the second stage (2015-2016) the Program will cascade into the other portfolio companies. By starting the transformation program the Fund’s group will launch a process of continuous improvement which will become the new corporate norm after completion of the Program.

Samruk-Kazyna Transformation Project Management Office at the Fund level will ensure the success of the transformation program by monitoring progress, reporting, providing centralized guidelines, managing risk and communicating progress to all stakeholders.