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Samruk-Kazyna not seeking to pin-pointedly sack relatives of mighty people: Fund’s Head

16 февраля 2012, 11:59
Umirzak Shukeev. RIA Novosti©
Umirzak Shukeev. RIA Novosti©
Samruk-Kazyna Sovereign Wealth Fund plans to draft its strategy as early as in the Q1 2012, Kommersant.ru quoted the Fund’s Head Umirzak Shukeev as saying in an interview.

“I am surprised that there is no strategy in place up to now. The newly passed legislation regulating the Fund’s operations requires a ten-year strategy for all the Fund’s companies. There is a 5-year-long plan. But we don’t have a long-term strategy. In the Q1 2012 we will complete drafting the strategy for the Board to consider”, Mr. Shukeev said.

According to him, “the strategy should provide answers to two questions: how to boost market value and how to enhance corporate governance”.

Mr. Shukeev reminded that February 1 President Nazarbayev the new law on the Fund’s operations. From now on the Government will be directly managing the Fund through the Board of Directors. The number of independent directors will be brought from 33% to 40%.

In a separate statement Mr. Shukeev said that “the Fund will not be deliberately getting rid of relatives of famous people as some media have suggested. Employees will only be evaluated on the basis of their professionalism”.

January 27, 2012 President Nazarbayev instructed Umirzak Shukeev, Head of Samruk-Kazyna Sovereign Wealth Fund, “to optimize the headcount of ministries, regional governors’ offices … optimization is not the goal in itself. We should get rid of those who don’t work hard”.

“[Recently appointed to the position] Mr. Shukeev has seen how many highly-paid penpushers are employed with companies that are part of the Samruk Kazyna Fund (…) He is to come up with recommendations of how to optimize national companies and government-owned enterprises”, President said at that time.

Samruk-Kazyna is a joint stock company in Kazakhstan which owns, either in whole or in part, many important companies in the country, including the national rail and postal service, the state oil and gas company KazMunayGas, the state uranium company Kazatomprom, Air Astana, and numerous financial groups.

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