OREANDA-NEWS. March 21, 2014. Board of Directors of Samruk-Kazyna on a meeting chaired by Kazakhstan's Prime-minister Serik Akhmetov took a decision to extend the Fund's Management Board by way of incorporating a Chief Development Officer.

The mentioned changes were brought about by the need for transforming the Fund's operational model and introducing a new organizational structure approved by decision of the Fund's Management Board.

"This decision is in line with our objective of shaping the Fund's business according to a strategic holding model which provides for development of such key lines as investment management, single treasury, corporate finance. These lines are supervised by the Chief Development Officer", – clarified CEO of the Fund Omiruzak Shokeev in his speech during the meeting.

CDO of the Fund is Berik Beisengaliev, who up until now as a managing director of Samruk-Kazyna had supervised units in charge of investment activities, corporate finance, financial assets management and treasury.

Thus, the Fund's Management Board has been extended to 6 members as follows: CEO O. Shokeev, deputy CEOs Elena Bakhmutova and Dauren Erdebay, CDO Berik Beisengaliev, as well as managing directors – members of Management Board Nurlan Rakhmetov and Talgat Sarsenbaev, whose positions according to the new structure were defined as Financial Director (FD), and CLO – Chief Law Officer.

In addition, Board of Directors of Samruk-Kazyna gave its consent to appointment of deputy CEO D. Erdebai a member of Board of Directors of NC KazMunayGaz.

In the course of the meeting the Regulations on internal control system of Samruk-Kazyna were approved, which definesprinciples of its operation, key areas, main components and procedures. Main tasks of the system are operating efficiency increase; ensuring intactness of assets and effective resources utilization; ensuring the completeness, reliability and credibility of financial and managerial accounts; reduction of the probability of emergence of risks and amount of possible losses etc.

Board of Directors has also approved the Risks report for the 4th quarter 2014.