OREANDA-NEWS. On May 26, 2016, the Board of Directors of JSC NC Kazakhstan Temir Zholy held a meeting chaired by Adamas Ilkevicius, Managing Director for Transformation and Special Projects of JSC National Welfare Fund Samruk-Kazyna.

The meeting discussed the current activities and the prospects of further development of the Company.

Considering the importance and scope of fundamental changes for the Company’s development, the Board of Directors is constantly considering the issue “On the current status of implementation of Transformation program of JSC NC KTZ”.

The expectations of KTZ’s sole shareholder for 2016 – 2020 have been reviewed.

Decisions on early termination of powers of Akbulat Zhagiparov, a member of the Board of JSC NC KTZ, and on election of Eric Imashev, Vice-President for Corporate Procurement, as a member of the Board have been adopted. Bauyrzhan Urynbassarov, Chairman of the Board of Directors of JSC Passenger Transportation, has terminated his powers, and Kanat Alpysbaev has been elected as Chairman of the Board of Directors.

In addition, the Board of Directors has approved amendments to the following documents:

  •  Articles of Association of JSC Locomotive,
  •  Risk Management Policy of JSC NC KTZ,
  •  Rules of Social Support to employees of the central office of JSC NC KTZ.

The meeting has approved a plan of JSC NC KTZ for 2016-2020 adjusted for exchange rate of tenge.

A new Induction Program for newly elected members of the Board of Directors of JSC NC KTZ has been approved.

Separately, the issue on placement and placement price of 85,804 ordinary shares of JSC NC KTZ was reviewed.

The Board of Directors heard reports:

  •  on implementation of the Plan of development of JSC NC Kazakhstan Temir Zholy for the 1st quarter of the current year;
  •  report on risk management with description and analysis of the key risks of the Company, information on compliance with limits, as well as information on the implementation of risk mitigation plans for the 1st quarter, 2016;
  •  on social situation of employees of JSC NC KTZ.

Another item on the agenda was the issue of election of the Corporate Secretary of JSC NC KTZ. It was decided to continue to search for candidates for this position with help of the recruitment companies, and persons that previously took part in the competition shall supplement the missing documents.