lity. Fund is subject to large businesses with an annual average number of employees more than 250, and the average price of assets for the year that is equal to 325 MCI. The company s assets are $ 86, 9 billion and the number of employees of the all holding is 260 thousand people.Fund Samruk-Kazyna has 44 subsidiaries, and with affiliated entities, their total number reaches 404. The Fund owns 100 percent of shares of 29 subsidiaries (for instance such companies like Kazakhstan Temir Zholy and KEGOC), and also it owns from 1 till 75 percent of other companies shares.of «Samruk-Kazyna» as a management company are based on the principles of modern corporate governance system. The Fund evaluates corporate governance on three major components: structure, process and transparency.to the approved structure of the Fund s overall management of the company is controlled by The Board of Directors, which delegates the tasks of the current activities of the Board, headed by its Chairman. The duties and authority of the Board of Directors of the Fund is to develop and make decisions on key issues of long-term development of the company in charge of sustainable development objectives of the Fund and the relevant provisions of the Fund s Strategy.October +2009 Council of Corporate Secretaries functions in the Fund. The Council s mission is to improve policies and practices of corporate governance in the group of companies «Samruk-Kazyna» by improving the efficiency of corporate secretaries who work in companies of the Fund.Fund is a code of corporate governance and code of ethics that define the company s values ??and principles of its operation and external communications.determine the effectiveness of corporate governance in subsidiaries and affiliated companies, the Fund uses its own methods of diagnosis of corporate governance. The developed technique is based on best international standards of corporate governance practices. The aim is to improve the diagnosis of corporate governance of the Fund through a structured and consistent approach to assessing and developing their corporate governance systems based on best practices. The present method allows determining the rating of compliance with best practice corporate governance and is a tool for continuous monitoring of the process of improving corporate governance in the companies of the Fund.high level of corporate governance not only affects an economic performance of the company, increase transparency, usefulness of decision-making process, but also has positive effect on the perception of investors.to the Diagram №1, company s structure includes individual workers and management services, all they interact through linear and functional connections.
Diagram №1. Organizational structure of Samruk-Kazyna JSC
The supreme organ of the Fund is the sole shareholder, the government of the Republic of Kazakhstan. It has an exclusive competence in some matters like for instance voluntary reorganization or liquidation of the Fund.management of the company is done by the Board of Directors, which consist of 12 members. The chairman of the Board of Directors is Prime Minister of Republic of Kazakhstan. The Board of Directors makes decisions on such issues like: of the development plan of the Fund; of the order of development, approval, monitoring and evaluation of implementation, reporting on implementation of the development plan of the Fund, as well as the requirements for its content; and performance analysis, evaluation of the implementation of the Fund s development; of key performance indicators of the Fund within the development plan of the Fund; of the annual budget of the Fund; the procedure for assessment of corporate governance in the Fund ; Chairman of the Board of Directors organizes the work of the Board of Directors, convenes meetings of the Board of Directors of the Fund and presides over them, leads and signs the minutes of the meeting.Chairman of the Management Board organizes the implementation of decisions of the sole shareholder, the Board of Directors and the Management Board; without power of attorney on behalf of the Fund in its relations with third parties, allocates responsibilities and areas of authority and responsibility among the members of the Board and other.Internal Audit Service Fund created by the Board of Directors of the Fund to exercise control over financial and economic activities of the Fund's assessment of internal control, risk management systems, execution of documents in the field of corporate governance and counseling to improve the performance of the Fund. The Internal Audit Service reports directly to the Board of Directors about its work. Tasks and functions, rights and responsibilities and operation of the Internal Audit Service of the Fund determined by the Regulations on Internal Audit Service of the Fund, appro...
