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LAW OF THE REPUBLIC OF KAZAKHSTAN

of February 1, 2012 No. 550-IV ZRK

About National welfare fund

(as amended on 03-01-2021)

This Law determines legal status, procedure for activities, the purpose, task and power of National welfare fund, order of interaction of National welfare fund and state bodies, and also separate features of legal status of legal entities which shares (share) belong to National welfare fund, and other organizations entering into group of National welfare fund.

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) indirect possession - ownership of each subsequent organization of Fund of shares (shares in the authorized capital) other organization on the property right or trust management;

2) the companies - national institutes of development, the national companies and other legal entities which more than fifty percent of voting shares (shares) belong to Fund on the property right or trust management;

3) the Development strategy for Fund - the document determining and proving the mission, vision, the purposes and tasks of Fund for management of the companies directed to increase in the long-term cost (value) in the organizations entering into group of Fund, effective management of the assets entering into group of Fund;

4) group of Fund - Fund, the companies, their affiliated organizations which more than fifty percent of voting shares (shares) belong to the companies, and also legal entities whose more than fifty percent of voting shares (shares) belong to the specified affiliated organizations of the companies concerning which this Law establishes special legal status.

Do not enter into group of Fund:

legal entities whose shares (share) arrived in property of the bank entering into group of Fund in case of the announcement of the biddings on implementation of the pledged shares (shares) cancelled according to the civil legislation of the Republic of Kazakhstan;

banks which shares arrived in property of Fund for the decision of the Government of the Republic of Kazakhstan according to the legislation of the Republic of Kazakhstan for the purpose of protection of interests of creditors of bank and ensuring banking system stability of the Republic of Kazakhstan;

5) National welfare fund (further - Fund) - national managing holding.

Article 2. Legislation of the Republic of Kazakhstan on Fonda

1. The legislation of the Republic of Kazakhstan on Fonda is based on the Constitution of the Republic of Kazakhstan, consists of this Law and other regulatory legal acts.

2. If the international treaty ratified by the Republic of Kazakhstan establishes other rules, than those which contain in this Law then are applied rules of the international treaty.

3. The legislation of the Republic of Kazakhstan on joint-stock companies and the legislation of the Republic of Kazakhstan on state-owned property is applied to group of Fund if other is not provided by this Law.

4. The legislation of the Republic of Kazakhstan on investment and venture funds does not extend to the companies entering the list approved by the Government of the Republic of Kazakhstan.

Article 3. Property questions on the share of Fund

Shares of Fund are exclusive property of the state and are not subject to alienation.

Article 4. Purpose and tasks of Fund

1. The purpose of activities of Fund is increase in national welfare of the Republic of Kazakhstan by means of increase in the long-term cost (value) in the organizations entering into group of Fund, effective management of the assets entering into group of Fund.

2. Tasks of Fund are:

1) increase in competitiveness, market value and profitability of the organizations entering into group of Fund;

2) implementation in group of Fund of the best practice of corporate management;

3) stimulation of development and deployment in group of Fund of innovative processes and technologies;

4) participation in investment attraction to the Republic of Kazakhstan, creation of conditions for investment activity of the organizations entering into group of Fund, and also improvement of the investment climate in the Republic of Kazakhstan taking into account the main directions of state policy;

5) development and implementation of investment strategic projects of national, cross-industry and regional scales, participation in development and program implementation of upgrade and diversification of the Kazakhstan economy;

6)  No. 156-VI ZRK is excluded according to the Law of the Republic of Kazakhstan of 24.05.2018;

7) participation in implementation of the socially important, industrial and innovative projects promoting sustainable development of economy of the Republic of Kazakhstan when accounting the features of their realization by Fund established by this Law.

Article 5. Principles of activities of Fund

Activities of Fund are based on the following principles:

1) respect for interests of the state as single shareholder of Fund;

2) profitability, efficiency, transparency and the reporting of activities of Fund and other organizations entering into group of Fund;

3) systemacity and efficiency in decision making and their realization;

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