8. The governing body(ies) should act in the best interests of the SWF, and have a clear mandate and adequate authority and competency to carry out its functions.
The Board of Directors sets policies aimed at achieving the objectives - investment policy, risk management policy, corporate social responsibility policy, information disclosure policy, debt policy and others. The Board of Directors of the Fund has reasonable and adequate authority to carry out its functions. It is empowered to approve and to monitor medium-term development plans, to approve of the annual budget, to increase in the Fund's liabilities, to acquire shares of other entities. The Board of Directors establishes Committees under the Board of Directors and appoints members of the Management Board of the Fund, except for the CEO of the Fund. A special minimum standard of competency for the members of the Board of Directors, as well as Board of Directors's role, responsibilities, the terms of office are set in the Regulations on the Board of Directors of the Fund.
The Fund’s Board of Directors consists of members of the Government of RoK, CEO, independent directors and other persons. The Chairman of the Fund's Board of Directors is, ex officio, the Prime Minister of the Republic of Kazakhstan. The size of the Fund's Board of Directors is determined by the Charter of the Fund; the number of Independent Directors should be at least two-fifths of the total number of member of Board of Directors of the Fund. The role and functions of the Chairman of the Fund's Board of Directors and CEO of the Fund are clearly segregated and set out in the Fund's Charter. In compliance with the Law of the Republic of Kazakhstan No.156-VI dated May 24, 2018, since January 1, 2020 the size of the Board of Directors shall be formed of the number of following persons: the First Head of the Central Competent Authority on State Planning – the representatives of the Fund’s Sole Shareholder, Assistant to President of the Republic of Kazakhstan, four independent directors and CEO of the Fund. The Chairman of the Fund’s Board of Directors shall be elected by secret voting of the number of independent directors by a majority of votes of the total number of members of the Board of Directors.
Members of the Fund's Board of Directors who are state officials shall not receive separate remuneration for their membership in the Board of Directors and its Committees.