Sustainable development

Investment Fund of Kazakhstan JSC (hereinafter referred to as the Fund) is aware of the importance of its economic and social activities and strives to ensure a high level of transparency for internal and external stakeholders. Since 2014, the Fund has been disclosing the results of its activities on an annual basis in the annual reports presented on the corporate website:

Sustainable development of the Fund is a set of principles and obligations that guide the Fund in carrying out its activities, in terms of:

1) managing relationships with stakeholders;

2) assessment and management of the impact on the national economy, social sphere and environment.

As part of the implementation of this principle, the Fund and its subsidiaries are aware of the importance of their influence on economy, environment and society to ensure sustainable development in the long term, and also form and approve common policies, guidelines and corporate standards for its subsidiaries. By the decision of the Board of Directors of the Fund dated April 26, 2019, Sustainable Development Policy of Investment Fund of Kazakhstan JSC was approved, within the framework of which an action Plan for the implementation of sustainable development was developed. One of the first stages in implementing the principles of sustainable development in the Fund will be participation in external conferences/round tables/seminars on sustainable development/ green finance, as well as participation in environmental protection events. In accordance with the provisions of the Policy, the sustainable development management system clearly defines and establishes the roles, competencies, and responsibilities of each body and all employees for implementing the principles, standards, and plans in the field of sustainable development.

The Fund's Board of Directors provides strategic guidance and control over implementation of sustainable development, and the Fund's Management Board prepares an appropriate action plan.

In addressing the challenges of sustainable development, the Fund relies on its mission, the provisions of the Fund's Development Strategy, and uses international standards of conduct and principles specified in international standards in the field of sustainable development.

Reference to Sustainable Development Policy

The Fund is aware of the importance of its impact on the economy, environment and society to ensure sustainable development in the long term:


The Fund's approach

Economic component

The economic component directs the activities of the Company and its subsidiaries to the profitability of their activities, ensuring the interests of shareholders and investors, improving the efficiency of processes, increasing investment in creation and development of high technologies, and increasing labor productivity.

Environmental component

The environmental component contributes to minimizing the impact on biological and physical natural systems, optimal use of limited resources, and use of environmentally friendly, energy - and material-saving technologies.

Social component

The Fund is guided by the principle of equal opportunities and does not discriminate against its employees when hiring, paying, providing access to training, promotion, dismissal on such grounds as: gender, race, language, religious, political or other beliefs, citizenship, national or social background, limited capabilities.

The Fund identifies corruption risks, implements and supports anti-corruption policies and practices, and raises awareness of its officials, employees, and contractors on corruption and anti-corruption issues.

The Fund's activities are guided by the following principles of sustainable development set out in the CGC of the Fund: openness, accountability, transparency, ethical behavior, respect for the interests of stakeholders, legality, respect for human rights, intolerance of corruption, and prevention of conflicts of interest.

The Fund also declares adherence to the principles of the UN Global Compact:

According to Sustainable Development Policy, the Fund considers the possibility of implementing the concept of "green office", an important component of which is an information campaign aimed at increasing the level of environmental awareness of employees.

The Fund is located in a business center built with eco-friendly materials. The building has modern engineering systems with energy-efficient equipment, as well as autonomous and remote control and monitoring of equipment. In order to save energy, the business center has motion sensors installed.

The Fund supports a precautionary approach to environmental issues, as well as initiatives aimed at increasing responsibility for environment condition. The Fund strives to apply best international practices in the field of environmental protection and social impact of funded projects and other activities.

In order to reduce the use of paper for office needs, as well as optimize business processes, the Fund is gradually switching to 100% electronic document management.

Interaction with stakeholders

Identifying stakeholders and working with them is one of the Fund's tools that allows improving the business reputation of the company, its capitalization, and establishing effective and balanced relationships with all stakeholders.

In order to determine the list of stakeholders and the degree of their influence, the Management Board of the Fund approved the stakeholder map of Investment Fund of Kazakhstan JSC in 2019.   The approved stakeholder ma­p defines the list of key stakeho­lders and the degree of their influence, and also allows systematizing and visual­izing information about the environment of the Fund and its subsidiaries, in order to build an adequate strategy for working with each of the stakeholders.

Main forms of interaction with stakeholders are: joint programs and projects, memoranda of cooperation, joint working groups, reporting on activities, meetings, publications, interviews, etc.

Effective interaction with stakeholders will allow:

  • combining resources (knowledge, personnel, money, and technology) to solve problems and achieve goals;
  • assessing the external environment, including the development of markets and identifying new strategic opportunities;
  • improving business processes;
  • implementing a policy of openness and transparency.

Personnel policy

The key areas of HR policy are:

  1. Strategic HR planning
  2. Organizational development
  3. Recruitment and adaptation of personnel
  4. Increasing the level of employee engagement.
  5. Performance management: employee remuneration and incentives
  6. Staff training and professional development
  7. Development and maintenance of corporate culture
  8. Administration of HR processes
  9. Management of organizational structure and effective organization of business processes.

  • Improving the quality of the workforce

This area focuses directly on employees as a key asset of the Fund group and includes the following HR processes:

- management of staff recruitment and adaptation;

- management of staff training and professional development.

  • Recruitment management

The Fund has approved the rules for competitive selection of candidates for vacant positions of the Fund. These rules provides clearly formulated requirements for the profession/position of the Fund, assessment and improvement of qualification of employees hired, with an emphasis on professional competencies.

The main principles of competitive selection: transparency and objectivity of the recruitment procedure, accessibility for all candidates, depending on their compliance with the requirements and professional standards. Selection methods for competitive procedures are initial selection of candidates, testing, interviews with the head of the responsible department, and consideration of candidates by the Competition Committee.

  • Management of training and professional development  

Professional and compulsory training is a priority area of the Fund's personnel policy. The Fund's training and professional development system includes professional certification programs, seminars and advanced training courses, round tables, conferences, forums, corporate trainings, etc. At the same time, the Fund focuses on transferring responsibility for their development to employees, providing resources and additional opportunities.

Training includes both individual training and corporate training.

The Fund pays special attention to evaluating the effectiveness of training. At the end of the training event, a feedback form is filled out, which helps to assess the overall impression of the course, the quality of teaching and the applicability of the knowledge gained in the work.

  • Performance management

Performance management focuses on creating favorable working conditions for employees and includes the following HR processes:

  • assessment of performance;
  • remuneration;
  • social support for staff;
  • NMH Baiterek JSC formed a unified candidates pool of the group of companies - high-potential employees who are ready in the long or short term to be appointed to senior positions of the group of companies of NMH Baiterek JSC;
  • A competitive approach to search for candidates for IFK vacancies has been introduced: first of all, participants of the Unified personnel reserve; second, internal candidates from among the current IFC employees; and in the absence of such candidates, external candidates who submitted applications as a response to ads published on the corporate website, Telegram channel and electronic labor exchange

  • Assessment of performance

Performance assessment system has been introduced, which allows coordinating the company's business plans and strategic goals with the individual goals of each division and employee of the company.

Assessment process focuses on providing feedback to employees about performance, competencies, and identifying ways to develop and improve. Performance assessment is the basis for system of remuneration and motivation, staff incentives, training and professional development of employees.

The Fund has implemented performance management through quantitative indicators (KPI and competence model). A competence model for staff has been developed and implemented.

Assessment of performance of senior officials and managers depends on performance of specific tasks and is confirmed by key performance indicators, which are developed by cascading the company's strategic goals and business plans into specific indicators for business processes/activities. KPI map (visual representation of goals), a set of key performance indicators with targets and actual values os the tool for monitoring the implementation of business goals that correspond to strategic goals.

The main stages of assessment of administrative employees are setting goals, monitoring performance and adjusting goals, quarterly/annual report on achievement of goals and business competencies, completed training and self-development.

  • Remuneration and motivation

Basic principles of an effective remuneration and motivation system:

1) remuneration system is transparent and clear;

2) amount of remuneration depends on achievement of approved goals and objectives by the company as a whole and individual employees.

The Fund is developing a system of non-financial incentives, including state and corporate awards (certificates of honor, recognition letters).

  • Social support for staff

The Fund implements an effective social policy.

To implement the social policy, the following activities are carried out:

- creating healthy and safe working and rest conditions for employees;

- observance and protection of employees ' rights, guarantees and compensation payments in the amounts stipulated by the legislation of the Republic of Kazakhstan;

- improvement of system of social benefits (financial assistance for recovery, one-time financial assistance to employees in certain cases, and other types of payments);

- introduction of health insurance programs;

- transportation to/from place of work;

- promotion of healthy lifestyle.

  • Occupational health and safety

According to the decision of the Management Board of the Fund dated February 27, 2019 (Minutes No. 12), instructions in the field of fire safety and labor protection of Investment Fund of Kazakhstan JSC (hereinafter – Instructions) were approved.

As a responsible employer, the Fund strives to ensure the correct arrangement of employees' work at the workplace and create safe working conditions that meet the requirements of the Instructions and legislation of the Republic of Kazakhstan in this area. When performing their official duties, as well as during their stay in the premises of the Fund, employees comply with fire safety and occupational health safety rules.


The Fund is guided by the principles of transparent, conscientious and ethical business conduct, and also conducts systematic work to identify and combat corruption and fraud in any form.

Anti-corruption measures in the Fund are carried out by the Fund's Security Department.

On July 10, 2018, the Fund's Management Board approved the anti-fraud and corruption policy, which is in line with the anti-corruption, administrative and criminal legislation of the Republic of Kazakhstan, applicable international legislation and "best practices". The Policy is placed on the Fund's official website in order to inform clients, contractors, partners and the public about the anti-corruption standards of conduct adopted by the Fund.

This Policy is based on management and organizational framework for anti-corruption for 2015-2025, which provides for measures to identify the beneficial owners of the Fund's clients, conduct internal investigations on requests received by the Fund from legal entities and/or individuals, and on the facts of corruption committed by employees.

In order to prevent and minimize the risks of corrupt conduct on the part of the Fund's employees, the Fund's management has established feedback with clients and employees of the Fund by posting an early response form on the official website. This form is used to inform the Fund's management about known facts of improper behavior of employees that may harm the interests or damage the reputation of the Fund.

The client's application form for a credit facility contains the following information: "If there is any corruption or violation of official ethics by the Fund's officials and employees, please show active citizenship and call at hotline: +7 (7172) 559-596, or send an official letter to the Fund's mailing address

A hotline has been set up with a recording device and an answer machine for confidential reporting of fraud and corruption in the Fund.

Persons who report the fact of a corruption offense or otherwise assist in combating corruption are protected by the State and are rewarded in accordance with the procedure established by the Legislation of the Republic of Kazakhstan. In accordance with the requirements of the legislation, corruption risks are regularly analyzed.

When working with investment projects, it is mandatory to check applicants for involvement in money laundering and financing of terrorism, as well as affiliation with foreign public officials. The applicant's business reputation is also checked for sanctions for violation of anti-corruption legislation. Measures are being taken to identify the facts of registration of applicants, founders, and beneficial owners in offshore zones.

When hiring citizens to work in the Fund, verification of the accuracy and completeness of the provided personal data is carried out, including the presence/absence of a criminal record, bringing to administrative and criminal responsibility for corruption offenses.

In addition, the Fund has financial control measures which provide submission of asset and income declaration to local state revenue authority by candidates for managerial position (members of the management Board).

In order to improve the anti-corruption culture of the Fund's employees, training events are held, as well as internal training on requirements of anti-corruption legislation.

The Fund constantly works and takes measures to prevent the risks of fraud and corruption.

Corporate cultures and resolution of conflict of interest

In accordance with the decision of the Board of Directors of the Fund dated December 15, 2015, Minutes No. 17, the Code of business conduct of the Fund (hereinafter-the Code) was approved aimed at regulating rules and standards of corporate ethics, the uniform understanding and implementation of the code of business conduct and ethics adopted by the Fund's group, the consolidation of values, principles and rules that guide employees of the Fund. In accordance with this Code, employees of the Fund shall be guided by the current legislation of the Republic of Kazakhstan, comply with the provisions of the Code, internal regulations, rules of procedures and documents of the Fund.

Thus, in accordance with the Code of business conduct, the Fund's fundamental values are honesty, team spirit, mutual respect, openness, and communication skills. The HR and office management Department annually tests employees ' knowledge of the Code of business conduct. When entering employment, all new employees hired by the Fund are required to familiarize themselves with the Code.

In case of any questions regarding the requirements of the Code and/or ethics issues arisen during the work, and facts of violation of the Code requirements, corruption and other illegal actions, officials and employees of the Fund, as well as business partners and stakeholders may apply to the Ombudsman both in written and in oral form. The Ombudsman shall within five business day consider report of an employee, official, and settle the issue with full anonymity.