Article 13. The Board of Trustees of the Law on Endowment Funds and Endowment Funds (Endowments)

Home / RLA / Article 13. The Board of Trustees of the Law on Endowment Funds and Endowment Funds (Endowments)

1. The Board of Trustees:

1) defines the general strategy and activities of the endowment fund;

2) determines the goals for which the endowment fund forms and (or) replenishes the endowment fund (endowment capital) in accordance with this Law.;

3) approves changes in the composition and number of members of the Board of Trustees;

4) makes decisions on the formation and (or) replenishment of the endowment fund (endowment capital), the period for which the endowment fund (endowment capital) is formed (if the term is not defined by the endowment contribution agreement), and the dissolution of the endowment fund (endowment capital);

5) introduces amendments and (or) additions to the charter of the endowment fund;

6) approves the internal documents establishing the procedure for carrying out the activities of the endowment fund in accordance with this Law and the laws of the Republic of Kazakhstan;

7) approves the rules of professional ethics for managing and investing assets of the endowment fund (endowment capital);

8) approves the accounting policy of the endowment fund;

9) approves the annual financial statements in accordance with the legislation of the Republic of Kazakhstan on accounting and financial reporting;

10) annually approves the financial plan of the endowment fund (hereinafter referred to as the financial plan);

11) monitors the implementation of the financial plan;

12) approves the investment declaration, as well as amendments and (or) additions to it;

13) determines the purpose and purposes of using the endowment fund's own funds and voluntary donations, if the donation agreement does not specify the specified conditions;

14) develops and approves requirements for management companies (fiduciaries);

15) approves the charitable programs of the endowment fund (endowment capital);

16) monitors the implementation of the endowment fund's (endowment fund's) charitable program;

17) annually approves the amount of expenses for ensuring the activities of the endowment fund;

18) decides on the appointment or dismissal of the head of the executive body of the endowment fund, the number and term of office of the members of the executive body (the person solely exercising the functions of the executive body), the procedure for the appointment and early termination of their (his) powers;

19) decides on the appointment or dismissal of the head of the internal Audit service;

20) decides on the establishment of advisory bodies of the endowment fund;

21) approves the regulations on the activities of the advisory bodies of the endowment fund;

22) determines the management company (fiduciary) and the audit organization, as well as the amount and forms of their remuneration;

23) decides on the collection of money and approves the standard form of the target contribution agreement for the collection of money for the formation and (or) replenishment of the endowment fund (endowment capital);

24) determines the purpose and purposes of using investment income, as well as beneficiaries, the amount of payments to beneficiaries from investment income, the frequency and procedure for their implementation in cases where the target contribution agreement does not specify the specified conditions.;

25) approves the target contribution agreement submitted by the executive body, on the basis of which the endowment fund (target capital) is formed and (or) replenished;

26) annually approves the plan of information and explanatory work of the endowment fund in its areas of activity;

27) approves the regulations on remuneration and bonuses for employees of the endowment fund;

28) performs other functions stipulated by this Law, the legislation of the Republic of Kazakhstan and the charter of the endowment fund.

2. The Board of Trustees is formed from among the founders of the endowment fund (their representatives), depositors (their representatives), citizens and representatives of legal entities who have services to society, authority and (or) achievements in the field corresponding to the objectives of the endowment fund.

The Board of Trustees may not include two or more persons who are representatives of the same legal entity or of different legal entities affiliated with the endowment fund. This restriction does not apply to representatives of the founders of the endowment fund. The founders of the endowment fund or their representatives may make up no more than one third of the Board of Trustees.

The Endowment Fund is not entitled to pay remuneration to members of the Board of Trustees and members of the advisory bodies of the endowment fund for the performance of their functions.

3. The initial composition of the Board of Trustees is approved by the founders of the endowment fund and may not be less than seven members.

4. A contributor whose endowment (target contribution) amounts to more than ten percent of the endowment fund (target capital) as of the last reporting date has the right to request that himself or his representative be included in the Board of Trustees. In this case, the Board of Trustees is obliged to make a decision on the inclusion of such a depositor or his representative in the Board of Trustees within one month from the date of receipt of the relevant request of the depositor, provided that such inclusion does not contradict paragraph 2 of this Article.

The Law of the Republic of Kazakhstan dated June 30, 2025 No. 199-VIII SAM.

This Law regulates public relations that arise during the creation, management and liquidation of endowment funds, the formation, replenishment, and dissolution of endowment funds (endowment funds) and the use of their investment income, and the trust management of assets of endowment funds (endowment funds).

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Republic of Kazakhstan

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