Article 14. The Executive Body of the Law on Endowment Funds and Endowment Funds (Endowments)

Home / RLA / Article 14. The Executive Body of the Law on Endowment Funds and Endowment Funds (Endowments)

1. The management of the day-to-day activities of the endowment fund is carried out by the executive body.

The executive body may be collegial or individual.

The Executive body carries out the day-to-day management of the endowment fund, with the exception of matters referred by this Law and the charter of the endowment fund to the exclusive competence of the Board of Trustees, and is accountable to the Board of Trustees.

Decisions of the collegial executive body are drawn up in a protocol, which must be signed by all members of the executive body present at the meeting and contain the issues put to the vote, the results of voting on them, reflecting the result of voting by each member of the executive body on each issue.

The transfer of voting rights by a member of the executive body to another person, including another member of the executive body, is not allowed.

The executive body is obliged to comply with the decisions of the Board of Trustees.

2. Head of the Executive Body:

1) organizes the implementation of the decisions of the Board of Trustees;

2) acts without a power of attorney on behalf of the endowment fund in relations with third parties;

3) issues powers of attorney for the right to represent the endowment fund in its relations with third parties within its competence;

4) carries out the recruitment, transfer and dismissal of employees of the endowment fund (except for the cases established by this Law), applies incentive measures and imposes disciplinary penalties on them, sets the amount of official salaries of employees of the endowment fund and personal salary allowances in accordance with the staffing table and the regulations on remuneration and bonuses for employees of the endowment fund capital, except for employees who are members of the executive body and the internal audit service;

5) in case of his absence, assigns the performance of his duties at the collegial executive body to one of the members of the executive body.;

6) distributes duties, as well as areas of authority and responsibility among the members of the executive body;

7) ensures the development of charitable programs of the endowment fund (endowment capital), taking into account the proposals of the beneficiaries;

8) submits charitable programs of the endowment fund (endowment capital) for approval by the Board of Trustees;

9) carries out charitable programs of the endowment fund (endowment capital) approved by the Board of Trustees;

10) develops and implements the plan of information and explanatory work of the endowment fund approved by the Board of Trustees in its areas of activity;

11) performs other functions established by this Law, the charter of the endowment fund and decisions of the Board of Trustees.

3. Employees of the endowment fund may be members of the collegial executive body.

A member of the executive body may work in other organizations only with the consent of the Board of Trustees.

The head of an executive body or a person solely exercising the functions of an executive body may not hold the position of head of an executive body or a person solely exercising the functions of an executive body of another legal entity, or hold the position of head of a branch or representative office of a foreign legal entity.

The functions, rights and duties of a member of the executive body are established by this Law, the laws of the Republic of Kazakhstan, the charter of the endowment fund, as well as an employment contract concluded between a member of the executive body and the endowment fund.

The employment contract on behalf of the endowment fund with the head of the executive body is signed by the Chairman of the Board of Trustees or a person authorized to do so by the Board of Trustees. The employment contract with the other members of the executive body is signed by the head of the executive body.

4. The head and members of the executive body are not members of the Board of Trustees.

5. The depositor and his representatives, as well as affiliated persons of the endowment fund, are not eligible to hold positions of the head or members of the executive body.

6. When performing their duties, the head and members of the executive body must act in the interests of the endowment fund.

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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