Article 14. The procedure for analyzing the impact of the activities of organizations belonging to the Fund's group on the development of the economy or a particular branch of the economy of the Law on the National Welfare Fund

Home / RLA / Article 14. The procedure for analyzing the impact of the activities of organizations belonging to the Fund's group on the development of the economy or a particular branch of the economy of the Law on the National Welfare Fund

Article 14. The procedure for analyzing the impact of the activities of organizations belonging to the Fund's group on the development of the economy or a particular branch of the economy of the Law on the National Welfare Fund

1. A comprehensive and objective analysis of the impact of the activities of organizations belonging to the Fund's group on the development of the economy or a particular branch of the economy (hereinafter referred to as the analysis), with the exception of issues related to their use of funds from the National Fund of the Republic of Kazakhstan, the republican budget, as well as guarantees and assets of the state, is carried out within the framework of the activities of a specialized committee under the the Board of Directors of the Foundation.

2. A permanent member of the specialized committee under the Board of Directors of the Fund, an expert with voting rights, is a representative of the Supreme Audit Chamber of the Republic of Kazakhstan, who initiates mandatory external audits of organizations belonging to the Fund's group, within the limits of the funds budgeted by the Fund, as well as an analysis with questions identified by the Supreme Audit Chamber of the Republic of Kazakhstan.

The results of the external audit of the organizations included in the Fund's group are provided to the Supreme Audit Chamber of the Republic of Kazakhstan.

3. The Board of Directors may instruct the Chairman of the Management Board to form an audit group to conduct an analysis, which includes a representative of the Supreme Audit Chamber of the Republic of Kazakhstan, or to conduct an external audit of organizations belonging to the Fund's group.

4. The results of the analysis of an organization belonging to the Fund's group are formalized by an act, which is submitted to the Board of Directors of the Fund and the Supreme Audit Chamber of the Republic of Kazakhstan.

5. When cases of ineffective activities of an organization belonging to the Fund's group are identified, the Fund's bodies take the necessary measures to improve the effectiveness of such an organization.

6. The Supreme Audit Chamber of the Republic of Kazakhstan has the right to use the information obtained during the work of the specialized committee under the Board of Directors of the Fund in its activities, taking into account the observance of secrecy, official, commercial or other legally protected secrets.

The Law of the Republic of Kazakhstan dated February 1, 2012 No. 550-IV.

This Law defines the legal status, operating procedure, goals, objectives and powers of the National Welfare Fund, the procedure for interaction between the National Welfare Fund and government agencies, as well as certain features of the legal status of legal entities whose shares belong to the National Welfare Fund and other organizations belonging to the National Welfare Fund group.

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Republic of Kazakhstan

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