On some issues of the National Fund Management Council of the Republic of Kazakhstan

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Decree of the President of the Republic of Kazakhstan dated July 4, 2025 No. 932.

In accordance with subparagraph 16) of Article 5 of the Budget Code of the Republic of Kazakhstan, I HEREBY DECREE:

1. To establish the Council for the Management of the National Fund of the Republic of Kazakhstan under the President of the Republic of Kazakhstan (hereinafter referred to as the Council).

2. Approve the attached documents:

1) the composition of the Council;

2) Regulations on the Council.

3. To invalidate certain decrees of the President of the Republic of Kazakhstan in accordance with the annex to this Decree.

4. This Decree shall enter into force from the date of its signing and shall apply to legal relations that have arisen since January 1, 2025.

President of the Republic of Kazakhstan

K. Tokaev

Approved by Decree of the President of the Republic of Kazakhstan on July 4, 2025 No. 932

Composition of the Board of Management of the National Fund of the Republic of Kazakhstan (ex officio)

The footnote. Composition as amended by Decree of the President of the Republic of Kazakhstan dated 07/01/2026 No. 1337.

President of the Republic of Kazakhstan, Chairman

Prime Minister of the Republic of Kazakhstan

Chairman of the Kurultai of the Republic of Kazakhstan (by agreement)

Head of the Presidential Administration of the Republic of Kazakhstan

Chairman of the National Bank of the Republic of Kazakhstan

First Deputy Prime Minister of the Republic of Kazakhstan

Chairman of the Supreme Audit Chamber of the Republic of Kazakhstan

Minister of Finance of the Republic of Kazakhstan

Minister of National Economy of the Republic of Kazakhstan

Approved by Decree of the President of the Republic of Kazakhstan on July 4, 2025 No. 932

Regulations on the Board of Management of the National Fund of the Republic of Kazakhstan

Chapter 1. General provisions

1. The National Fund Management Council of the Republic of Kazakhstan (hereinafter referred to as the Council) is an advisory body under the President of the Republic of Kazakhstan.

2. In its activities, the Council is guided by the Constitution of the Republic of Kazakhstan, the laws of the Republic of Kazakhstan, acts of the President of the Republic of Kazakhstan, this Regulation and other regulatory legal acts of the Republic of Kazakhstan.

The footnote. Paragraph 2 as amended by Decree of the President of the Republic of Kazakhstan dated 07/01/2026 No. 1337.

3. The decisions of the Council are advisory in nature.

Chapter 2. Tasks of the Council

4. The main objectives of the Council are to assist and develop recommendations to the President of the Republic of Kazakhstan on the use of funds from the National Fund of the Republic of Kazakhstan (hereinafter referred to as the Fund) and the management of pension assets of the unified accumulative pension fund.

The Council considers the issues of using the Fund's funds in accordance with article 63 of the Budget Code of the Republic of Kazakhstan.

5. The Council performs the following tasks::

1) developing proposals to improve the efficiency of the formation and use of the Fund's funds;

2) consideration and elaboration of proposals on the amount of guaranteed transfer from the Fund to the republican budget;

3) consideration and elaboration of proposals on the volumes and directions of targeted transfers from the Fund to the republican budget, directed by decision of the President of the Republic of Kazakhstan to finance critical facilities and projects of national importance in the absence of alternative sources of financing;

4) consideration and elaboration of proposals for financing projects of national importance at the expense of the Fund by purchasing debt securities of the National Welfare Fund, taking into account the results of the project examination;

5) development of proposals on the list of permitted financial instruments and transactions with them, with the exception of intangible assets, for placement in the Fund;

6) development of proposals to improve the efficiency of pension asset management of the unified accumulative pension fund;

7) consideration and elaboration of proposals on the areas of investment of pension assets of the unified accumulative pension fund;

8) development of proposals to determine the list of financial instruments allowed to be acquired at the expense of pension assets of the unified accumulative pension fund;

9) review of the annual report on the activities of the unified accumulative pension fund.

10) review of the annual report on the results of the management of the National Strategic Crypto Reserve.

The footnote. Paragraph 5 as amended by Decree of the President of the Republic of Kazakhstan dated 05.05.2026 No. 1264.

Chapter 3. Organization of the Council's activities

6. The Council is headed by the Chairman.

7. Chairman of the Council:

1) carries out the general management of the Council's activities;

2) determines the place and time of the meetings of the Council;

3) preside over the meetings of the Council. In the absence of the Chairman, one of the members of the Council shall preside at the meetings on his instructions.;

4) gives binding instructions to the members of the Council.

8. Members of the Council:

1) make proposals on the work plan of the Council, the agenda of its meetings and the procedure for discussing issues;

2) participate in the preparation of materials for the meetings of the Council, its draft decisions;

3) participate in the discussion of issues considered at the Council meeting.

9. The Council in accordance with the procedure established by the legislation of the Republic of Kazakhstan and within its competence:

1) involve government agencies, as well as civil society institutions, in discussing issues related to the Fund's activities and the management of pension assets of the unified accumulative pension fund;

2) makes appropriate decisions on the issues under consideration.

10. Meetings of the Council are held in person and (or) in absentia as necessary and at least once a year within the time limits determined by the Chairman of the Council, and are formalized by the minutes.

Meetings of the Council related to the issues specified in subparagraph 3) of paragraph 5 of these Regulations are held exclusively in person.

Meetings of the Council are valid if two thirds of its members are present. Members of the Council may not delegate their powers to other officials.

11. The decisions of the Council are made by a simple majority of votes of the total number of Council members present at the meeting or by polling the Council members. If the votes are equally divided, the chairman's vote is decisive.

12. The working body of the Council is the Administration of the President of the Republic of Kazakhstan.

Appendix to Decree of the President of the Republic of Kazakhstan dated July 4, 2025 No. 932

List of expired certain decrees of the President of the Republic of Kazakhstan

1. Decree of the President of the Republic of Kazakhstan dated December 28, 2004 No. 1509 "On certain issues of the National Fund Management Council of the Republic of Kazakhstan".

2. Decree of the President of the Republic of Kazakhstan dated November 4, 2006 No. 208 "On Amendments to Decree of the President of the Republic of Kazakhstan dated December 28, 2004 No. 1509".

3. Decree of the President of the Republic of Kazakhstan dated May 19, 2009 No. 806 "On Amendments to Decree of the President of the Republic of Kazakhstan dated December 28, 2004 No. 1509".

4. Decree of the President of the Republic of Kazakhstan dated November 23, 2009 No. 889 "On Amendments to Decree of the President of the Republic of Kazakhstan dated December 28, 2004 No. 1509".

5. Item 4 of the amendments to certain acts of the President of the Republic of Kazakhstan, approved by Decree of the President of the Republic of Kazakhstan dated July 26, 2011 No. 128 "On Amendments to Certain Acts of the President of the Republic of Kazakhstan and invalidation of Certain Acts of the President of the Republic of Kazakhstan."

6. Item 8 of amendments and additions to certain acts of the President of the Republic of Kazakhstan, approved by Decree of the President of the Republic of Kazakhstan dated March 13, 2012 No. 284 "On Amendments and additions to certain Acts of the President of the Republic of Kazakhstan".

7. Item 6 of the amendments to certain acts of the President of the Republic of Kazakhstan, approved by Decree of the President of the Republic of Kazakhstan dated March 27, 2013 No. 533 "On Amendments to Certain Acts of the President of the Republic of Kazakhstan".

8. Paragraph 1 of the amendments to certain acts of the President of the Republic of Kazakhstan, approved by Decree of the President of the Republic of Kazakhstan dated August 6, 2014 No. 888 "On Amendments to certain Acts of the President of the Republic of Kazakhstan on the organization of the activities of advisory bodies under the President of the Republic of Kazakhstan."

9. Item 7 of amendments and additions to certain acts of the President of the Republic of Kazakhstan, approved by Decree of the President of the Republic of Kazakhstan dated September 17, 2014 No. 911 "On Amendments and additions to Certain Acts of the President of the Republic of Kazakhstan and invalidation of certain orders of the President of the Republic of Kazakhstan."

10. Decree of the President of the Republic of Kazakhstan dated November 16, 2015 No. 113 "On Amendments and Additions to Decree of the President of the Republic of Kazakhstan dated December 28, 2004 No. 1509 "On Certain Issues of the National Fund Management Council of the Republic of Kazakhstan" and Invalidation of Decree of the President of the Republic of Kazakhstan dated February 14, 2014 No. 753 "On Certain Issues The Council for the Management of Pension Assets of the Unified Accumulative Pension Fund" and paragraph 25 of the amendments and additions to certain acts of the President of the Republic of Kazakhstan, approved by Decree of the President of the Republic of Kazakhstan dated September 17, 2014 No. 911 "On Amendments and additions to Certain Acts of the President of the Republic of Kazakhstan and invalidation of Certain Orders of the President of the Republic of Kazakhstan."

11. Paragraph 4 of the amendments to certain acts of the President of the Republic of Kazakhstan, approved by Decree of the President of the Republic of Kazakhstan dated November 26, 2022 No. 5 "On certain issues of the Supreme Audit Chamber of the Republic of Kazakhstan".

President

Republic of Kazakhstan

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