National Bank of Kazakhstan

Sets the long-term risk/return benchmark for the portfolio managed by NIC through the approval of the Reference Portfolio parameters.

Board of Directors

Determines the target asset allocation of the portfolio under NIC's management in accordance with the Reference portfolio parameters, in addition to approving the parameters of the sub-portfolios.

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Executive Board

Manages NIC's overall activity and acts in the interest of its Sole shareholder.

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Investment Committee

Presents tactical recommendations within the approved parameters and restrictions, and in agreement with the Corporation's Board of Directors selects funds and approves limit amounts for investing in them.