Management Board performance report
The Management Board’s activities are regulated by the Law of the Republic of Kazakhstan On Joint Stock Companies, with due consideration of the specifics established by the Law of the Republic of Kazakhstan for the Sovereign Wealth Fund, KMG’s Charter, and the Regulations on the Management Board. The Management Board may pass resolutions on any matters relating to KMG’s operations not referred by regulations of the Republic of Kazakhstan and KMG’s Charter to the remit of KMG’s other bodies and officials. KMG’s Management Board is headed by the Chairman of the Management Board appointed (elected) by the General Meeting of Shareholders. KMG’s Board of Directors is responsible for appointing other members of the Management Board.
The most significant matters within the remit of the Management Board are:
- implementing KMG’s Development Strategy and KMG’s Development Plan;
- carrying out KMG’s day‑to‑day financial and business operations, including execution of the business plan and implementation of investment projects;
- implementing sustainability efforts at KMG and its subsidiaries and associates;
- monitoring any conflicts of interest and corporate conflicts and contributing to their settlement;
- passing resolutions on matters related to activities of KMG’s subsidiaries and associates, other than those reserved exclusively to KMG’s Board of Directors pursuant to KMG’s Charter;
- increasing KMG’s liabilities and acquiring or disposing of property in line with the established materiality threshold.
KMG’s Management Board is formed by the Board of Directors based on proposals of the Chairman of the Management Board. As of 31 December 2023, the Management Board comprised nine key executives of KMG. Meetings of the Management Board are held in person and in absentia and are convened as necessary.
In 2023, the Management Board held a total of 59 meetings and passed 572 resolutions.
154 out of all matters addressed in the Management Board resolutions passed at in‑person meetings in 2023 were submitted to the KMG’s Board of Directors in accordance with the established procedure.
In 2023, the Management Board passed 33 resolutions on KMG’s interested‑party transactions KMG’s Charter sets a materiality threshold differentiating whether certain items are to be referred to the Management Board or the Board of Directors. .
In January–December 2023, the Management Board also approved:
- the Information Disclosure Policy of JSC NC KazMunayGas;
- the Site Closure and Land Reclamation Policy for Exploration Sites and Fields of JSC NC KazMunayGas;
- the Corporate Tax Accounting Policy of JSC NC KazMunayGas Group;
- the Tax Accounting Policy of JSC NC KazMunayGas;
- the Employee Health Management Programme of JSC NC KazMunayGas Group;
- base tariffs for 2023 at selected entities of JSC NC KazMunayGas Group;
- the 2023–2027 HSE Improvement Roadmap;
- the consolidated business plan of KMG for 2024–2028;
- the adjusted budget of JSC NC KazMunayGas for 2023;
- the budget of JSC NC KazMunayGas for 2024;
- the rules for compiling and approving the list of goods, works and services to be purchased from a single source to maintain and/or restore social stability.
In addition, the Management Board passed 36 resolutions to amend some of KMG’s internal documents. Within the remit covering the matters reserved exclusively to the General Meetings of the Shareholders (Participants) of subsidiaries and associates, as part of its responsibility to determine the Company’s voting position at the General Meetings of Shareholders (Participants), the Management Board passed:
Membership of the Management Board
Member of KMG’s Board of Directors and Management Board since April 2022
Date of birth: 7 November 1978
Education
- Zhautykov Republican Physics and Mathematics School
- Economics, Turan University
- International Relations, Diplomatic Academy of the Ministry of Foreign Affairs of the Republic of Kazakhstan
- Oil and Gas Engineering, Caspian State University of Technology and Engineering
Experience
Magzum Myrzagaliyev joined KMG Group more than seven years ago. He has worked in senior executive positions at KMG for four years.
At different stages in his career, he worked as Technical Safety and Production Manager, Engineer for Drilling Fluids at M‑I Drilling Fluids International (Schlumberger) at the Tengiz field and the fields of Western Siberia, CEO of TenizService, Managing Director for Service Projects, Deputy Chairman of the Management Board for Innovative Development and Service Projects at KMG, Kazakhstan’s Vice Minister of Oil and Gas, Minister of Ecology, Geology and Natural Resources, Minister of Energy, Advisor to Kazakhstan’s President.
Chairman of KMG’s Management Board since April 2022.
Holds no shares in KMG or its subsidiaries and associates (directly or indirectly), is not involved in any transactions therewith.
A member of the Management Board since February 2024
Date of birth: 26 July 1978
Education
- Yessenov Aktau State University, Oil and Gas Field Development and Exploitation, 2001
- Master of Oil and Gas Business Management, 2012
- MBA in Economics, 2013
Experience
- 2001: start of career at Ozenmunaigas, positions held include an operator, foreman, lead engineer, process engineer, deputy head and head of oil and gas production
- 2010–2015: KMG EP, a lead engineer, deputy head and head of oil production
- 2015–2016: Kruz, CEO
- 2016–2018: OzenMunayService, CEO
- 2018–2019: Ural Oil and Gas, First Deputy CEO
- 2019–2023: Karazhanbasmunai, Deputy CEO for Production
- 2023–2024: Karazhanbasmunai, CEO
- Since 31 January 2024: KMG, Deputy Chairman of the Management Board
Holds no shares in KMG or its subsidiaries and associates (directly or indirectly), is not involved in any transactions therewith.
A member of the Management Board since February 2023
Date of birth: 24 July 1984
Education
Oil and Gas Field Development and Exploitation; Gubkin Russian State University of Oil and Gas MBA in International Oil and Gas Business; Moscow State Institute of International Relations (2012).
Experience
- Kuanysh Khudaibergenov started his professional career in 2006 at Integra (Russian Federation) where he worked as a controller, assistant driller and drilling engineer (at the well site).
- In 2007–2008, he worked as a technical expert in the Production Department of MNC KazMunayTeniz.
- In 2008–2011, he worked as a drilling engineer in the Production Department of Caspian Meruerty Operating Company B.V.
- In 2011–2012, he worked as a category 1 manager in the Exploration Project Management Department and the Major Oil and Gas Project Development Department of KMG.
- In 2012–2015, Kuanysh Khudaibergenov was the Director of the Exploration and Production Department, Deputy CEO for Exploration and Production at Rompetrol S.A. (Romania).
- In 2015–2016, he was the Deputy CEO for Geology and Production at KMG‑Kansu Operating.
- In 2016–2017, he served as an advisor to the Chairman of the Senate of Kazakhstan’s Parliament.
- In 2017–2021, he headed the Oil Industry Development Department of the Ministry of Energy of the Republic of Kazakhstan.
- In 2021–2023, he worked as the Deputy CEO of Karachaganak Petroleum Operating B.V.
- Deputy Chairman of KMG’s Management Board since February 2023..
Holds no shares in KMG or its subsidiaries and associates (directly or indirectly), is not involved in any transactions therewith.
A member of the Management Board since February 2023
Date of birth: 14 October 1972
Education
Oil and Gas Development, Mining Engineer; Aktau Polytechnic Institute.
Experience
- Serikkali Brekeshev started his career at JV Kazakhstan‑Russian Trading House.
- In 1997, he worked as an inspector in the Tax Department of Aktau.
- In 1997–1998, he was an engineer in the Special Machinery and Spare Parts Department and the Piping and Metalware Department at Munai‑Germes, a procurement and sales branch of Mangistaumunaigas.
- In 1998–2006, he worked at KarakudukMunai as a field engineer, oilfield foreman and field manager.
- In 2007–2010, Serikkali Brekeshev was the Head of Petroleum Project Monitoring, Regulatory and Technical Policy in the Petroleum Industry Department, Deputy Director of the Gas Industry Development Department in the Ministry of Energy and Mineral Resources of the Republic of Kazakhstan.
- In 2010–2014, he was the Director of the Gas Industry Development Department in the Ministry of Oil and Gas of the Republic of Kazakhstan.
- In 2014–2015, he was the Deputy CEO of BNG LTD.
- In 2015–2020, he served in several roles at KazTransGas, including as the Director of the Technical Policy Department, Managing Director for GTP, Managing Director for Technical Policy, Deputy CEO for Resource Development and Technical Policy.
- In 2020–2023, Serikkali Brekeshev was the Vice‑Minister, Minister of Ecology, Geology and Natural Resources of the Republic of Kazakhstan.
- Deputy Chairman of KMG’s Management Board since February 2023
Holds no shares in KMG or its subsidiaries and associates (directly or indirectly), is not involved in any transactions therewith.
A member of the Management Board since May 2022
Date of birth: 16 July 1976
Education
International Monetary and Financial Relations; Kazakh State Academy of Management Oil and Gas Economics; University of Dundee (Scotland).
Experience
- In 1999–2009, Bulat Zakirov worked at KazTransOil as an expert of the Strategic Planning Department, a manager of the Project Management Department, the Chief Manager, the Deputy Director and subsequently the Director of the Transport Logistics Department, the Director of the Advanced Development Department, and the Deputy CEO for Development.
- In 2009–2011, he was the Deputy CEO and CEO of KMG‑Transcaspian.
- In 2012–2016, he worked at KazTransOil as the Advisor to the CEO, Managing Director for Production, Deputy CEO for Development, and Managing Director for Assets.
- In 2016–2018, Bulat Zakirov was the Advisor to the CEO of KMG Systems & Services.
- Since 2018, Director of the Oil Transportation Department, Head of Oil Transportation at KMG.
- Since May 2022, Deputy Chairman of KMG’s Management Board for Oil Transportation, International Projects and Sary‑Arka Gas Pipeline Construction
Holds 100 shares in KMG.
A member of the Management Board since May 2023
Date of birth: 10 September 1983
Education
Chemical Technology of Organic Substances, Process Engineering, degree with honours; South Kazakhstan State University MBA; Almaty Management University (Atyrau).
Experience
- Dmitry Makeyev started his career in 2005 as an operator of the hydrogen generation and treatment unit control room before being promoted to senior operator of the hydrogen production and treatment unit and senior operator of the diesel hydrotreatment and hydrodewaxing unit in shop No. 2 of Atyrau Refinery. In 2008–2010, he was promoted to the refinery’s Deputy Chief, Chief of the Catalytic Reforming Unit, Deputy Chief, and Chief of the Design and Development Centre.
- In 2010–2011, he was Deputy Manager at the Technical Department of ROMPETROL Petromidia Refinery (Romania).
- In 2011–2019, Dmitry Makeyev continued his career at Atyrau Refinery in the positions of Director of the Project Technical Support Department, Chief Engineer, Deputy Managing Director for Technical Support of the APC and AORC Projects, Head of the Technical Support Department, Chief Process Engineer of the AORC Project, Head of the Production Department – Chief Process Engineer, Director of the Production Department, and Acting Managing Director for Technology.
- In 2020–2022, he was Director of the Technical Development Department, Head of the Technical Development Office, and Director of the Oil Refining and Petrochemicals Department of KMG.
- Deputy Chairman of KMG’s Management Board since March 2023
Holds no shares in KMG or its subsidiaries and associates (directly or indirectly), is not involved in any transactions therewith.
A member of the Management Board since May 2022
Date of birth: 17 November 1979
Education
- Law, Kazakhstan’s State Law Academy
- International Law, Duke University School of Law (USA) and Kyushu University (Japan)
Experience
- At different stages in his career, Vassiliy Lavrenov worked as Paralegal at Titul Legal Agency (Almaty), Lawyer at GRATA Law Firm (Almaty), Legal Counsel at Kazatomprom, Branch Partner and Coordinator of GRATA Law Firm (Aktobe, Bishkek), Senior Legal Counsel at a branch of BATEMAN Kazakhstan Oil and Gas Company B.V. in Kazakhstan (Almaty), Head of Legal for Kazakhstan at Integra Management (Almaty), General Counsel / Head of Legal Department at Eastcomtrans (Aktau, Almaty), Senior Partner / Legal Counsel at Greenline Services Ltd. (Hungary).
- On 20 May 2022, he was appointed Deputy Chairman of KMG’s Management Board.
Holds no shares in KMG or its subsidiaries and associates (directly or indirectly), is not involved in any transactions therewith.
A member of the Management Board since May 2023
Date of birth: 20 March 1979
Education
International Finance; Kazakh State Academy of Management; MBA; Yokohama National University (Japan); degree in Corporate Finance; London Business School (UK).
Experience
- Diana Aryssova began her career in 1999 as Lead Economist of the Currency Regulation and Control Office of the National Bank of the Republic of Kazakhstan.
- In 2004–2005, she was Assistant for Banking Affairs of the European Bank for Reconstruction and Development.
- In 2006–2007, she held the position of Energy Project Coordinator of the British Embassy in the Republic of Kazakhstan.
- During 2007–2012, she held various positions with MNC KazMunayTeniz: Deputy Director, Director of the Corporate Finance Department, and Acting Deputy General Director for Economy and Finance.
- In 2012–2016, Diana Aryssova was Deputy General Director for Economy and Finance and Chief Financial Officer of KMG Drilling & Services.
- In 2016–2023, she was Director of the Oil and Gas Operation Account Examination Department of PSA.
- In April 2023, she was appointed Deputy Chair of KMG’s Management Board
Holds no shares in KMG or its subsidiaries and associates (directly or indirectly), is not involved in any transactions therewith.
A member of the Management Board since February 2020
Date of birth: 16 December 1974
Education
- Zhautykov Republican Physics and Mathematics School
- International Law, Kazakhstan’s University of Law and International Relations
- International Economics and Law, Diplomatic Academy of the Ministry of Foreign Affairs of the Republic of Kazakhstan
- Master’s degree in Oil Business, Eni Corporate University (Milan, Italy)
- Executive MBA (Finance and Investment), Moscow School of Management SKOLKOVO
Experience
Dastan Abdulgafarov has been with KMG Group for more than 18 years, including 14 years in which he held senior executive positions.
At different stages in his career, he worked as Lawyer at the International Contract Department, Chief Manager and Director of the New Project Development Department, Deputy Director and then Director of the New Offshore Project Development Department, Head of the Project Management Group at KMG and MNC KazMunayTeniz. He was Advisor to the CEO, Managing Director for Business Development and Deputy CEO for Economics and Finance at KazMunayGas Exploration Production, Managing Director for Exploration and Production Business Support, Head of Staff and Managing Director for Development at KMG.
Holds no shares in KMG or its subsidiaries and associates (directly or indirectly), is not involved in any transactions therewith.