Changes in the Board of Directors of the AIFC Authority

According to the Order of the Minister of Finance of the Republic of Kazakhstan dated August 23, 2024, the composition of the Board of Directors of the joint-stock company “Astana International Financial Centre Authority” (AIFC Authority) has been updated.

The newly appointed members of the Board of Directors of the AIFC Authority are:

• Dauren Temirbekov (Vice Minister of finance of the Republic of Kazakhstan) – Member of the Board of Directors,
• Yernar Zhanadil (Chairman of the Management Board of the AIFC Authority) – Member of the Board of Directors,
• Timothy Oliver Bennett (Chairman of the Board of Directors of AIX) – Member of the Board of Directors,
• Galim Khussainov (former Chairman of the Management Board of Bank CenterCredit, independent financial and economic expert) – Independent Director,
• Saken Zhumashev (Managing partner & CEO of KPMG CCA) – Independent Director.

The tenure of Kuanyshbek Yessekeyev and Antonio Riera as members of the Board of Directors has been terminated prematurely.

Renat Bekturov, AIFC Governor, commented: “I am confident that the new members of the Board of Directors of the AIFC Authority will contribute significantly to the further development of the financial centre in line with the strategic directions of the AIFC.”

It is worth noting that on September 5-6, the AIFC will host the annual international conference Astana Finance Days 2024. Since 2018, the AFD conference has served as a platform for bringing together leading experts in the financial industry, investors and business leaders. You can register for the conference via the following link: https://astanafindays.org/ru/registration/.

Reference:

Dauren Temirbekov, Vice Minister of Finance of the Republic of Kazakhstan

Education

University of Sheffield, UK, under the Bolashak program.

Professional experience

Began his career in 2007 as a specialist in the State Property and Privatisation Committee of the Ministry of Finance.

2007–2009: Worked in the State Property and Privatisation Committee.

2009–2015: Held various positions in the central office of the Ministry of Finance, advancing from an expert to a deputy director.

2017–2022: Held senior positions in the Department of Budget Lending, the National Fund, and Interaction on Financial Sector Issues of the Ministry of Finance.

Since September 2022: Vice Minister of Finance of Kazakhstan.

Timothy Oliver Bennett, Chairman of the Board at AIX

Education

Timothy Bennett holds an MBA from the Wharton School (USA, 1993), University of Pennsylvania and a B.C.A from Victoria University of Wellington (New Zealand, 1987).

 Professional experience

Timothy Oliver Bennett is the Chairman of the Board of Directors at AIX (Astana International Exchange). He played a pivotal role in the launch of AIX in 2018 and served as the CEO until 2021.

Prior to his tenure at AIX, Timothy Bennett led the New Zealand Stock Exchange (NZX). Under his leadership, NZX underwent significant organizational and regulatory transformations, including upgrades to trading and settlement systems and the launch of 23 ETFs through NZX Funds Management.

Timothy Bennett also brings extensive consulting experience, having previously served as a partner at Oliver Wyman and the Boston Consulting Group in Asia, where he specialized in financial services, providing strategic and management consulting to major financial institutions and other clients.

Yernar Zhanadil, Chairman of the Management Board of the Astana International Financial Centre Authority

Education

Yernar Zhanadil graduated from the EMBA programme at Columbia Business School, Columbia University (USA), and London Business School (UK). Previously completed the Master’s degree at Manchester Business School (UK) under the Bolashak scholarship program. He holds a number of international professional certifications: CMA – Institute of Management Accountants (USA), IPMA – International Project Management Association (Swiss), ACCA – Association of Chartered Accountants (UK). He is a member of the Presidential Youth Personnel Reserve.

Professional experience

Yernar Zhanadil is a seasoned executive with over 17 years of experience in strategic and business planning, business development and investments (both direct and portfolio), asset privatisation and restructuring, financial management, and liquidity management, as well as auditing.

He has worked in various Kazakhstani and international companies, holding diverse roles within the “Samruk-Kazyna” Fund. As Managing Director of Economics and Finance and a board member at “Samruk-Kazyna,” he focused on enhancing the financial stability and reducing the debt burden of the Fund’s group companies. In his role as Managing Director of Development and Privatization, he led the IPO of the national company “KazMunayGas,” prepared several other Fund companies for the public market, and actively attracted international investments to the country.

Until August 2024, he served as the CEO of the publicly listed company Qazaq Green Power plc, where he successfully implemented several renewable energy investment projects in the power industry in collaboration with international corporations. On August 12, 2024, he was appointed as a Chairman of the Management Board of the “Astana International Financial Centre Authority”.

Galim Khussainov, former Chairman of the Management Board of Bank CenterCredit, independent expert in finance and economics

Education

Omsk State University named after F.M. Dostoevsky – Specialist in Taxes and Taxation (2005, Russia). ACCA Member.

Professional Experience

Galim Khussainov has worked in various companies, including Teniz Capital Investment Banking, “Damu” Entrepreneurship Development Fund, and Bereke Bank. He held executive positions at Bank CenterCredit from 2017 to 2022 and led BRB Invest from 2011 to 2017, among others.

Saken Zhumashev, Managing Partner & CEO of KPMG CCA

Education

Engineer in Computational Information Systems, Karaganda State Technical University

Master of Business Administration (MBA), KIMEP University

Senior Executive Education C25, London Business School (LBS), UK

Certified in CIA, CRMA, PMP

Professional experience

Saken Zhumashev is an experienced leader in business consulting with over 20 years of experience in the field. He has made significant contributions to the implementation of institutional and economic reforms in Central Asia and the European Union, focusing on large-scale transformational projects. He has dedicated a significant part of his career to KPMG, where he established the first regional consulting practice. In 2018, he took on the leadership of KPMG in Kazakhstan and Central Asia, and in 2022, he became the Managing Partner and CEO of KPMG for the Caucasus and Central Asia.