Translated with AI
The appointment of an artificial intelligence (AI) system as a member of the board of directors of Kazakhstan's sovereign wealth fund, Samruk-Kazyna, is contrary to national law. This was reported by the Kazakhstan Association of Minority Shareholders (QAMS), citing a response from the Agency for Regulation and Development of the Financial Market (ARFMR).
The QAMS Association approached the state regulator for clarification after the Samruk-Kazyna Fund announced in the fall of 2025 that it had appointed the SKAI neural network as an independent member of its board of directors.
In its response, the ARRF emphasized that, in accordance with paragraph 1 of Article 54 of the Law "On Joint-Stock Companies," only an individual may serve as a board member. "This provision is mandatory and applies uniformly to all joint-stock companies, regardless of ownership, shareholder composition, or the presence of state participation," the agency noted.
The regulator also noted that the fund's corporate governance code lacks provisions regarding the use of artificial intelligence. Furthermore, the status of independent director requires an individual to exercise professional judgment, exercise personal and fiduciary responsibility, and meet established criteria for independence and freedom from conflicts of interest.
The SKAI neural network was created using a Kazakh language model and was listed among the fund's top managers on its official website. It was reported that it would analyze Samruk-Kazyna's internal and external regulatory documents, board decisions since 2008, and other materials accumulated since the fund's founding to help management make more informed and informed decisions.
In October 2025, SKAI participated in a board meeting held with the participation of Kazakh Prime Minister Olzhas Bektenov.
The Samruk-Kazyna National Welfare Fund was established in 2008 by decree of President Nursultan Nazarbayev. The fund manages the country's national companies and, when necessary, subsidizes them from the state budget. The government of Kazakhstan is the fund's sole shareholder.
