RSE on REM “State Medical University of Semey” was reorganized into Semey Medical University, Non-Commercial Joint Stock Company (hereinafter – SMU, NCJSC) with a 100% participation of the state in the authorized capital and on February 05, 2019 officially passed state registration with the justice authorities.
State Enterprise “Research Institute of Radiation Medicine and Ecology” became a part of SMU, NCJSC.
The Board of Directors is an integral part of the management system of any joint stock company in accordance with the Law of the Republic of Kazakhstan “On Joint Stock Companies” and carries out general management of the company’s activities. Legislatively, the competence of the board of directors includes, among others, the following issues:
- determination of priority areas of activity and development strategy or approval of a plan for the development of the company;
- preliminary approval of the company’s annual financial statements;
- approval of regulations on committees of the board of directors;
- determining the conditions for issuing bonds and derivative securities of the company, as well as making decisions on their issuance;
- determination of the quantitative composition, term of office of the executive body, election of its head and members, as well as early termination of their powers;
- determining the size of official salaries and conditions of remuneration and bonuses for the head and members of the executive body;
- approval of documents regulating the internal activities of the company;
- making decisions on the creation and closing of branches and representative offices of the company and approving regulations on them.
The transformation of the legal form of state and national universities into the NCJSC is aimed at increasing the income of the university and creating a financial model close to world practice. In addition, the transition will provide universities with the opportunity to independently determine the academic structure, as well as the rights to international cooperation and the creation of legal entities.
The Law on Autonomy of the Higher Educational Institution (dated July 5, 2018) made appropriate amendments to such legislative acts as the Law “On Corporate Governance: Universities of Kazakhstan 49 Education”, the Law “On Science”, the Law “On State Property”, the Law “On Charity” etc. This will allow universities to have a balanced tax system, simplify the public procurement procedure and empower governing councils.
