The Adam Smith Institute would like to thank all the speakers, sponsors and participants for their input into the first Adam Smith Institute CFO Summit Kazakhstan, that took place on 6-8 November 2007 in Almaty.

Over 100 representatives of Kazakh financial elite gathered in Almaty during the three-day forum, for useful exchange of information, discussions and networking at the highest level.

Speeches by CFOs of Kazakh companies, representing such sectors as Oil and Gas, Construction, Transport, Engineering and Food and Beverage, as well as managers of financial structures and consulting companies of Kazakhstan, addressed the issues facing finance directors in the Republic today.

The Summit opened on 6^th November with a welcoming speech by Daulet Saudabayev, Deputy Finance Minister of the Kazakh Republic. Mr. Saudabayev expressed confidence in the necessity of such an event, and thanked the Adam Smith Institute for all the work carried out in preparation for the Summit 2007.

The Summit participants had a unique opportunity to learn first hand about how financial management of such big Kazakh industry names as "Razvedka Dobycha KazMunaiGaz", ENRC, Kazpochta and many others, can secure them leading positions in their industry sectors.

Several sessions of the Summit were dedicated to specific questions of adhering to international accountability, accounts, and budget optimisation standards, which were discussed by the representatives of consulting companies, as well as by CFOs of Karcement, Kazpochta, Ekoton, and DB Sberbank.

Capital attraction strategies were the focus of the second day of the summit. In current economic conditions, the knowledge of financial sources and tools is an indispensable factor of effective development of every company, which is why our speakers’ presentations on this subject were of great interest to the audience.

Second day session on IPO was an opportunity for the delegates to gain information from the industry professionals, who possess unprecedented experience in conducting initial IPOs.

The fact that this session’s speakers included such international stock market leaders as NYSE Euronext and London Stock Exchange, CFO of  KazMunaiGaz Exploration Production, that has just secured the biggest IPO in Kazakhstan, and the CFO of ElitStroy Group that is planning to do the same in the  near future, as well as the management of the Centre for Corporate Development of Independent Directors Association (Russia), allowed the delegates to assess the IPO process from various points of view, and to discuss its  numerous aspects.

Different networking formats included a practical master class on risk management on all business levels, led by MARSH representatives. Bearing in mind the conditions set by the US financial crisis, this topic could not but interest our participants.

One of the most popular features of the Adam Smith forums are the round table champagne discussions, which permitted the delegates to discuss hot topics of the day and to network in a relaxed atmosphere.

The programme also included Risk management for CFOs training course - which took place on Day three. Glyn Williams, a highly qualified risk management trainer, shared his theoretical and practical experience of evaluating and minimising risks.

According to the results of the survey carried out at the end of the event, most participants are in favour of making this forum an annual event. Consequently, the Adam Smith Institute, where the work never stops, will soon begin preparations for the 2^nd CFO Kazakhstan Summit, which will take place in November 2008.

If you want to offer any recommendations or criticism regarding this past Summit, any suggestions towards our next event in 2008, or have questions regarding participation in our forums, please contact Anna Morozova by email amorozova@adamsmithconferences.com