Remuneration report
Members of the Board of Directors
The Resolution of JSC Samruk‑Kazyna’s Management Board dated 26 September 2016 approved the Guidelines on Forming Boards of Directors at Companies of JSC Samruk‑Kazyna, which provide, inter alia, for a procedure for remuneration payable to members of such Boards of Directors. Remuneration reflects the duties of the respective member of the board of directors, the scale of the company’s operations and its long‑term goals and objectives. Remuneration is paid to independent directors and Samruk‑Kazyna’s representatives based on a resolution of the General Meeting of Shareholders.
Remuneration of the Management Board
KMG’s Board of Directors determines the remuneration policy and the procedure for assessing performance of members of KMG’s Management Board in line with the Corporate HR Management Standard of JSC Samruk‑Kazyna Group, approved by the Resolution of the JSC Samruk‑Kazyna’s Management Board dated 14 December 2017.
Remuneration paid to members of the Management Board for the reporting period (year) is performance‑related to encourage them towards the strategic and priority goals outlined in measurable, interrelated, consistent, and balanced motivational KPI scorecards.
A motivational KPI scorecard outlines corporate and functional KPIs.
The Nomination and Remuneration Committee of the Board of Directors pre‑reviews matters related to building an effective and transparent remuneration framework.
The total remuneration paid to members of KMG’s Management Board for 2023 amounted to KZT 388,673,641.57 including all salaries and financial benefits (plus taxes and pension contributions) paid by KMG to members of the Management Board for serving on the Board in 2023, under the Remuneration Rules for Members of the Management Board (executives) and Remuneration Rules for the Employees of Internal Audit, Corporate Secretary, Compliance and Ombudsman of KMG, approved by the Resolution of KMG’s Board of Directors dated 10 September 2020.
