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 also paid to independent directors. The level of remuneration payable to representatives of JSC Samruk-Kazyna on such boards is determined by a resolution of JSC Samruk-Kazyna’s Management Board.

Total remuneration paid to members of the Board of Directors in 2020–2022
Members of the Board of Directors 2020 2021 2022
Total remuneration paid to members of the Board of Directors in USD 819,020 381,944 350,000
Total remuneration paid to members of the Board of Directors in KZT 15,799,427 18,200,000 29,538,710

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 2022 amounted to KZT 344,627,124.98, 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 2021, 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.

Members of the Management Board 2020 2021The total remuneration paid to members of KMG’s Management Board for 2021 amounted to KZT 227,908,251.96, as well as the remuneration paid in 1Q 2021 to members of KMG’s Management Board for 2019, which amounted to KZT 347,532,554.00. 2022
Total remuneration of the Management Board, KZT 317,527,424.77 575,440,805.94 344,627,124.98