Management Board Remuneration

English

The remuneration of KEGOC's executive employees is regulated by the internal policies and procedures developed in accordance with the Fund policy for labour payment, performance assessment and remuneration.

Labour payment to KEGOC's executives includes the following payments:

- Salary;

- One-time bonus on the Independence Day of the Republic of Kazakhstan;

- Performance bonus at the end of the year.

Remuneration of the Management Board members is determined by the Board of Directors upon recommendation of the Nomination and Remuneration Committee in accordance with the legislation of the Republic of Kazakhstan.

The remuneration depends on the key performance indicators of the Management Board members, their skill level and personal contribution to KEGOC's performance; its aim is to encourage the Management Board members to achieve high efficiency of work.

The procedure for remuneration of the Management Board members is regulated by KEGOC's internal documents with due account of functional key performance indicators approved by the Board of Directors.  

The performance of the Management Board members is assessed by the Board of Directors following the results of the reported year upon approval of the results of KEGOC financial and economic performance based on the audited financial statements.

The key criteria for remuneration are the achievement of KEGOC's general corporate indicators and the achievement of functional key performance indicators which determine the degree of the strategic goals achievement.

 

The bonus paid at the end of the year is limited by the cash allocated in KEGOC's budget for this purpose.