Management Board

The Management Board is a collegial executive body responsible for the management of its current activities, implementation of the strategy and development plan, as well as execution of decisions made by the Board of Directors and the Sole Shareholder of the Fund. The activity of the Management Board of the Fund is regulated by the national legislation, the Charter, decisions of the Sole Shareholder and the Board of Directors, as well as the Regulations on the Management Board and other internal documents of the Fund.

The Chairman of the Management Board is appointed by the decision of the Sole Shareholder. Members of the Management Board are elected by the decision of the Fund's Board of Directors.

As of December 31, 2024, the Management Board consisted of 6 members, including Yernat Kudaibergenovich Berdigulov as Managing Director for Strategy and Asset Management. His powers were early terminated on March 26, 2025.

Composition of the Fund's Management Board:

Remuneration policy for members of the Board of Directors and the Management Board

The amount and terms of remuneration payment to Independent Directors are determined by the Sole Shareholder of the Fund in accordance with the Charter.

The remuneration of the Independent Director shall be determined on the basis of the faithful fulfilment of his/her duties in the interests of the Fund and attendance at meetings.

When setting the amount of remuneration of the Board of Directors' members, the responsibilities of the Board members, the scale of the Company's operations, long-term goals and objectives determined by the development strategy, the complexity of issues considered by the Board of Directors, and the level of remuneration in similar companies are taken into account (benchmarking, remuneration review).

Members of the Board of Directors are generally paid a fixed annual remuneration.

Remuneration of the Management Board members includes fixed and variable components. The variable component is linked to the fulfilment of medium-term goals and objectives and is set in accordance with the Fund's corporate and functional KPIs approved by the Board of Directors. For performance-related remuneration, clear target measurable KPIs are defined.

ESG indicators are an integral part of corporate KPIs of members of the Fund's Management Board and portfolio companies. KPIs are set for portfolio companies in the following areas: implementation of investment projects; share of in-country value in procurement; occupational safety (occupational injury rate, LTIFR). Depending on the specific area of activity, the portfolio companies set such indicators as the level of social stability, improvement of safety culture, implementation of the low-carbon development programme, improvement of the sustainable development management system and transparency, as well as indicators related to social support in the regions where the companies operate.

For more information on the remuneration policy and nomination at the Fund and the portfolio companies, please see the Fund's 2024 Annual Report and the Annual and Sustainability Reports of the portfolio companies.