Remuneration Policy

In accordance with the Charter of the Fund and the Law of the Republic of Kazakhstan “On Sovereign Wealth Fund”, the amount of remuneration for Independent Directors is determined by the Sole Shareholder.

Independent Directors are paid remuneration and reimbursed for expenses related to the responsibilities they perform in the framework of their functions.

The amount of the official salary, terms of remuneration and bonus payment of the Chief Executive Officer and members of the Management Board of the Fund are determined by the Board of Directors of the Fund. The Nomination and Remuneration Committee of the Board of Directors of the Fund plays a key role in determining their remuneration.

The remuneration system for the Chief Executive Officer and members of the Management Board of the Fund is determined in accordance with the Terms for Remuneration and Bonuses of the Chief Executive Officer and Members of the Management Board of the Fund, approved by the decision of the Board of Directors of the Fund, and includes an official salary, performance-based remuneration for the relevant period, as well as a one-time bonus for the Independence Day of the Republic Kazakhstan.

Performance-based remuneration for the relevant period is paid depending on the results of performance evaluation of the Chief Executive Officer and a member of the Management Board for the purpose of material encouragement for the successes achieved and improving the efficiency of work.

The main condition for the payment of remuneration is the availability of consolidated final profit for the reporting year.

In 2022, the total amount of remuneration paid to key management personnel included in general and administrative expenses amounted to KZT 730 million. The specified amount includes remuneration of Independent Directors of members of the management body – the Board of Directors and remuneration paid to members of the executive body.