Remuneration

GRI 2-19

According to the Company’s Charter, the Sole Shareholder’s decision determines the amount and procedure for paying remuneration to members of the Board of Directors. The amount, procedure, and conditions for paying remuneration to the Chairman and members of the Management Board are determined in accordance with the Rules for assessing the performance and remuneration of executive and managerial employees of Samruk-Energy JSC.

Remuneration to members of the Board of Directors

The independent directors receive an annual fixed remuneration for performing the duties of the Samruk-Energy JSC Board of Directors’ members.

The Company indemnifies independent directors for expenses (travel, accommodation, daily allowance) associated with their attending meetings of the Samruk-Energy JSC Board of Directors and its Committees held outside their permanent residence.

Remuneration to Independent Directors for 2023 amounted to KZT 38,084,964.65. As of 31 December 2023, there are three Independent Directors in the Board of Directors. There are no other payments.

Remuneration to members of the Management Board

The Company pays remuneration to the Management Board on the terms and in accordance with the Rules for assessing the performance and remuneration of executive and managerial employees of Samruk-Energy JSC. The principles for evaluation are based on:

  • interrelation of remuneration and execution of tasks that meets the interests of the Company and its Shareholder;
  • interrelation of remuneration and execution of tasks that meets the interests of the Company and its Shareholder;
  • dependence of the remuneration amount on the performance of the Company and its employees.

The Board of Directors evaluates the head and members of the executive body. The main evaluation criterion is the achievement of the set KPI.

Remuneration of the top management consists of salaries, bonuses, and other short-term benefits.

In 2023, the remuneration to the top management amounted to KZT 358,800.76 thousand. As of 31 December 2023, the Company has five top managers.