© 2021 Transtelecom Joint-stock Company
2021
Annual Report
Transtelecom JSC
2021 ///
06
The Company ensures that all shareholders
have equal rights and is constantly improving
its corporate governance system.
Corpo
rate
gover
nance
Corporate governance
Faithfulness, reliability, and professionalism of its employees, the efficiency of their work, and mutual respect for each other, stakeholders, and society are the fundamental corporate values that form the Company’s activity.
Annual Report / Transtelecom / 2021
Background
information about
corporate governance
in the Company
The Company ensures equal rights of all shareholders and continuously improves the corporate governance system.
The Board of Directors and the Executive Body of the Company are building effective corporate governance to ensure the successful development of the Company while balancing the interests of shareholders, investors, and management.
The Company has a system in place for gathering and privately reviewing data regarding violations. The hotline makes it possible to confidentially report facts of corruption, fraud, discrimination, as well as other violations of the legislation of the Republic of Kazakhstan by employees of Transtelecom JSC.
Corporate
governance structure
of the Company
General Meeting
of Shareholders
In 2021, the Annual General Meeting of Shareholders was held on 28 June 2021. In total, 4 meetings of the General Meeting of Shareholders were held in 2021.
Report of the
Company’s Board
of Directors
Composition
of the Board
of Directors
Composition of the Board of Directors As of December 31, 2021, the Board of Directors consists of six members: three members appointed by shareholders, and three non-executive directors:
| № | Member of the Board of Directors | Date of election | Status |
|---|---|---|---|
| 1 | Aliyev Nurali Rakhatovich | 4 August 2016 | Shareholder representative |
| 2 | Amrin Salmen Gabdollinovich | 15 November 2019 | Shareholder representative |
| 3 | Dmitry Alexandrovich Pokupatelev | 6 February 2020 | Shareholder representative |
| 4 | Dosmukametov Kanat Mukhametkarimovich | 15 November 2019 | Non-executive director |
| 5 | Issekeshev Yerlan Orentayevich | 4 August 2016 | Non-executive director |
| 6 | Otemurat Berik Mustayuly | 6 February 2020 | Non-executive director |
On 12 December 2021 Nadyrov Zhanbolat Urakovich resigned from the Board of Directors on his own initiative.
Information on
remuneration of members
of the Board of Directors
In accordance with the decisions of the General Meeting of Shareholders, members of the Board of Directors are paid remuneration and reimbursed expenses related to the performance of their functions as members of the Board of Directors during their term of office.
Members of the Board of Directors are compensated for expenses (travel, accommodation, per diem) related to travel to meetings of the Board of Directors and Committees of the Board of Directors of the Company held outside the place of permanent residence of a member of the Board of Directors.
In total, remuneration to non-executive directors for 2021 amounted to 61,954,300.48 tenge.
6
The Board of Directors consists of six members: three members appointed by shareholders, and three non-executive directors.
Number of meetings and
attendance of meetings
by members of the Board
of Directors
The Board of Directors of the Company operates in accordance with approved annual work plans. In total, eleven (11) meetings of the company’s Board of Directors were held in the reporting year, 11 of them in person, 0 in the form of absentee voting.
During these meetings of the Board of Directors, eighty-nine (89) decisions were made, all of them during in-person meetings.
| № | Full name | Attendance of meetings, from the date of appointment | % | Period of membership of the Board of Directors in the reporting period |
|---|---|---|---|---|
| 1 | Aliyev Nurali Rakhatovich | 11 out of 11 | 100 | 1 January – 31 December 2021 |
| 2 | Nadyrov Zhanbolat Urakovich | 10 out of 10 | 100 | 1 January – 12 December 2021 |
| 3 | Amrin Salmen Gabdollinovich | 8 out of 11 | 73 | 1 January – 31 December 2021 |
| 4 | Dmitry Alexandrovich Pokupatelev | 9 out of 11 | 82 | 1 January – 31 December 2021 |
| 5 | Dosmukametov Kanat Mukhametkarimovich | 10 out of 11 | 91 | 1 January – 31 December 2021 |
| 6 | Issekeshev Yerlan Orentayevich | 11 out of 11 | 100 | 1 January – 31 December 2021 |
| 7 | Otemurat Berik Mustayuly | 11 out of 11 | 100 | 1 January – 31 December 2021 |
Track record
of members of the
Board of Directors
of the Company
Nurali
Rakhatovich
Aliyev
Chairman of the Board of Directors of Transtelecom
The date of the first election
to the Board of Directors of Transtelecom JSC
is 4 August 2016.
Date of birth – 1 January 1985.
Education
- 2001-2002 – Pepperdine University, Malibu, California, USA.
- 2002-2003 – International University, Vienna, Austria.
- 2003-2005 – Abai Kazakh National Pedagogical University, Almaty, Kazakhstan.
- 2006 – University of Texas, McCombs School of Business, USA.
- 2005-2006 – IMADEK University, Vienna, Austria.
Work experience
- 2003-2004 – SUCDEN ET DENREES SA Corporation, France, Department of International Trade.
- 2004-2005 – Sakharnyi Center JSC, Head of the International Department, Deputy Head of the International Department.
- 2005-2006 – Sakharnyi Center JSC, President.
- 2007-2010 – Nurbank JSC, Chairman of the Board of Directors, First Deputy Chairman of the Management Board, Deputy Chairman.
- 2008-2013 – Development Bank of Kazakhstan JSC, Managing Director, Member of the Management Board.
- 2013-2014 – Transtelecom JSC, President.
- 2014-2016 – Akimat of Astana, Deputy Akim of Astana.
Dmitry
Alexandrovich
Pokupatelev
Member of the Board of Directors of Transtelecom JSC
The date of the first election
to the Board of Directors of Transtelecom JSC
is 6 February 2020.
Date of birth – 16 June 1984.
Education
- 2015 – Jan Amos Komensky University, Czech Republic, MBA, General and Strategic Management (in cooperation with the ARFC Academy, under the NBK).
- 2006 – St. Petersburg Humanitarian University of Trade Unions, St. Petersburg.
Work experience
- 2006-2009 – Kazkommertsbank JSC, manager of the 1st category of small and medium-sized businesses.
- 2009-2010 – Kazkommertsbank JSC, auditor.
- 2010-2011 – Temirbank JSC, Deputy Head of the Credit Risk Department, Chief Risk Manager.
- 2011-2012 – Temirbank JSC, Chief Risk Manager of the Department of Methodology and Analysis of Credit Risks.
- 2012-2014 – Temirbank JSC, Head of the Office of Methodology and Analysis of the Problem Loans Department.
- 2014-2015 – Sberbank of Russia SB JSC, Head of the Analysis, Methodology and Reporting Department of the Department for Distressed Assets.
- 2015-2017 – Food Invest Group, Deputy General Director.
- 2017 – present – Sigma Advisors LLP, Managing Director, Due Diligence Group.
Kanat
Mukhametkarimovich
Dosmukametov
Independent Director, Member of the Board of Directors of Transtelecom JSC
The date of the first election
to the Board of Directors of Transtelecom JSC
is 4 August 2016.
Date of birth – 22 December 1973.
Education
- 1994 – Kazakh State Academy of Management, Candidate of Economic Sciences.
Work experience
- 2000-2003 – National Bank of the Republic of Kazakhstan (Astana), Head of the Coordination Department of the National Bank of the Republic of Kazakhstan; Deputy Director of the Financial Supervision Department of the National Bank of the Republic of Kazakhstan.
- 2004-2006 – Agency for Regulation of the Financial Market and Financial Organizations, Deputy Chairman.
- 2006-2007 – SAFC Investment Company, Managing Director.
- 2007 – National Holding «KazAgro» JSC, Deputy Chairman of the Management Board.
- 2007-2009 – Delta Bank JSC, Chairman of the Management Board.
- 2009 – Deloitte TCF LLP, Managing Director.
- 2009-2012 – Ministry of Finance of the Republic of Kazakhstan, Chairman of the Treasury Committee.
- 2012 – Samruk-Kazyna JSC, Managing Director.
- 2012-2015 – Eurasian Development Bank, Deputy Chairman of the Management Board.
- 2015 – Development Bank of Kazakhstan JSC, Deputy Chairman of the Management Board.
- 2016 – Polymetal Eurasia LLP General Director.
Yerlan
Orentayevichфыв
Issekeshev
Independent Director, Member of the Board of Directors of Transtelecom JSC
The date of the first election
to the Board of Directors of Transtelecom JSC
is 4 August 2016.
Date of birth – 1 July 1968.
Education
- 1992 – Alma-Ata Power Engineering Institute.
- 2003 – Turan University.
- 2010 – NES French Business School, Paris.
Work experience
- 2000-2002 – Astanaenergoservice LLP, Deputy Director.
- 2002-2005 – Karaganda Zhylu LLP, Commercial Director.
- 2005 – Karaganda Zharyk LLP, General Director.
- 2005-2007 – Karaganda Zhylu LLP, General Director.
- 2007-2008 – Akimat of Karaganda region, Deputy Akim for Municipal Issues.
- 2008 – KazynaCapitalManagement JSC, Advisor to the Chairman of the Management Board on the creation and development of Ithmaar Kazyna CIS Regional Energy Fund.
- 2009-2011 – Falah Partners Investment Fund, Managing Partner.
- 2009-2012 – Samruk-Energo JSC, non-executive director, member of the Board of Directors.
- 2011 – present – ISS Corporation LLP, Chairman of the Board of Directors of a Diversified Holding Company.
Berik
Otemurat
Mustayuly
Independent Director, Member of the Board of Directors of Transtelecom JSC
The date of the first election
to the Board of Directors of Transtelecom JSC
is 6 February 2020.
Date of birth – 26 March 1980.
Education
- 2003 – KIMEP University.
- 2013 – London Business School, London, UK.
Work experience
- 2003-2004 – ERNST & YOUNG, Senior Audit Officer.
- 2004-2007 – PARAGON DEVELOPMENT, Financial Director.
- 2007-2008 – Kazyna Sustainable Development Fund, Director of Corporate Finance Department, Chief Manager.
- 2008-2009 – NWF «Samruk-Kazyna» JSC, Director of the Corporate Finance Department.
- 2009-2010 – Development Bank of Kazakhstan JSC, Deputy Chairman of the Management Board, Member of the Management Board.
- 2010-2011 – BTA Bank JSC, Deputy Chairman of the Management Board, Member of the Management Board.
- 2012-2013 – Government of the Republic of Kazakhstan, Advisor to the Deputy Prime Minister (outsource).
- 2013-2014 – National Bank of the Republic of Kazakhstan, Advisor to the Chairman.
- 2014-2016 – National Investment Corporation, Chairman of the Management Board, Member of the Board of Directors.
- 2017 – present – ND CAPITAL, Managing Partner.
Management
Board
Composition of the
Company’s Management
Board as of 31 December
2021
In a decision made on 10 December 2020 (Minutes No. 10/2020), the Board of Directors decided that the Management Board of the Company would consist of eight (8) people and that its term of office would be three (3) years.
| Adaybekov Yelnar Ruslanovich | Chairman of the Management Board of the Company |
| Minavar Yerlan Yerikuli | Deputy Chairman of the Management Board for Strategic Development and Innovation of the Company |
| Barmenkulov Kenes Tanatarovich | Deputy Chairman of the Management Board for Organizational Development of the Company |
| Donenbai Ghaziz Bolatuly | Deputy Chairman of the Management Board for Corporate Business Development of the Company |
| Kasymov Karim Dosmukhambetovich | Deputy Chairman of the Management Board for Business Development in the Public Sector of the Company |
| Akhmetov Murat Sailaubekovich | Deputy Chairman of the Management Board for Operations of the Company |
| Kozhasbayev Daniyar Zhenisovich | Deputy Chairman of the Management Board for Economics and Finance of the Company |
| Baymyrzauly Askar | Deputy Chairman of the Management Board for Administrative and Legal Issues of the Company |
Track record
of the Management
Board members
Yelnar
Ruslanovich
Adaybekov
Chairman of the Management Board Transtelecom JSC
Date of birth – 18 February 1986.
Education
- Kings College London, University of London, London, UK, majoring in BSc Computer Science.
Work experience
- He began his career in 2008 as a project manager of the Investment Banking Department at Nurbank JSC.
- Since May 2009, he has been appointed Head of the Risk Department at Nur-Trust JSC.
- Since 2010, he has been working as a Risk Manager at The Rompetrol Group in Bucharest.
- From 2012 to 2015 he held the position of Deputy General Director of Rompetrol Gas SRL.
- Since 2015, under the decision of the Board of Directors of Transtelecom JSC, he has been elected to the position of Vice President for Corporate Governance and Legal Affairs of Transtelecom JSC.
- Since 20 January 2017, according to the decision of the Company’s Board of Directors, he has been elected Vice President for Development and Legal Affairs, which is a member of the Company’s Management Board.
- Since 1 July 2019, according to the decision of the Board of Directors of the Company, he was elected Deputy Chairman for Organizational Development, which is a member of the Management Board of the Company.
- Since 15 June 2020, according to the decision of the Board of Directors of the Company, he has been elected Chairman of the Management Board of the Company.
Yerlan
Minavar
Yerikuli
Deputy Chairman of the Management Board for Strategic Development and Innovation, Member of the Management Board Transtelecom JSC
Date of birth – 6 October 1985.
Education
- 2003-2006 – Carnegie Mellon University, Pittsburgh, USA, specializing in decision science and rational choice, Bachelor’s degree in Information Systems.
- 2016-2017 – INSEAD Singapore, France, Master of Business Administration.
Work experience
- He started his career in 2007 as an analyst of mergers and acquisitions (M&A, Investment Bank) at CIBC World Markets / Oppenheimer & Co (USA).
- From 2009 to 2013, Financial Director at Caspian Engineering & Research (Kazakhstan).
- From 2010 to 2011, Financial Director at Belkamit LLP (Kazakhstan).
- From 2013 to 2015, Executive Director at Frontier Mining (Kazakhstan/England).
- From 2017 to 2019 Managing Director / Product Manager / Scrum Master at Billboard Video Singapore (Kazakhstan/Singapore).
- From 2019 to June 2020, CEO of Capital Holding.
- Since 15 June 2020, Deputy Chairman of the Management Board for Development and Innovation of Transtelecom JSC – Member of the Management Board of Transtelecom JSC (decision of the Board of Directors of Transtelecom JSC dated 15 June 2020 (Protocol No. 4/2020)).
- Since 1 December 2020, Deputy Chairman of the Management Board for Strategic Development and Innovation.
- Since 10 December 2020, he has been re-elected Deputy Chairman of the Management Board for Strategic Development and Innovation – a member of the Management Board of Transtelecom JSC (decision of the Board of Directors of Transtelecom JSC dated 10 December 2020 (Protocol No. 11/2020)).
Murat
Sailaubekovich
Akhmetov
Deputy Chairman of the Management Board for Operations, Member of the Management Board of Transtelecom JSC
Date of birth – 22 August 1983.
Education
- 2005 – Kazakh M. Tynyshpayev Academy of Transport and Communication, majoring in automation, telemechanics and communications.
- 2011 – M. Tynyshpayev Kazakh Academy of Transport and Communication, specialization in interoperability, certification on safety and international railway transport.
- 2011 – CNAM University (France), specializing in interoperability, certification and safety in international railway transport.
Work experience
- Since July 2016, Deputy Director for Information Technologies in the «Directorate of Information Technologies» branch of the National Company «Kazakhstan Temir Zholy» JSC.
- Since February 2017, Executive Director for IT Support and Development at Transtelecom JSC.
- Since December 2017, Executive Director for IT Operations at Transtelecom JSC.
- Since July 2018, Acting Vice President for IT and Innovation at Transtelecom JSC.
- Since September 2018, Vice President for IT and Innovation at Transtelecom JSC.
- 4 February 2019, he was elected to the position of Vice President for IT and Innovation at Transtelecom JSC – Member of the Management Board, pursuant to the decision of the Board of Directors of Transtelecom JSC of 4 February 2019 (Minutes No. 1/2019).
- Since 1 July 2019, according to the decision of the Board of Directors of the Company, he was elected Deputy Chairman of the Management Board for Infrastructure Operation, which is a member of the Management Board of the Company.
- Since December 1, 2020, Deputy Chairman of the Management Board for Operations.
- Since 10 December 2020, he has been re-elected Deputy Chairman of the Management Board for Operations – a member of the Management Board of Transtelecom JSC (decision of the Board of Directors of Transtelecom JSC dated 10 December 2020 (Protocol No. 11/2020)).
Askar
Baymyrzauly
Deputy Chairman of the Management Board for Administrative and Legal Affairs, Member of the Management Board Transtelecom JSC
Date of birth – 9 January 1985.
Education
- 2006 – Al-Farabi Kazakh National University, Almaty, majoring in jurisprudence.
- 2008 – Al-Farabi Kazakh National University, Almaty, Master’s degree in Jurisprudence.
- 2010 – T. Ryskulov Kazakh Economic University, Almaty.
- 2019 – Executive MBA, Graduate School of Business, Nazarbayev University.
Work experience
- Since July 2016, head of the Legal Support Department and Litigation and Dispute Resolution Department at the National Company Kazakhstan Temir Zholy JSC.
- Since December 2018, Executive Director for Legal Affairs at Transtelecom JSC.
- 4 February 2019, he was elected to the position of Executive Director for Legal Affairs at Transtelecom JSC – Member of the Management Board, pursuant to the decision of the Board of Directors of Transtelecom JSC of 4 February 2019 (Minutes No. 1/2019).
- Since 1 July 2019, according to the decision of the Board of Directors of the Company, he was elected Executive Director for Legal Affairs, which is a member of the Management Board of the Company.
- Since 1 December 2020, Deputy Chairman of the Management Board for Administrative and Legal Affairs.
- Since 10 December 2020, he has been re-elected Deputy Chairman of the Management Board for Administrative and Legal Affairs – a member of the Management Board of Transtelecom JSC (decision of the Board of Directors of Transtelecom JSC dated 10 December 2020 (Protocol No. 11/2020)).
Karim
Dosmukhambetovich
Kasymov
Deputy Chairman of the Management Board for Business Development in the Public Sector, Member of the Management Board Transtelecom JSC
Date of birth – 28 January 1985.
Education
- 2007 – Abai Almaty State University, majoring in economics.
- 2019 – Kazakh M. Tynyshpayev Academy of Transport and Communication, majoring in radio engineering electronics and telecommunications.
- 2020 – Executive MBA, Graduate School of Business, Nazarbayev University.
Work experience
- He started his career in September 2006 as Deputy Director of Arman-Munai LLP.
- Since November 2006, Deputy Director of Company Alas LTD.
- Since June 2009, Director of Almaty Megatau LLP.
- Since July 2013, Head Manager of the Sales Department at KTZ Express JSC.
- Since December 2013, Chairman of the Trade Union Committee of KTZ Express JSC.
- Since March 2017, the head of the Procurement and Security Department of Transtelecom JSC.
- Since December 2017, Executive Director for Projects of Transtelecom JSC.
- Since July 2019, Executive Director for Business Development (B2G) of Transtelecom JSC.
- Since 1 December, 2020, Deputy Chairman of the Management Board for Business Development in the Public Sector of Transtelecom JSC.
- Since December 10, 2020, he has been elected Deputy Chairman of the Management Board for Business Development in the Public Sector of Transtelecom JSC – a member of the Management Board of Transtelecom JSC (decision of the Board of Directors of Transtelecom JSC dated 10 December 2020 (Protocol No. 11/2020)).
Daniyar
Zhenisovich
Kozhasbayev
Deputy Chairman of the Management Board for Economics and Finance, Member of the Management Board Transtelecom JSC
Date of birth – 20 January 1983.
Education
- 2003 – Almaty University of Economics, majoring in financial management.
Work experience
- He started his career in 2007 as a Sales Representative for services to the largest clients in the Central Asia and Caucasus region (B2B) in Hewlett Packard Kazakhstan.
- Since 2008, he has held the position of Sales Director (Industrial equipment and Construction machinery) at TOYOTA TSUSHO (Toyota Group international trading structure).
- Since 2010, Country manager in Boart Longyear (an international company in the field of Mining & Metals).
- Since 2013, Head of the Department for Subsoil Users, Corporate Lending Department at Kazkommertsbank JSC.
- Since 2015, Director of the Corporate Lending Department No. 2 at Kazkommertsbank JSC.
- Since 2016, Managing Director of the Corporate Development Center at the Association of Financiers of Kazakhstan.
- Since 2017, Executive Director, Head of the Department of corporate business at Fortebank JSC.
- Since 2018, Executive Director, Head of the SME and CB department at Fortebank JSC.
- Since 2019, Deputy Chairman of the Management Board at First Heartland Jysan Bank JSC (formerly Tsesnabank JSC).
- From February 2020 to July 2020, Financial Director at Tigin Industry LLP.
- Since July 2020, Deputy Chairman of the Management Board for Economics and Administrative Issues of Transtelecom JSC.
- 0 August 2020, according to the decision of the Board of Directors of Transtelecom JSC, he has been elected Deputy Chairman of the Management Board for Economics and Administrative Issues, which is a member of the Management Board of Transtelecom JSC.
- Since 1 December 2020 – Deputy Chairman of the Management Board for Economics and Finance of Transtelecom JSC.
- Since 10 December 2020, he has been re-elected Deputy Chairman of the Management Board for Economics and Finance of Transtelecom JSC – a member of the Management Board of Transtelecom JSC (decision of the Board of Directors of Transtelecom JSC dated 10 December 2020 (Protocol No. 11/2020)).
Kenes
Tanatarovich
Barmenkulov
Deputy Chairman for Organizational Development, Member of the Management Board of Transtelecom JSC
Date of birth – 1 November 1981.
Education
- 1999-2003 – T. Ryskulov Kazakh Economic University, International Economic Relations.
- 2010 – Telecoms MINI MBA, London, UK.
- 2015-2016 – Nazarbayev University Business School, EMBA.
Work experience
- He started his career in December 2003 as an economist in the Corporate Sales Directorate of Kazakhtelecom JSC.
- Since October 2005, Financial Manager of Uni Commerce Ltd. branch, TeaLand branch and ASF branch of RG Brands Kazakhstan LLP.
- Since May 2008, Senior Expert of the Directorate of Communication Assets of Samruk-Kazyna JSC.
- Since March 2015, Executive Director for Corporate Development of Transtelecom JSC.
- Since 10 December 2020, he has been re-elected Deputy Chairman of the Management Board for Organizational Development of Transtelecom JSC – a member of the Management Board of Transtelecom JSC (decision of the Board of Directors of Transtelecom JSC dated 10 December 2020 (Protocol No. 11/2020)).
Ghaziz
Donenbai
Bolatuly
Deputy Chairman of the Management Board for the Development of Strategic Projects, Member of the Management Board Transtelecom JSC
Date of birth – 24 April 1988.
Education
- 2011 – Asia Pacific University, Kuala Lumpur, Malaysia, BSc (Hons) in Business Information Technology.
- 2012 – Asia Pacific University, Kuala Lumpur, Malaysia, Master of Business Administration, Postgraduate program of Staffordshire University, UK.
Work experience
- He started his career in March 2011 as a business analyst at Aldiyar B. LLP.
- Since May 2013, Chief Specialist of the Business Analytics Department of the Project Management Department of the branch of NC KTZ – Directorate of Information Technologies JSC.
- Since March 2014, the expert of the Project portfolio analysis department of the branch of NC KTZ-Directorate of Information Technologies JSC.
- Since September 2014, Head of the Project Management Department of the branch of NC KTZ-Directorate of Information Technologies JSC.
- Since July 2015, technical expert on the infrastructure of «Implementation and maintenance of IT infrastructure of the Transtelecom JSC branch «Directorate of Infotelecommunication Technologies».
- Since July 2016, Project Manager for hardware and software systems of the Transtelecom JSC branch «Directorate of Infotelecommunication Technologies».
- Since February 2017, Executive Director for Project Management of Transtelecom JSC.
- Since December 2017, Executive Director for Projects of Transtelecom JSC.
- Since July 2019, Executive Director for Corporate Business Development (B2B) of Transtelecom JSC.
- Since December 2020, Deputy Chairman of the Management Board for Corporate Business Development of Transtelecom JSC.
- Since December 10, 2020, he has been elected Deputy Chairman of the Management Board for Corporate Business Development of Transtelecom JSC – a member of the Management Board of Transtelecom JSC (decision of the Board of Directors of Transtelecom JSC dated 10 December 2020 (Protocol No. 11/2020)).
- Since March 12, 2021, he has been elected Deputy Chairman of the Management Board for the Development of Strategic Projects of Transtelecom JSC – a member of the Management Board of Transtelecom JSC (decision of the Board of Directors of Transtelecom JSC dated 12 March 2021 (Protocol No. 2/2021)).
Meetings of the
Company’s Management
Board in 2021
The activities of the Company’s Management Board are determined by the Charter, the Corporate Governance Code and the Regulations on the Management Board. In 2021, the Management Board held forty-two (42) meetings where one hundred and ninety-three (193) matters deemed within the purview of the execu-tive body by the Company’s Charter were discussed and decided. The Management Board carried out its activities in accordance with the decisions of the General Meeting of Shareholders and the Board of Directors of the Company.
Remuneration
of members of the
Management Board
Remuneration of the members of the Management Board is made in accord-ance with the Rules for Evaluating the Activities and Remuneration of the Senior Employees of the Company, which are developed in accordance with the legislation of the Republic of Kazakhstan, the Company’s Charter, Standard Rules for Evaluating the Activities and Remuneration of Senior and Managerial Employees of NC «KTZ» JSC.
The rules are based on the following concepts:
- Focus on the actual result
- Focus on quality of the result
- Dynamic monitoring and performance evaluation
- Formation and support of expected behavior
- Focus on the delta
- Adaptability of the system
- Action is better than inaction
In the reporting year, the total remuneration paid to members of the Management Board (total salaries and all types of incentives in cash) amounted to 536,696 thousand tenge.