The purpose of the remuneration and bonus policy for the Management Board members is to stimulate conscientious, efficient and high-quality labor, allowing for fair remuneration depending on the complexity and volume of work performed, the position held and personal contribution to the implementation of the Bank’s tasks.

Remuneration based on annual performance results of the Management Board members is a remuneration intended to incentivize the performance of the Management Board members, paid depending on the results of achievement of strategic key performance indicators and performance evaluation results as decided by the Bank’s Board of Directors.

The performance of the Management Board members is evaluated based on key performance indicators (hereinafter, KPIs), based on the results of which remuneration may be paid. The procedure for evaluating the performance of the Management Board members consists of the following stages:

1. selection of KPIs, setting of target values, coordination of KPI scorecards with the authorized collegiate body of the Sole Shareholder;
2. approval of KPI scorecards;
3. calculation and coordination of actual performance with the authorized collegiate body of the Sole Shareholder and the Internal Audit Department;
4. adoption by the Bank’s Board of Directors of a decision on payment/non-payment of remuneration based on the performance results for the reporting year on the basis of the Committee’s recommendations.

Remuneration and bonuses are not paid to the members of the Bank’s Board of Directors – representatives of the Sole Shareholder – Baiterek NMH JSC. Independent Directors – members of the Bank’s Board of Directors are remunerated in accordance with the Regulations on the Bank’s Board of Directors.

The amount of remuneration is determined as provided for by the laws of the Republic of Kazakhstan and the Articles of the Bank, taking into account the experience and qualifications of an independent director.

In 2024, the remuneration paid to independent directors – members of the Board of Directors and the remuneration and bonuses paid to members of the Management Board of the Bank amounted to KZT 338.8 million.

Compliance with the Corporate Governance Code

The Bank has the Corporate Governance Code in place. The objectives of the Code are to improve corporate governance, ensure transparency of governance, and confirm commitment to the standards of good corporate governance.

The Report on the Bank’s Compliance/Non-compliance with the Principles and Provisions of the Corporate Governance Code approved by the Board of Directors of the Bank is attached as an additional Appendix to this Annual Report.

The Board of Directors of the Bank declares that the Annual Report of the Bank, in general, gives a fair, balanced and understandable description and provides information necessary for shareholders to evaluate the Bank’s performance.