Audit Underway Into Bonus Practices at Samruq-Qazyna

Samruq-Qazyna has described its bonus system as aligned with “the best global practice” and characterized itself as “an open and transparent organization,” reports Orda.kz. 

The fund has declined to disclose specific bonus amounts.

Following public concern over high remuneration in the quasi-public sector, the Supreme Audit Chamber has initiated an audit of Samruq-Qazyna’s compensation system. Saltanat Satzhan, Managing Director for Development and Privatization at the National Welfare Fund, confirmed that the review is in progress.

The SAC fund is currently being audited. I think it will be completed soon, within a month, according to the system of bonuses and incentives. We are ready for the audit. We are glad that there is an audit by the Supreme Audit Chamber. We consider ourselves an open and transparent organization, Satzhan said during a briefing.

According to Satzhan, bonuses are granted only if key performance indicators (KPIs) set by the board of directors are met.

First, the board of directors sets goals. At the end of the year, it checks whether the KPIs have been achieved. After that, the board of directors decides whether to reward or not reward the management. This is the best practice. This is how it works all over the world. 

She emphasized that decisions about bonuses are made solely by the board of directors, not by the fund’s internal structure.

However, she did not disclose how much money is allocated for bonuses, stating:

Satzhan did not comment on whether there have been instances in which top managers at Samruq-Qazyna were not awarded bonuses.

When asked about the fund’s public accountability as a national company, the organization referred to its legal obligations.

Financial statements are published every year. I urge you to look at them. They have not yet been published for 2024. But I think they will be soon. Everything is also openly and transparently written there, so that our stakeholders can see them, including, of course, journalists, regarding the amount of remuneration. 

Previously, SAC head Alikhan Smailov announced plans to review the bonus payments of senior managers at Samruq-Qazyna, KEGOC, and Kazatomprom.

Original Author: Zhadra Zhulmukhametova