KEGOC: Top Managers Earn More in a Year

KEGOC top managers' remuneration for the first three quarters of 2024 increased by 56% compared to the same period in 2023, Orda.kz reports.

The Kazakhstan Association of Minority Shareholders (QAMS) drew attention to this fact in its Telegram channel.

The company's financial statements indicate that from January 1 to September 30, 2024, the JSC's management earned a total of 577 million tenge.

The concept of ‘remuneration’ includes: wages and other expenses (taxes, financial assistance for health improvement, sick leave, vacation pay) and bonuses based on the results of activities for the reporting period,  notes QAMS.

Comparatively, in 2023, KEGOC management earned 370 million tenge in the first three quarters. The bulk of this amount was salaries and bonuses.

The remuneration of key management personnel mainly consists of salaries and bonuses based on operating results, the joint-stock company said in its financial statements.

The document specifies that KEGOC has earned 232.4 billion tenge since the beginning of 2024 and increased its direct financial assets to 43.4 billion tenge. Expenses on the board amounted to 12 million 155 thousand tenge.

JSC KEGOC is the Kazakhstan system operator that manages the power grids throughout the country and is responsible for the operation of the energy system.

Original Author: Nikita Drobny