Report on KazMunayGas Executives' Earnings Published

Members of the Board of Directors and Management Board at KazMunayGas earned more than 705 million tenge in total compensation in 2024, Orda.kz reports.

According to the company’s official report, the Board of Directors received 207.2 million tenge last year, with no payments made in dollars. For comparison, in 2023, the board’s compensation totaled 97.2 million tenge plus $196,300.

The current KMG Board of Directors includes Yernat Berdigulov, Uzakbay Karabalin, Yelzhas Otynshiyev (representatives of Samruq-Qazyna JSC), as well as Askhat Khassenov, Askar Shakirov, Saya Mynsharipova, Arman Argingazin, Armanbay Zhubayev, and Philip Malcolm Holland from the UK.

Meanwhile, Management Board members received a total of 497.8 million tenge in salaries and bonuses, which include taxes and pension contributions.

The Management Board comprises eight members, with Askhat Khassenov serving as Chair.

Compared to 2023, total compensation for the Management Board increased by 28%, while payments to the Board of Directors rose by 10.9% (based on an average 2023 exchange rate of 456.31 tenge per dollar).

On average, each board director earned roughly 1.9 million tenge per month, while each management board member took home about 5.1 million tenge per month (these are approximate figures intended only to illustrate general pay levels at KMG)

In March, KazMunayGas reported a 10 billion tenge increase in revenue for 2024, with net profit up 18.1%, reaching $2.3 billion.

Original Author: Nikita Drobny