According to a document published on the KASE website, members of the board of directors and management of Baiterek, a national management holding in Kazakhstan received $1.4 million as a reward last year.
Additionally, members of the holding’s management have been paid $617,139 this year.
“This is a total sum of 2021 salaries, rewards and bonuses before taxes,” the document says.
There are two control bodies in Baiterek: the board of directors and the management board. The board of directors exercises control over the system of corporate governance and risk management. The board of directors defines tasks and approves documents that fall under the task of risk management. In turn, the main task of the management board is the creation of an effective system of risk management and control over daily operations to make sure they meet the requirements of the corporate policy. In the sphere of risk management, the holding’s management conducts its functions through proper committees.
Currently, the Baiterek board of directors includes ten members: Alikhan Smailov, Roman Sklyar, Timur Suleimenov, Erulan Zhamaubayev, Alibek Kuantyrov, Kairbek Uskenbayev, Erbol Karashukeev, Klaus Mangold, Philip Yeo and Thomas Mirow. Among the members of the holding’s management are Chairman Kanat Sharlapayev and his deputies Nurbolat Aidapkelov, Adil Mukhamedzhanov and Ersain Khamitov.
According to consolidated accounting for 2021, the holding’s assets value rose from $14.3 billion to $20.6 billion. Its liabilities increased from $11.3 billion to $17.3 billion. Baiterek’s equity capital has risen from $2.9 billion to $3.3 billion. In 2021 the net revenue of the holding was about $232 million, while in the previous year it was $154 million.
The National Management Holding Baiterek is a development institute. It has been established to facilitate businesses in non-commodity sectors, to support entrepreneurship, to monitor exports of non-commodity products, to increase labor efficiency, to oversee availability of funds and modern equipment and to support the urbanization of the national economy in Kazakhstan. Baiterek has eight subsidiaries. The only stakeholder of the management holding is the Committee of State Property and Privatization under the Ministry of Finance of the Republic of Kazakhstan.