In accordance with the best practices of corporate governance and recommendations of external auditors, in the 2010 Annual Report of Kazakhstan Electricity Grid Operating Company JSC, information on the amount of remuneration for the members of Management Board and for Independent Directors of Board of Directors was published for the first time.
The Company expresses its sincere regret for the mass media dissemination of the distorted information dated 9 August 2011 originating from KazTAG Information Agency, in which the meaning of the words “REMUNERATION” and “BONUS PAYMENT” was interpreted incorrectly.
In order to avoid any incorrect interpretation of this section of the Annual Report, KEGOC is releasing the following clarification.
The amount of remunerations referred to by KazTAG represent the REMUNERATION OF LABOUR provided by the Company in 2010 to KEGOC’s Top Management (official salary + other payments provided for by the labour legislation).
Following the 2010 business results, no bonuses were paid to the members of the KEGOC Management Board. Pursuant to the Decision of the Sole Shareholder, National Welfare Fund Samruk-Kazyna, no bonuses were paid to the Management of the Fund group companies during the 2008-2010 time period.
KEGOC will continue implementing the disclosure practice with regard to the information of public interest. The Company hopes that the public will comprehend the disclosed information in a proper and satisfactory manner.