BOARD OF DIRECTORS ACTIVITY

8 meetings in presentia were held and decisions on 14 issues were made by the Board of Directors of “Kaztemirtrans” JSC for the first quarter of 2016.

They discussed such issues as introduction of amendments and supplements to Accounting policy, the amount of payment for services of audit company for financial reporting audit, approval of the business plan of the Board of Directors for 2016, adoption of updated budget of “Kaztemirtrans” JSC for 2016, early termination of powers of the members of the Board of Directors, carve-out of shares in authorized capitals of legal entities, establishment of the Committee on personnel matters and rewards of “Kaztemirtrans” JSC, a number of decisions on the issue of the activity of LLC “Regional Forward Logistics” and “Astyk-Trans” JSC were made.   

15 meetings of the Board of Directors were held where decisions on 49 issues relating to exclusive jurisdiction of the Board of directors have been made for 2015. The meetings were held according to the approved plan of the Board of Directors for 2015.

During 2015 the meetings of the Board of Directors dealt with such issues as changes in Management Board, adjustment of the budget, approval of internal documents, determining the audit company to perform their audit, a number of issues on the activity of subsidiary companies were considered, documents in the field of risk management were approved and etc.

Committees of the Board of Directors

The Board of Directors by its resolution (minutes No. 7 dated March 25, 2016) established the Committee on personnel matters and rewards of “Kaztemirtrans” JSC in the following membership:

E.B.Smailov – the Chairman of the Committee;

E.N.Mukhamedzhanov – the member of the Committee;

V.V.Petrov – the member of the Committee.

The members of the Committee have made one advisory decision regarding electing members of the Committee of “Kaztemirtrans” JSC (minutes No. 1 dated May 16, 2016).

The Committee has been established in an effort to work our recommendations on attraction of qualified specialists to the Board of Directors, Management Board, and other positions of the Company, appointments of which are made by approval of the Board of Directors. The Committee works out recommendations to the Board of Directors regarding rewards of Directors, members of Management Board and other Company employees, appointments of which are made by approval of the Board of Directors.

Independent directors

Erlan Baykenovich Smailov and Eltai Nurbolatovich Mukhamedzhanov - Independent directors, the members of the Board of Directors meet the criteria of independence, indicated in the Law “On Joint Stock Companies” of the Republic of Kazakhstan and have the necessary experience and knowledge of financial, legal and corporate management.

Independent directors of the Company are rewarded once a year in proportion with their work period in appropriate calendar year after approval of annual financial statements by the sole shareholder. Terms and order of payment of rewards and compensations to the members of the Board of Directors is determined by the resolution of the sole shareholder.