Document from CIS Legislation database © 2003-2019 SojuzPravoInform LLC

RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of February 24, 2012 No. 74

About establishment of Requirements to domestic policy on compensation, charge of monetary rewards, and also other types of financial incentive of leading employees of banks of the second level, the insurance (reinsurance) organizations and the forms of income statements paid to all leading employees of banks of the second level and the insurance (reinsurance) organizations

(The last edition from 26-08-2019)

According to the laws of the Republic of Kazakhstan of August 31, 1995 "About banks and banking activity in the Republic of Kazakhstan", of December 18, 2000 "About insurance activity" and of March 19, 2010 "About the state statistics" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. For the purposes of this resolution the following concepts are used:

1) the fixed remuneration - the fixed amount of compensation of leading employees of the financial organization (the permanent salary), for accomplishment of regulations of work (labor obligations) taking into account qualification of the worker, complexity, quantity, quality and conditions of the performed work;

2) unstable remuneration - other forms of monetary rewards, surcharges, allowances, awards, bonuses and other types of financial incentives, including shares of the financial organization, paid by the financial organization in addition to the fixed remuneration, depending on results of work;

3) the financial organization - banks of the second level and the insurance (reinsurance) organizations;

4) authorized body - National Bank of the Republic of Kazakhstan.

2. The financial organization performs development, implementation and maintenance of domestic policy on compensation, charge of monetary rewards, and also other types of financial incentive of leading employees of the financial organization (further - domestic policy) corresponding to the business plan, the purposes, strategy, the directions and scales of activities, the financial prospects, creation of the proper and effective mechanism of corporate management and the organization of risk management of the financial organization.

3. The domestic policy contains:

1) purposes, tasks of domestic policy, and also remuneration accrual bases to leading employees of the financial organization;

2) structure of the fixed and unstable remuneration of leading employees of the financial organization;

3) levels and rules of increase in amount of remuneration of leading employees;

4) system of efficiency evaluation of work of leading employees;

5) wages system of the leading employees exercising coordination and (or) control of activities of the structural divisions which are engaged in the licensed type of activity of the financial organization depending on achievement of strategy, the business plan and other internal planned documents regarding the income or accomplishment of certain works when preserving level of risks, the capital within the values determined by the financial organization;

6) conditions under which unstable remuneration is not paid.

4. The domestic policy conforms to the following requirements:

1) is provided by suspension of payment to each leading employee of the financial organization of one of the following parts of unstable remuneration:

the part of unstable remuneration constituting 50 (fifty) percent from unstable remuneration; or

the part of unstable remuneration in total exceeding the 7500-fold size of the monthly settlement indicator established by the law on the republican budget for the corresponding financial year within financial year.

The suspended part of unstable remuneration is divided into equal shares, each of which does not exceed one third of the amount of the suspended part of unstable remuneration and is paid after each twelve months during the period constituting at least three years.

The suspended part of unstable remuneration is not paid to the head of executive body, and also the leading employees exercising coordination and (or) control of activities of the structural divisions which are engaged in the licensed type of activity of the financial organization in the presence of loss of the financial organization for results of the financial year preceding payment to the next suspended part of unstable remuneration.

Payment to the suspended part of unstable remuneration is not guaranteed by the financial organization and not performed in case of dismissal of the leading employee before the end of the accounting period;

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