JSC "Kazakhstan Temir Zholy" (KTZ) has commented on payments to key management personnel totalling over 1 billion tenge. The company stated that remuneration is approved by the Board of Directors and is paid only when net profit is available.
WHAT KTZ REPORTED
According to ORDA, the company's Chairman of the Management Board, Talghat Aldybergenov, was asked about the amount of payments to top management. This followed the company's consolidated report, which showed that remuneration to key management personnel amounted to 1.036 billion tenge.
Talghat Aldybergenov stated that the increase in ticket prices was linked to the inflation rate. He emphasised that decisions on payments to management are made not by members of the Management Board, but by the company's Board of Directors, which includes approximately six independent members.
HOW THE PAYMENTS WERE STRUCTURED
The head of KTZ explained that bonuses are paid only when net profit is available. In 2025, the company increased its net profit from approximately 185 billion tenge to 340 billion tenge, or 2.1 times.
According to the speaker, the sum exceeding 1 billion tenge includes not only bonuses for members of the Management Board, but also payments to members of the Board of Directors, salaries, holiday pay, taxes, social contributions, provisions for unused holiday entitlement, and other performance-related payments.
He also stated that the decision goes through several stages of verification. Internal audit carries out the first check, after which the documents are reviewed by the compliance service, which reports to the Board of Directors.
HOW MANY PEOPLE THE PAYMENTS WERE DISTRIBUTED AMONG
In response to a follow-up question about the number of recipients, Talghat Aldybergenov reported that the sum was distributed among 19 people.
According to the company's reports, in 2024, payments to key management personnel were 816 million tenge. Thus, over the year, spending on management increased by approximately 220 million tenge.
WHY THE PAYMENTS ARE BEING DISCUSSED
The additional attention to KTZ's financial indicators is also linked to the company's debt burden.
Previously, the national operator reported plans to issue bonds worth $1 billion. In 2024, the company's debt stood at around 2.65 trillion tenge, and by mid-2025, it had approached 3 trillion tenge. The company stated that the funds raised would be directed towards investment projects, including the purchase of locomotives.
CONTEXT AND SIGNIFICANCE
Payments to top management in state-owned and quasi-state-owned companies regularly become a focus of public attention. Such data generates greatest interest against the backdrop of rising tariffs, companies' debt burdens, or discussions of their financial efficiency.
Previously, JSC "Kazakhtelecom" also published financial reports containing data on management remuneration. According to the company's documents, payments to key management personnel for 2025 totalled 752.3 million tenge. However, the report did not disclose what portion of the sum was attributable directly to the Chairman of the Management Board, Bagdhat Mussin, and what portion went to other top managers.