The shareholders of MAM OJSC approved the expenses for the maintenance of the Board of Directors and the Audit Commission for 2024-2025. The decision was made following the results of the extraordinary meeting, which was held on December 19. The information is posted on the website of the Kyrgyz Stock Exchange.

In particular, expenses for the maintenance of the company's Board of Directors for 2024 and the next year were approved in the amount of 7.4 million KGS. Taking into account that the Board of MAM consists of five people, it turns out that one member of the Board of Directors costs 737 thousand 548.3 soms per year or 61.5 thousand soms per month.

In addition, the shareholders approved the expenses for the three-member Audit Commission. According to the estimate, its maintenance in 2024 and 2025 will amount to 5 million 960.3 thousand soms or 2 million 980.2 thousand soms. This is taking into account the increase in salary of the Audit Commission members from 21 thousand to 60 thousand soms proposed to the shareholders.

The decision to increase expenses on management bodies is motivated by increased workload. MAM OJSC actively implements large-scale projects: overhaul of runways, construction and reconstruction of air terminals, as well as modernization of infrastructure of regional airports. In addition, a subsidiary airline, Asman Airlines, was launched, which led to an increase in the volume of business operations and the emergence of a new line of business - air transportation.

In addition to holding up to 40 meetings annually, the Board of Directors regularly attended by members of the Audit Committee and the company's Management Board.

Among other factors that influenced the decision, the general economic situation in the country was noted. According to the National Statistical Committee, the average salary in Kyrgyzstan for the first half of 2024 amounted to 34.7 thousand soms, which is 32% higher than in 2022. The company's management emphasized that without indexation, the real level of remuneration of the members of the Board of Directors and the Audit Commission will decrease, so it was proposed to increase payments by 50%.

We would like to add that according to the company's latest available report for September 30, the company's profit decreased by 1.2 bln KGS to 3 bln 271.6 mln KGS compared to the same period of 2023.