Corporate Governance

Monbat Economic Group complies as appropriate with the National Corporate Governance Code and operates in full compliance with the principles and provisions of the Code.

Monbat is a part of group of enterprises within the meaning of §1, item 2 from the Additional provisions of the Accountancy Act and is a parent company, holding over 50% of the votes at the General Assembly of several subsidiaries.
Monbat Economic Group applies in addition to the National Corporate Governance Code the following corporate governance practices: Recommendations of the UN Global Compact.

The activities of the Board of Directors of Monbat were implemented in full compliance with the regulatory requirements set out in the Law on Public Offering of Securities and the respective implementing by-laws, in its Articles of Association and the National Corporate Governance Code.

The Corporate Board of Monbat considers that there are no parts of the National Corporate Governance Code with which the company does not comply. The National Corporate Governance Code is being applied subject to the “comply or explain” principle. This means that the company complies with the Code and in case of any deviation its corporate board should explain its reasons.

Corporate Structure

Corporate Structure

corp

Board of Directors
Dimitar Kostadinov
Dimitar Kostadinov

Executive Member of the Board of Directors

Dimitar Kostadinov

Executive Member of the Board of Directors

Dimitar holds an MBA degree in International Finance from Brandeis University (Boston, Massachusetts) and a BA degree in Business Administration from the American University in Bulgaria (AUBG).

Dimitar was one of the founding partners of Entrea Capital in 2008 and has been instrumental in developing it as the leading independent investment banking firm in Bulgaria. He successfully executed multiple fundraising, debt restructuring and M&A transactions with a focus on the energy, FMCG, financial services and industrials sectors. In 2014 Entrea Capital became the affiliate of Rothschild & Co in Bulgaria.

Prior to establishing Entrea Capital, Dimitar Kostadinov served as the executive director, head of clients, and a member of the executive management at ING Bank, Bulgaria. Dimitar was responsible for ING’s portfolio of corporate clients, strategic positioning, and all aspects of business origination and relationship management in the country. He led the overall development of structured finance and corporate banking operations in the country through leveraging ING’s international product expertise.

In 2004, upon returning to Bulgaria, Dimitar acted as the financial and economic advisor to the country’s Deputy Prime Minister and Minister of Transport and Communications, advising him on policy issues in the transportation, infrastructure, and telecommunications sectors. Dimitar managed senior staff in the restructuring and strengthening of key state-owned enterprises in the telecommunications and marine transport sectors.

From 2000 to 2004, Dimitar was an equity research analyst at UBS Investment Banking, initially in Tokyo, Japan, and subsequently in London, the UK. At UBS, Dimitar covered the Consumer Goods and TMT sectors. While at UBS London, Dimitar published research reports and recommended investment strategies with a focus on the European FMCG sector. He liaised with companies’ senior management to discuss financial results and corporate strategic positioning. While at UBS Tokyo, Dimitar researched Japanese media stocks with a focus on advertising, broadcasting, and satellite sectors. He also helped develop the bank’s proprietary trading desk and worked on the IPO of Dentsu, the largest Japanese advertising agency.

Dimitar started his financial career with Salomon Smith Barney in the US where he developed and implemented equity and mutual funds investment strategies for high-net-worth investors.



Chavdar Danev
Chavdar Danev

Chairman of the Board of Directors

Chavdar Danev

Chairman of the Board of Directors

Chavdar Danev graduated Economic cybernetics from the Moscow Institute of Management (now the State University of Management) in Moscow, Russia in 1987. He holds a doctorate in economics after defending his dissertation in 1991.
Chavdar Danev has many years of experience in the financial and banking system, as well as in corporate structures before joining the team of Prista Oil Holding in 2004.
He is currently a Member of the Management Board of Prista Oil Holding EAD and a Member of the Board of Directors of Monbat AD.



Florian Huth
Florian Huth

Independent member of the Board of Directors and Deputy Chairman

Florian Huth
Independent member of the Board of Directors and Deputy Chairman

Florian Huth is a Partner of CEECAT Capital and a member of the Investment Advisory Committee. Florian oversees the firm’s investments in SEE and CEE and has executed deals in Ukraine, Bulgaria, Russia, Romania and Croatia. He joined ADM Capital in 2008 from DEG where he spent more than three years managing an equity, mezzanine and debt portfolio of approximately EUR130mm across emerging markets. Prior to his role at DEG, Florian spent five years with KPMG transaction services in Cologne, Germany, focusing on due diligence and valuation assignments. Florian holds a MBA and is a CFA charter holder as well as a Certified Public Accountant.

Peter Bozadjiev
Peter Bozadjiev

Member of the Board of Directors 

Peter Bozadjiev

Member of the Board of Directors 

Peter Bozadjiev is Chief Operating Officer of the economic group. Prior to this, Mr. Bozadjiev has acted as Group Financial Director (CFO) of Monbat for a period of five years, as well as program manager of the long-term optimization and improvement program in the group.

Mr. Bozadjiev has also been appointed General Manager of Monbat holding GmbH – the company into which the newly acquired lithium-ion companies Gaia and EAS Germany are to be transformed and which will usher in a diversified stream of business to Monbat over the next five years.

Peter Bozadjiev has long-standing experience in corporate management and business transformations. This has also been his primary business scope as Senior manager in PwC Consulting, IBM Global Business Services and KPMG Operational Restructuring.

Petar Hristov
Petar Hristov

Member of the Board of Directors

Petar Hristov

Member of the Board of Directors

Petar Hristov graduated Academy of Economics “Dimitar A. Tsenov” Svishtov. In his career development he holds managing positions in Postbank AD, Montana and TU State Financial Control, Montana.

He joined the team of Monbat AD in 1998.

Petar Hristov has held positions in the Company as Chief Accountant, Executive Director, Chief Operating Officer and Member of the Management Board. Since 2015 he has been a Procurator of Monbat AD. Member of the Board of Directors of Monbat NBP EAD.

Evelina Slavcheva
Prof. Evelina Slavcheva, DSc, PhD

Independent member of the Board of Directors

Prof. Evelina Slavcheva, DSc, PhD

Independent member of the Board of Directors

Evelina Slavcheva is a professor at the Institute of Electrochemistry and Energy Systems (IEES) - Bulgarian Academy of Sciences (BAS). Her scientific interests are in in the field of electro catalysis, hydrogen technologies, and electrochemical power sources: fuel cells, hydrogen generation and storage, batteries. Mrs. Slavcheva holds M.S. in Electrochemistry from the University of Chemical Technology and Metallurgy, Sofia, Bulgaria and has acquired a PhD and DSc degrees at BAS.
She has worked in the National Physical Laboratory, Teddington, UK as a Royal Society grand holder and has carried out post-graduate specializations at the Institute of Applied Science, Iserlohn; The Institute of Physical and Theoretical Chemistry, Bonn University; RWTH-Aachen University, Germany. Her professional experience includes practical roles such as National Coordinator of EU research projects, Coordinator of bi-lateral collaborations at regional and international level, Leader of numerous research projects.
Prof. Slavcheva is a supervisor of PhD students, as well as being the author and co-author of more than 90 scientific publications that are consistently cited in specialized literature. She is a member of the Bulgarian Electrochemical Society, Bulgarian Hydrogen Society, International Society of Electrochemistry, and Marie Currie Association.

Jordan Karabinov
Jordan Karabinov

Independent member of the Board of Directors

Jordan Karabinov

Independent member of the Board of Directors

Jordan Karabinov, MBA, ACCA, CIA has earned a bachelor degree in Business Administration from the American University in Bulgaria. He started his professional career with PricewaterhouseCoopers in Sofia in 1997.
In 2001 he moved to The Netherlands where he has worked for Alcatel-Lucent, General Electric and ArvinMeritor.
For the last three organizations he has performed internal audits and special investigations in 14 European countries as well as the USA and Australia.
In 2004 Mr. Karabinov earned an MBA degree from IMD, Switzerland. Since 2009 Mr. Karabinov has been a Managing Partner of JK&Partners, which offers services in the area of internal audit and risk management.
Since 2013 Mr. Karabinov has been the Chairman of the Board of the Institute of Internal Auditors in Bulgaria.

Board of Directors

Monbat has a one-tier management system.
The company is being managed by a Board of Directors including the following members:

Functions and Obligations

The Board of Directors

  • leads and controls the company in a responsible and independent manner according to the vision, goals and strategies of the company and in the best interests of all shareholders.
  • monitors the performance of the company on a quarterly and yearly basis and initiates changes in the management of its activities when necessary.
  • treats all shareholders equally, acts in their interest and in a diligent manner.
  • has established, and controls, the integrated functioning of financial and accounting systems.
  • provides guidelines, approves and controls the implementation of the company's business plan, the material transactions and all other operations and actions required by the company's by-laws.

The members of the Board of Directors base their actions on common principles of integrity and managerial and professional competence. The Board adopted and follows an Ethics Code.
The Company has an integrated and functioning risk management system, including an internal audit as well as a financial-information system.

Committees

Committees

  • Audit Committee – the audit committee is elected annually by the General Assembly of the Shareholders. The committee applies an internal control system that also identifies risks the company might face in its activities and fosters their efficient management. This system also ensures effective functioning of the reporting and disclosure of information systems. The terms of reference, scope of tasks and way of operation and reporting procedures are detailed in the Statute of the Audit Committee.
  • Strategic Sourcing Committee - the SSC is steering the decision making and execution process of the group mass material balance, converging the group operational treasury.
  • Compensation & Benefits (C&B) Committee - the Compensation and Benefits Committee assists with preliminary activities, proposals and advice concerning remuneration, preparing, among other things, suggestions for the Board of Directors on the Remuneration Policy for Directors and Key Management Personnel (including the Managers of the Audit, Compliance, Anti-Money Laundering and Risk Management Functions) adopted by the Company.
  • Treasury Committee – is steering the group related strategic financing and operational cash flow alignment.
  • New Products Development (NPD) Committee – the committee is established with the purpose of implementing a more structured new product development process which aims not only to guide the process of creation of ideas and new products but also to act as preliminary quality controller for the new products' production and marketing implementation at an early stage. In this way, the effectiveness of the process is increased and the risks of resources' waste, such as time and money, are minimized.
  • Sustainability Committee – established in order to systemize the sustainability program and actions implementation within the group and toward all stakeholders, the sustainability committee leads the group’s efforts for sustainability management framework and supervises all applicable activities within the three main focus areas – environment, people and business. Members of the committee are the Chief Executive Officer, Executive Director, Human Capital Director, Investor Relations Director, Marketing & Communications Director and Quality Management Director.
Shareholders

Shareholders

Shareholder capital

Capital