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.

Monbat is a member of the Global Compact and prepares an annual Communication on Progress.
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

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Board of Directors

Board of Directors

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

Atanas Bobokov
Atanas Bobokov

Chairperson of the Board of Directors and Chief Executive Officer

Atanas Bobokov

Chairperson of the Board of Directors 

Аtanas Bobokov is an economist who studied at the University of National and World Economy, Sofia.
A visionary and business developer, he co-founded Prista Oil Holding EAD (Prista Oil AD) in 1993 and is the main driving force behind the Monbat Group along with fellow professionals and leaders in the management group.
Atanas Bobokov combines a direct batteries and recycling business knowledge with broader leadership roles both within the Monbat Group and in diverse organizations. For example, he sits on the Management Board of the Bulgarian Industrial Association - Union of the Bulgarian business, Bobokovi Brothers Foundation and is a Member of the Supervisory Board of Prista Oil Holding EAD.
Mr. Bobokov has successfully led Monbat in its development from a formerly state-owned batteries producer in Montana to a world-renowned integrated economic group active in the production and recycling of lead-acid batteries and lithium-ion high power cells and systems.

Florian Huth
Florian Huth

Deputy Chairman of the Board of Directors

Florian Huth
Member of the Board of Directors

Florian Huth is a Partner of ADM Capital, Head of CEE/CIS and a member of the European Investment Advisory Committee. Since 2008, Florian has been involved in ADM Capital's expansion into the CEE/ CIS region and has executed deals in Turkey, Bulgaria, Russia, Ukraine, Romania and Croatia.
He joined ADM Capital from DEG where he spent more than three years managing an equity, mezzanine and debt portfolio in Europe and Asia. 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 Master in Business Administration and is a CFA charter holder as well as a Certified Public Accountant.

Plamen Bobokov
Plamen Bobokov

Member of the Board of Directors

Plamen Bobokov

Member of the Board of Directors

Plamen Bobokov has graduated from Faculty of Law of Sofia University St. Kliment Ohridski in 1993. He is the co-founder of Prista Oil Group together with his brother Atanas Bobokov.
He is currently the Chairman of Prista Oil Holding EAD and Member of the Board of Directors of Monbat AD.
He is also the co-founder of the Bobokov Brothers Foundation (Research and Preservation of the Culture – Historical Heritage); An Honorary Consul of Ukraine in Bulgaria; An Honorary Citizen of Ruse; Member of the Board of Trustee of Ruse University Angel Kanchev; Member, with two full mandates sitting on the Board, of the biggest and most powerful employer’s organization in Bulgaria - the Confederation of the Employers and Industrialists in Bulgaria (CEIB).
Plamen Bobokov is also: Main private investor in the multifunctional sports hall Bulstrad Arena - the most vital and successful project to improve the urban environment in his hometown Ruse; Cofounder of the First Private Numismatic Museum in Bulgaria; Co-founder of Process-Space Foundation with scope of action in supporting the development and the popularization of contemporary and modem art and the establishment of a thematic museum; Prominent benefactor.

Peter Bozadjiev
Peter Bozadjiev

Member of the Board of Directors and Executive Director

Peter Bozadjiev

Member of the Board of Directors and Executive Director

Peter Bozadjiev is Executive Director of the economic group and in this role, he is actively involved in the development and sustainable growth of Monbat. 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.

Stoyan Stalev
Stoyan Stalev

Independent member of the Board of Directors

Stoyan Stalev

Independent member of the Board of Directors

Stoyan Stalev, has extensive legal expertise, possessing impeccable academic credentials and diverse corporate and public administration professional experience.
He is a Doctor of Legal Sciences and acted in the past as a Research Associate and Senior Research Associate /Associate Professor/ in the BAS Institute of Legal Science in the field of international private and maritime law.
In his respective roles, as legal advisor to the President of the Republic of Bulgaria Zhelyo Zhelev, and the ambassador of the Republic of Bulgaria in Germany and the ambassador of the Republic of Bulgaria in Turkey, as well as Minister of the Foreign affairs in the government of Mr. Stefan Sofiyanski, he was able to contribute to improving the country’s economic and pro-business oriented public policy.
In the financial and investor community, he is also well-known as Executive Director of the Bulgarian Investment Agency.

Alexandar Tchaouchev
Alexandar Tchaouchev

Independent member of the Board of Directors

 

Alexandar Tchaouchev

Independent member of the Board of Directors

Alexandar Tchaouchev graduated from the Moscow State Institute of International Relations and developed considerable expertise through his time in the Ministry of Economy, in addition to being the manager and Executive Director of diverse Bulgarian companies including Nafta Trading AD, Agrohold AD, Lukoil Bulgaria EOOD, Litasko Bulgaria. 

His experience and knowledge led Alexandar Tchaouchev in recent years to become Executive Member of the Board of Directors of DK – Domostroene AD and Member of the Board of Directors of Sopharma.

Nikolay Trenchev
Nikolay Trenchev

Independent member of the Board of Directors

Nikolay Trenchev

Independent member of the Board of Directors

Nikolay Trenchev is an educated lawyer who studied at Sofia University St. Kliment Ohridski, registered with the Sofia Bar Association. He was a partner in the law office Trenchev, Kostova & Partners.
Before joining Monbat AD, his professional positions includes being appointed as a judge in Sofia City Court, a senior legal expert within State Aadministration, and a member of various Boards of Directors of Bulgarian and foreign companies, such as Botevgradska Vishna AD, Plama AD, IncomsTelemocHolding AD, Ecofol AD.
He is an acknowledged expert in the legal fields of corporate-industrial law, litigation, mergers and acquisitions and privatization transactions’ deals. He acted as senior legal advisor to the Transport and Communication Committee within the 39th and 49th Bulgarian Parliament.
Nikolay Trenchev has been a is member of the Board of Directors of Monbat AD, since its formation in 1998 right up to the present day. until now.

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.

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 and Marketing & Communications Director.
Shareholders

Shareholders

Shareholder capital

Capital