Management

According to the Articles of Association of Harju Elekter the annual general meeting of shareholders elects and appoints the Supervisory Board of the company. The AGM resolved on its meeting at 27 April 2017 to extend the authorisation of Supervisory board members Endel Palla, Triinu Tombak, Andres Toome and Aare Kirsme for another five years, until 03.05.2022 and to elect Arvi Hamburg as a new member of the Supervisory board starting from 04.05.2017, with authorisation valid for five years, until 03.05.2022.
 
In June 2010 the Supervisory Board of AS Harju Elekter formed the Audit Committee of the company. In 2012, the members of the Supervisory Board of AS Harju Elekter – Triinu Tombak and Andres Toome - were appointed as members of the Committee.
 

On 26.10.2016 the Supervisory Board of AS Harju Elekter decided to extend the composition of the Managing Board of the company and to increase it by three members. The Manager of the company, Andres Allikmäe, was appointed as the Chairman of the Managing Board and he will continue work on the basis of the contract of service agreed on the 05.05.2014 and the mandate given to him. In addition to him the CFO of the AS Harju Elekter, Tiit Atso, and the Head of Real Estate and Energy Services, Aron Kuhi-Thalfeldt, were appointed as members of the Managing Board. The mandate of the new members of the Managing Board started on 01.11.2016 and it will end on 31.10.2019. The competence and authority of the Management Board are listed in the Articles of Association and there are no specialities nor agreements concluded which state otherwise.

The everyday business activities of the Group are managed by the Chairman of the Management Board /CEO. The Chief Financial Officer and the Head of Real Estate and Energy Services of the Group are responsible for managing their domains in the whole Group. The members of the Managing Board participate in the work of the management and control bodies of the Group’s subsidiaries. Outside of Estonia compliance with good corporate governance is ensured by the local managements of the companies.

The Group does not give the members of the Supervisory Board any benefits related to pension, more than provided by the law. The member of the Management Board is remunerated according to the contract of service. The chairman of the Board is entitled to receive a severance payment in the amount of 10 months’ and two members in the amount of 4 months’ remuneration of a member of the Management Board.
 
No other transactions were made with members of the Group's directing bodies and the persons connected with them.