Management and Corporate Governance
Pursuant to the Estonian Commercial Code and the articles of association of the Company, the right to make decisions and the administration of the Company are divided between the shareholders represented by the General Meeting of Shareholders, the Supervisory Board and the Management Board.
Tallink Grupp
TAL1T | ISIN EE3100004466
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Information as of: January 01, 1970 at 00:00 AM (GMT +3)Nasdaq Tallinn
General meeting of sharesholders
Ultimate authority lies with the Company’s shareholders, who exercise this authority at the General Meeting of Shareholders. The primary duties of the General Meeting of Shareholders are to approve the annual report and the distribution of dividends, elect and remove members to the Supervisory Board, elect auditors, pass resolutions on any increase or decrease in share capital, change the articles of association and resolve other issues, which are the responsibility of the General Meeting of Shareholders by law. The General Meeting of Shareholders also determines the size of remuneration for the Supervisory Board. AS Tallink Grupp held the last Annual General Meeting on 7 May 2024.
Supervisory Board
The Supervisory Board engages in oversight and longer-term management activities such as supervising the Management Board and approving business plans, acting independently in the best interest of all shareholders. No residency requirements apply to the members of the Supervisory Board. The Supervisory Board reports to the Shareholders’ General Meeting.
The Supervisory Board consists of 5 to 7 members. Members of the Supervisory Board are elected for periods of three years at a time. The Supervisory Board shall elect one of its members as chairman.
The Supervisory Board is responsible for the administration of the Company and the appropriate organization of its operations. The Supervisory Board determines the principles for the Company’s strategy, organization, annual operating plans and budgets, financing and accounting. The Supervisory Board elects the members of the Management Board and determines their salaries and benefits.
The Supervisory Board has at present six members: Mr. Enn Pant – Chairman, Mr. Toivo Ninnas, Ms. Eve Pant, Mr. Ain Hanschmidt, Mr. Kalev Järvelill and Mr. Raino Paron.
Enn Pant
(born 1965)
Chairman of the Supervisory Board since 2015
- Chairman of the Management Board and CEO from 1996 to 2015
- Chairman of the Supervisory Board of AS Infortar
- Chancellor of the Ministry of Finance of Estonia from 1992 to 1996
- Graduated the Faculty of Economics, Tartu University, Estonia, in 1990
Toivo Ninnas
(born 1940)
Member of the Supervisory Board since 1997
- Chairman of the Supervisory Board from 1997 to 2015
- Member of the Superviosry Board of AS Infortar
- Served at ESCO (Estonian Shipping Company) 1973 to 1997 on various positions, Director General since 1987
- Graduated from the Far Eastern High Engineering Maritime College (FEHEMC), maritime navigation, in 1966
Eve Pant
(born 1968)
Member of the Supervisory Board since 1997
- Member of the Management Board of Infortar
- Graduated from the Tallinn School of Economics, Estonia, in 1992
Raino Paron
(born 1965)
Member of the Supervisory Board since 2019
- Head of Banking & Finance and EU & Competition practice groups in Ellex Raidla law office
- Member of the Superviosry Board of AS Inbank since 2016
- Member of the Management Board of Finance Estonia since 2011
- Chairman of the Asbitration Court of the Tallinn Stock Exchange since 1996
- Partner and attorney-at-law at Ellex Raidla law office since 1998
- Graduated from the University of Tartu, Estonia in 1990 (cum laude) and from the Gerogetown University, USA, in 1993 with a LLM degree (Master of Laws) with honours
Kalev Järvelill
(born 1965)
Member of the Supervisory Board since 2007
- Member of the Supervisory Board of AS Infortar
- Member of the Management Board of AS Tallink Grupp from 1998-2006
- General Director of the Estonian Tax Board from 1995 to 1998
- Vice Chancellor of the Ministry of Finance of Estonia from 1994 to 1995
- Graduated from the Faculty of Economics, the University of Tartu, Estonia, in 1993
Ain Hanschmidt
(born 1961)
Member of the Supervisory Board since 2005
- Chairman of Management Board of AS Infortar
- For years served as Chairman of the Management Board of AS SEB Eesti Ühispank
- Graduated from the Tallinn Polytechnic Institute (Tallinn University of Technology), Estonia, in 1984
Management Board
The Management Board is an executive body charged with the day-to-day management of the Company, as well as with representing the Company in its relations with third parties, for example by entering into contracts on behalf of the Company. The Management Board is independent in their decisions and acts in the best interests of the Company’s shareholders.
The Management Board must adhere to the decisions of the General Meeting of Shareholders and lawful orders of the Supervisory Board. The Management Board ensures, with its best efforts, that the Company complies with the law and that the Company’s internal audit and risk management functions operate effectively.
The Management Board consists of three to seven members. The members and the Chairman of the Management Board are elected for periods of three years at a time. Every member of the Management Board has the right to represent the Company in any legal and business matter.
The Management Board has at present five members: Mr. Paavo Nõgene – Chairman, Mr. Harri Hanschmidt, Ms. Elise Nassar, Mrs. Piret Mürk-Dubout and Mr. Margus Schults.
Paavo Nõgene
(born 1980)
Chairman of the Management Board since 01.05.2018
Areas of responsibility:
General management, route operations, administrative services, GDPR, communication services, Human Resources, Tallink Hotels, Tallink Travel Club.
- Secretary-General, Ministry of Culture of the Republic of Estonia, from 2013 to 2018.
- General Manager of Vanemuine Theatre, Estonia from 2007 to 2012.
- Member of the Supervisory Board of the Art Museum of Estonia.
- Graduated from the University of Tartu, Estonia, in 2012 with a degree in Journalism and Communications.
Margus Schults
(born 1966)
Member of the Management Board since 29.04.2021
Areas of responsibility:
Group’s finances and Finnish operations
- Has been working for the Group since 2008, Group CFO since 2022
- Has been working for the Group since 2008 has held position of Chief Executive Officer of Tallink Silja Oy since 2009, including the roles of a member of the Supervisory Board of Sally AB and Managing Director of Tallink Silja GmbH
- Worked in SEB bank between 1994-2008 in diferent leading positions, including as a member of the Management Board of SEB Estonia
- Member of the Main Council of the Helsinki region Chamber of Commerce, Deputy Chairman of Finnish-Estonian Trade Association, Member of the Board of the Finnish Shipowners’ Association.
- Holds a PhD degree from Tallinn Technical University in Technology, Electronics.
Harri Hanschmidt
(born 1982)
Member of the Management Board since 04.02.2019
Areas of responsibility:
IT services, operational & business development, investor relations, EU-funds, new strategic projects.
- has been working in Tallink Grupp since 2009. He has held the positions of Head of Investor Relations and Head of the Finance Department among other roles during that time.
- worked in various roles in Estonian IT sector organizations prior to joining AS Tallink Grupp he worked in various roles in Estonian IT sector organisations.
- holds a Master’s degree in Business Informatics from the Tallinn Technical University
Elise Nassar
(born 1991)
Member of the Management Board since 06.03.2024
Areas of responsibility:
Logistics, cargo, stevedoring, ship management, safety, security, environment, legal services, GDPR, anti-corruption, procurement.
- has been working in Tallink Grupp since 2018. She has held the positions of Data Protection Officer and Head of Internal Audit during that time.
- since summer 2022 she has held the position of Group Head of Legal and Head of the Internal Audit and Internal Control Departments.
- prior to joining Tallink Grupp, Elise worked as a lawyer at AS Ekspress Grupp, the largest media group in the Baltics.
- holds a BA in Law from the University of Tartu.
Piret Mürk-Dubout
(born 1970)
Member of the Management Board since 15.04.2019
Areas of responsibility:
Commercial development and business intelligence, brands development, sale and marketing strategy, customer experience management, travel retail and duty free operation, onboard services, dining and entertainment concepts development, commercial partnership development, ESG and corporate social responsibility.
- Prior to joining the Group, worked in Tallinn Airport where she held the position of Chief Executive Officer and Chairman of the Management Board since 2016
- Worked in several senior positions in Telia Company headquarters and group companies in Stockholm and in Tallinn between 2010 and 2016
- Holds an Executive Master of Business Administration degree from the Estonian Business School, a diploma in Jurisprudence from the University of Tartu, and a Master’s degree in Media & Communications from the University of Tartu. Has graduated Senior Executive Programme at London Business School
- Vice President of Maritime Affairs at the European Retail Confederation (ETRC)
- Member of Board at Tallinn University of Technology
Risk management
The Group’s business, financial position and operating results could be materially affected by various risks. These risks are not the only ones the Group faces. Additional risks and uncertainties not presently known to us, or that the Group currently believes are immaterial or unlikely, could also impair our business. The order of presentation of the risk factors below is not intended to be an indication of the probability of their occurrence or of their potential effect on our business.