Corporate Governance

Corporate Governance

As a joint-stock company owned by more than 21,000 shareholders Valamar riviera d.d. is committed to the highest principles of good corporate governance and regulatory compliance.

A well-defined and clear corporate structure is the foundation for an effective strategic and operational management of the Company. Valamar Riviera d.d. key governing bodies are the General Shareholders Assembly, the Supervisory Board with its corresponding delegate committees and the Management Board led by the President of the Management Board or CEO of Valamar Riviera. The specific governance authorities and responsibilities of these governing bodies are regulated by the applicable Croatian legislation, Company's Articles of Association and other corporate governance codes, regulations or prescribed procedures.

The Supervisory Board

The Supervisory Board consists of 7 members, of whom 2 are independent and one is an employee representative.

The Supervisory Board meets at least four times per year. The Supervisory Board is actively engaged in key management decisions through corresponding delegate committees which meet more often to manage key strategic initiatives and support the Supervisory board decision-making process.

  • Presidium of the Supervisory board
  • Audit Committee
  • Investment Committee  

Name Title Role SB PSB AC IC
Gustav Wurmboeck Chairman Proprietary Yes Yes No Yes
Franz Lanschuetzer Deputy Chairman Proprietary Yes Yes Yes Yes
Mladen Markoč Deputy Chairman Independent Yes Yes Yes No
Georg Eltz Vukovarski Member Proprietary Yes No Yes Yes
Vicko Ferić Member Proprietary Yes No Yes Yes
Valter Knapić Member Employee Representative Yes No Ne No
Hans Turnovsky Member Independent Yes No No Yes
Dubravko Kušeta No No Yes No

The current members were elected at the General Assembly on 4 July 2017.

The Management Board

The Management Board consists of two members::

The President of the Management board is primarily responsible for formulating and managing the company’s strategic, operational and financial activites. In addition, the President individually leads the following areas: hotel operations, marketing & sales, human resources, destination management, purchasing, investment and asset development, external affairs and public relations, quality management, controlling, legal and general affairs.

The Member of the Board Marko Čižmek is primarily and individually responsible for finance, accounting, treasury, IT and institutional investor relations.

Senior Management Team

Strategic corporate business functions are organized in 4 divisions which are led by four Vice Presidents:

The senior management team or division vice presidents are responsible for managing specific functional business areas and activities. In addition, the senior management team is tasked with cross-functional steering and leadership, implementing the corporate strategy and providing management support to the CEO. Hence, the senior management team works closely with the Management Board and relevant corporate functions through Business Committees that are focused on those strategic activities in the Company that require a high degree of cross-functional involvement:

  • CAPEX Committee (capital investment projects)

  • Project Committee (steering the project management organization)

  • Business Experience Committee (Loyalty and CRM, Quality management & service excellence, corporate social responsibility)

  • Purchasing Committee (strategic partnerships and purchasing agreements)

Ime i prezime Pozicija CAPEX PrC BEC PuC
Željko Kukurin CEO Yes Yes Yes Yes
Marko Čižmek Board Member No Yes No No
Davor Brenko Vice President Yes Yes Yes No
David Poropat Vice President Yes Yes Yes Yes
IvanBudin Arhanić Vice President Yes Yes Yes No
Alen Benković Vice President Yes Yes Yes Yes
Sebastian Palma Director of Strategic Planning and Controlling Sector Yes No No No
Andrea Štifanić Director of Asset Management and General Affairs Yes No No No
Marko Vusić Director of Internal Audit and PM No Yes No No
Dragan Vlahović Director of Purchasing Sector No No No Yes