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 1 is 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 (AC)
  • Investment Committee  (IC)
  • Digital & Innovation Committee (DC)

Name Title Role SB PSB AC IC DC
Gustav Wurmboeck Chairman Proprietary Yes Yes Yes Yes
Franz Lanschuetzer Deputy Chairman Proprietary Yes Yes Yes Yes
Mladen Markoč Deputy Chairman Proprietary Yes Yes Yes
Georg Eltz Vukovarski Member Proprietary Yes Yes Yes
Daniel Goldscheider Member Proprietary Yes Yes
Boris Galić Member Independent Yes Yes
Ivan Ergović Member Employee Representative Yes

The current members were elected at the General Assembly held od 21 April 2021.

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 activities. 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)
  • Business strategy, human resources and service excellence Committee
  • Purchasing & Partnerships Committee (strategic partnerships and purchasing agreements)
  • Digital strategy and digital projects Committee.

Name Title CX PC BEC PPC BSHR DC
Željko Kukurin Management Board President Yes Yes Yes Yes Yes Yes
Marko Čižmek Management Board Member Yes Yes Yes
Alen Benković Vice President Yes Yes Yes Yes Yes Yes
David Poropat Vice President Yes Yes Yes Yes Yes Yes
Davor Brenko Vice President Yes Yes Yes Yes Yes
Ivana Budin Arhanić Vice President Yes Yes Yes Yes
Sebastian Palma Consultant to the Management Board Yes
Andrea Štifanić Director of Asset Management and General Affairs Yes Yes
Marko Vusić Director of Internal Audit and Project Management Yes
Dragan Vlahović Director of Purchasing Yes
Ines Damjanić Šturman Director of Human Resources Yes
Tea Cergna Director of HR Development Yes
Dario Kinkela Director of Food & Beverages Yes
Roberto Gobo Director of Digitalization Yes

CX=Capex Commmittee; PO=Project Committee; BEC=Business Experience Committee; PPC=Purchasing & Partnerships Committee; BSHR=Business strategy, human resources and service excellence Committee; DC=Digital&Inovation Committee