Management structure

Arricano Real Estate Plc, being a public company limited by shares, is headed by the Board of Directors. Composition of the Board of Directors is set out in the company's Articles of Association and was facilitated by the shareholders of the company in accordance with applicable laws, requirements and best corporate governance practices. The Board comprises of one independent non-executive Director, one non-executive Director and one Finance Director. The Directors report to the shareholders about the performance of the Group, its achievements and plans. The Directors may be appointed and dismissed by the shareholders of the company, all in accordance with the provisions of the Articles of Association.

The Company has assembled a strong Board comprised of individuals who together have relevant sector experience as well as prior experience on boards of publicly listed companies. The Board is responsible for key decisions relating to the Group’s activities, including approval of the Group’s long-term business strategy and annual business plans. The Board comprises of three Directors details of whom, together with details of the relevant sub-committees can be found here.

The Board has established an audit committee with formally delegated duties and responsibilities, comprising of one independent non-executive Director and one non-executive Director. The audit committee meets at least twice a year and is responsible for ensuring that the financial performance of the Company is properly reported and monitored, including reviews of the annual and interim accounts, announcement of results, internal control systems and procedures, and accounting policies.

The Board has also established a remuneration committee with formally delegated duties and responsibilities, comprising now of one independent non-executive Director. The remuneration committee also meets at least twice a year and is responsible for setting the remuneration policy for the executives of the Company.

The Group’s management team combines extensive industry and market experience (of both private and publicly listed companies) with financial and management expertise, and its members have been involved with the real estate industry for, on average, more than 10 years. The Group’s experienced in-house management team is dedicated to managing all of the internal processes of the Group and the whole process of setting up and running a centre from the initial selection and acquisition of sites to the operation of completed projects. The Group has developed, and continues to refine, a management structure that is focused on enhancing accountability and decision making processes. The team consists of local Ukrainian and international managers, all with significant experience and familiarity with Ukrainian and international real estate markets.

Board of directors Committees Team
Lauri Reinberg
Finance Director
Michalis Michael
Non-Executive Director
Georgios Komodromos
Independent Non-Executive Director

Lauri Reinberg, who joined Arricano in October 2017, has over 20 years’ experience in financial management in Eastern European markets. Lauri previously served as CFO of Pocopay, a digital banking company based in Estonia, prior to which he held numerous senior finance roles in Swedbank. Between 2007 and 2009, Lauri had served as CFO of Retail Real Estate S.A., Arricano’s largest shareholder at that time. Lauri received his Master of Science degree in Business Administration from the Estonian Business School in 2002 and his Bachelor of Science degree from the University of Tartu in 1995.

Michalis Michael has a long professional career in business and audit services, both as a sole practitioner and as a Partner at KPMG Cyprus until his retirement last year. Michalis also has considerable experience in the Ukrainian market having been Chairman of the Cyprus-Ukraine Business Association from 2012, again until last year. Michalis formerly served as a Member of the Board of Directors of the Cyprus Broadcasting Corporation, Chairman of the Board of Directors of the Cyprus Organisation of Land Development and the Cyprus Investment Promotion Agency, a Member of the Committee for the Supervision and Development of Cooperative Societies and a Member of the Board of Directors of The Cyprus University of Technology (2014-2016). Michalis is a Chartered Certified Accountant, a Fellow member of the UK Association of Chartered Certified Accountants (FCCA) and Member of the Institute of Certified Public Accountants of Cyprus, of which he also served as a Member of the Board of Directors.

George Komodromos is a Senior Lawyer/Associate  and the Head of the Financial Regulation Department at the law firm of NICOS CHR. ANASTASIADES & PARTNERS LLC, based in Limassol, Cyprus. George has over 12 years of legal experience, dealing with and advising mostly high net-worth individuals in the commercial sector. George practices several areas of law which mainly include commercial and corporate law, banking law, legal compliance, construction and property law.  During his legal career, George has dealt with and been involved in numerous important projects which include inter alia joint ventures of significant value, takeovers of private equity and investment companies and the business development of financial institutions in several jurisdictions including the jurisdiction of the Republic of Cyprus.

George Komodromos graduated and obtained his Bachelor of Laws (LL.B) from the National and Kapodistrian University of Athens (Greece) and thereafter obtained a Master of Laws (LL.M) with a specialisation in Commercial Law, from the University of Bristol (United Kingdom). He is currently a member of the Cyprus Bar Association.