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Management and Supervisory Board

Management Board

The Management Board is a governing body which represents and manages AS Merko Ehitus in its daily activities in accordance with the law and the Articles of Association. The Management Board has to act in the most economically purposeful manner, taking into consideration the best interests of all shareholders and ensures the company’s sustainable development in accordance with set objectives and strategy. To ensure that the company’s interests are met in the best way possible, the Management and Supervisory Boards shall extensively collaborate.

At least once a month, a joint meeting of the members of the Supervisory and Management Boards shall take place, in which the Management Board shall inform the Supervisory Board of significant issues regarding the company’s business operations, the fulfilment of the company’s short and long-term goals and the risks impacting them.For every meeting of the Supervisory Board, the Management Board shall prepare a management report and submit it well in advance of the meeting so that the Supervisory Board can study it. The Management Board prepares reports for the Supervisory Board also in between the meetings, if it is considered necessary by the Supervisory Board or its Chairman.


Ivo Volkov
Chairman of the Management Board

Appointed: 1 January 2024
Term ends: 31 December 2027
Positions held   
2024-… AS Merko Ehitus, Chairman of the Management Board
Member of Supervisory Boards of subsidiaries companies.
2020-2023 AS Merko Ehitus Eesti, Chairman of the Management Board
2016-2019 PKC Group Plc, Vice President of Operations, Europe and South America; PKC Eesti AS, Member of the Management Board
2014-2015 PKC Group Plc, Regional Director, South America
2012-2014 PKC Eesti AS, Chairman of the Management Board
2009-2012 Cargotec Estonia AS, Chairman of the Management Board
2004-2009 Elcoteq SE, various executive positions
Education: Tallinn University of Technology, Business Administration, MBA
Number of shares controlled: 4,137


Tõnu Toomik
Member of the Management Board

Appointed: 6 June 2013
Term ends: 6 June 2028
Positions held   
2013-… AS Merko Ehitus, Member of the Management Board
Member of Supervisory Boards of subsidiaries companies.
2008-2013 AS Merko Ehitus, Member of the Supervisory Board
1997-2022 AS Kapitel (AS E.L.L. Kinnisvara until 2017), Member of the Supervisory Board
1996-… AS Riverito, Member of the Management Board
1993-1996 AS EKE Merko, various positions
Education: Tallinn University of Technology, industrial and civil engineering
Number of shares controlled: –


Urmas Somelar
Member of the Management Board

Appointed: 1 June 2023
Term ends: 31 May 2026
Positions held   
2023-… AS Merko Ehitus, Member of the Management Board
Member of Supervisory Boards of subsidiaries companies.
2021-2023 AS Merko Ehitus, Head of Finance
2018-2021 Arricano Real Estate Plc, Chairman of the SupervisoryBoard
2017-2018 Versobank AS, Member of the Management Board
2015-2017 Riigi Kinnisvara AS, Chairman of the Management Board
2008-2015 Swedbank group, various positions
Education: University of Tartu, Finance and Credit
Number of shares controlled: –

AS Merko Ehitus continues with a three-member Management Board: Ivo Volkov (Chairman of the Management Board), Tõnu Toomik and Urmas Somelar. The responsibilities of Ivo Volkov, include, among others, fulfilling daily obligations of the CEO of AS Merko Ehitus, managing and representing the company, ensuring compliance with the Articles of Association, legal acts, organising the work of the Management Board and supervisory boards of the more important subsidiaries, coordinating the development of strategies and providing for their implementation, being responsible for business development and finance. Tõnu Toomik is responsible for the management of the portfolio of properties and coordination of construction segment development activities across the whole group. Urmas Somelar is responsible for the financial management, investor relations and compliance.

Members of the Management Board have entered into three-year contracts of service with the company. The members of the Management Board are paid a fee for fulfilling their official duties. Bonuses payable to the Management Board depend on the fulfilment of the targets of the given financial year by the group and the Management Board. The members of the Management Board are paid bonuses once a year based on the fulfilment of the targets of the previous financial year. Remuneration for management board members in the last financial year and a comparison of the company’s results and employees’ wages in the last five years are set out in the remuneration report, which can be found as a note at the end of the annual report.

Supervisory Board

The Supervisory Board shall plan the activities of the company, organise the management of the company and supervise the activities of the Management Board. The Supervisory Board shall notify the general meeting of shareholders of the results of a review. The Chairman of the Supervisory Board organises the work of the Supervisory Board. The main duties of the Supervisory Board are to approve the group’s material strategic and tactical decisions and to supervise the activities of the group’s Management Board. The Supervisory Board’s actions are guided by the company’s articles of association, guidelines of the general meeting and law.


Toomas Annus
Chairman of the Supervisory Board

Positions held  
1997-2008 and 2011-… AS Merko Ehitus, Chairman of the Supervisory Board
1999-2009 and 2014-… AS Kapitel (AS E.L.L. Kinnisvara until 2017), Chairman of the Supervisory Board
2009-2014 AS E.L.L. Kinnisvara, Member of the Management Board
2008-… Järvevana OÜ, Member of the Management Board
1996 -… AS Riverito, Chairman of the Management Board
1989-1996 AS EKE Merko and its legal predecessor EKE MRK, Chief Executive Officer
Education: Tallinn University of Technology, industrial and civil engineering
Number of shares controlled: 12,742,686 (AS Riverito)


Indrek Neivelt
Member of the Supervisory Board

Positions held   
2008-… AS Merko Ehitus, Member of the Supervisory Board
2020-… OÜ Respiray, Chairman of the Management Board
2006-… AS Ldiamon, Chairman of the Supervisory Board
2016-… AS Pocopay, Member of the Management Board, positions in the Boards of subsidiaries belonging to the group
Has held various executive positions in Hansapank (now Swedbank), incl. Director General of the Group, Chairman of the Management Board and also in Bank Saint Petersburg as the Chairman of the Supervisory Board.
Education
Tallinn University of Technology, civil engineering economics and management         
Stockholm University, banking and finance, MBA
Number of shares controlled: 31,635 (Trust IN OÜ)


Kristina Siimar
Member of the Supervisory Board

Positions held   
2022-… AS Merko Ehitus, Member of the Supervisory Board
2014-2017 and 2022-… AS Kapitel (AS E.L.L.KInnisvara until 2027), Member of the Supervisory Board
2022-… OÜ Skaala Investments (OÜ Notorious), Member of the Management Board
2024-… AS Plaifm Estonia, Member of the Supervisory Board
2017-2021 Luminour Group, Member of the Management Board
2010-2017 Swedbank Group, Stockholm, various executive management positions
2001-2010 Hansapank/Swedbank Baltic banking, Financial Director and Member of the Management Board
Education
INSEAD University in France (Entrepreneurship: Building new Business Ventures)      
Massachusetts Institute of Technology (MIT), Sloan School of Management (Driving Strategic Innovation)
Tallinn University of Technology, Master in Business Administration
Number of shares controlled: –

Remuneration of the members of the Supervisory Board is approved by the general meeting of shareholders. The valid procedure for remuneration of Supervisory Board members was approved by the general meeting of shareholders held at 31 October 2008. Remuneration, less the statutory taxes, to the members of the Supervisory Board is paid on a monthly basis. No termination benefits are paid to the members of the Supervisory Board upon the termination or non-extension of the contract. Remuneration for supervisory board members is set out in the Corporate Governance Recommendations Report, which can be found in the annual report.