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The Board of Directors (the “Board”) of Globaltrans is accountable to the Company’s shareholders for standards of Governance across the Group’s activities.

The Board’s responsibilities include:

  • Providing leadership, setting the overall strategy and ensuring that the necessary components are in place for the Group to meet its objectives;
  • Setting Group values and standards, and ensuring that obligations to all stakeholders are understood and met;
  • Monitoring and reviewing the performance of the Group and its management;
  • Maintaining an effective system of internal control and risk management to safeguard shareholders’ rights and interests and the Group’s assets;
  • Ensuring an effective governance framework and compliance with relevant regulations; and
  • Examining from time to time Independent Directors on their independency.

Membership of the Board of Directors

The process for Board appointments is led by the Nomination Committee, and members of the Board of Directors are elected at the General Meeting. Board members are nominated based on their extensive industry knowledge, expertise and experience in areas such as accounting, finance, business management and strategic planning.

In selecting candidates for the Board, the Group seeks to create an effective and complementary Board whose capability is appropriate for the scale, complexity and strategic positioning of the business. Non-executive Directors are drawn from a wide range of industries and backgrounds, including infrastructure, transport and financial services, and have appropriate experience of complex organisations with a global reach. Some have considerable experience of the freight rail industry. In addition, the Group selects Independent Directors with a view to ensuring that the views of minority shareholders are represented, there is appropriate challenge to management and the interests of all stakeholders are taken into account.

Globaltrans separates the positions of Chairman and CEO to ensure an appropriate segregation of roles and a clear division of responsibilities. Mr Sergey Maltsev, the Chairman and an Executive Director, oversees the leadership of the Board, ensuring its effectiveness and setting its agenda. Mr Valery Shpakov, the CEO, is responsible for overseeing the day-to-day management of the Group and for implementing the strategy laid down by the Board.

Alongside Mr Maltsev, there are other 14 members of the Board, including four Independent Directors:

Mr Sergey Maltsev Chairman of the Board of Directors
Executive Director
Chief Strategy Officer

Mr Sergey Maltsev <span>Chairman of the Board of Directors<br/>Executive Director<br/>Chief Strategy Officer</span>

Sergey Maltsev was elected as Chairman of the Board of Directors of Globaltrans in April 2018. He has been serving as Chief Strategy Officer of the Group since August 2017.

Mr. Maltsev has worked in the rail sector for more than 30 years and was instrumental in the development of the private freight rail market in Russia. Mr. Maltsev was one of the founding members of the non-profit partnership “Council of Railway Operators” and held the position of Chairman.

Having co-founded Globaltrans, he served as the Company’s CEO and member of the Board for over a decade before stepping down in 2015. Subsequently, he worked as the Senior Vice President for strategy and corporate governance at State owned railway company.
OAO Russian Railways
. He is a recipient of the “Honoured Railwayman of Russia” award.

Mr John Carroll ColleyIndependent Non-executive Director
Chairman of the Audit Committee

Mr John Carroll Colley<span>Independent Non-executive Director<br>Chairman of the Audit Committee</span>

Appointment: Mr. Colley was appointed to the Board as an Independent Non-executive Director in April 2013. He is also Chairman of the Audit Committee.

Skills and Experience: Mr. Colley has extensive experience in international trade and risk management both in the public and private sectors. From 2007 to 2010, Mr. Colley served as country manager for Russia at Noble Resources SA. Prior to that, he held a variety of positions in the public sector, including at the office of the US Trade Representative and the US Department of Commerce in Washington, DC. He also worked for Linkful Ltd and Noble Resources SA in Moscow from 1992 to 1999.

Mr. Colley, a fluent Russian speaker, holds an MA in History and a BA in International Affairs and Russian Studies from the University of Virginia.

External Appointments: Mr. Colley is currently the principal of Highgate Consulting LLC, a global advisory consulting company.

Dr Johann Franz DurrerSenior Independent Non-executive Director
Chairman of the Remuneration Committee and the Nomination Committee

Dr Johann Franz Durrer<span>Senior Independent Non-executive Director<br>Chairman of the Remuneration Committee and the Nomination Committee</span>

Appointment: Dr. Durrer was appointed to the Board as an Independent Non-executive Director in March 2008. He is Chairman of the Remuneration Committee and the Nomination Committee.

Skills and Experience: Dr. Durrer began his career at Union Bank of Switzerland and in 1970 founded Fidura Treuhand AG which provides book-keeping, auditing and financial services.

Dr. Durrer graduated from the University of Zurich with a doctorate in Economics and is a member of the Swiss Fiduciary Association.

External Appointments: Dr. Durrer currently serves on the Board of IMT-Dienst AG, a transport company. He is also an executive board member of several privately held companies.

Mr Vasilis P. Hadjivassiliou Independent Non-executive Director

Mr Vasilis P. Hadjivassiliou <span>Independent Non-executive Director</span>

Appointment: Vasilis P. Hadjivassiliou was appointed to the Board as an Independent Non-executive Director in September 2019.

Skills and Experience: Mr. Hadjivassiliou was a partner in Assurance and Advisory services in PricewaterhouseCoopers (PwC), Cyprus, from 1990 until 2018 when he retired. During this time he also held various leadership positions with PwC, including as an elected member of the Executive Board, Head of the Limassol office as well as a number of other offices in Cyprus and was a leading figure in business development. He has extensive experience in auditing, International Financial Reporting Standards and business advisory services having served major local and international groups including entities publicly listed on the London Stock Exchange as well as in Cyprus.

Vasilis graduated from University of Manchester and is a Fellow of the Institute of Chartered Accountants of England and Wales.

External Appointments: N/A

Mr George PapaioannouIndependent Non-executive Director

Mr George Papaioannou<span>Independent Non-executive Director</span>

Appointment: Mr. Papaioannou joined the Board as an Independent Non-executive Director in April 2013. He also serves on the Audit Committee.

Skills and Experience: Mr. Papaioannou has more than 20 years’ experience in financial reporting, risk management, auditing, financial performance analysis and taxation. In 2004, he founded G. Papaioannou Auditors Ltd, which provides accounting, audit, tax and consulting services. From 2002 to 2004, he worked at Grant Thornton in Cyprus and before that for PricewaterhouseCoopers.

Mr. Papaioannou holds a degree in Accounting and Financial Management from the University of Essex. He is a qualified chartered accountant and a Fellow of the Institute of Chartered Accountants in England and Wales.

External Appointments: N/A

Mr Alexander EliseevNon-executive Director

Mr Alexander Eliseev<span>Non-executive Director</span>

Appointment: Alexander Eliseev joined the Board in March 2008.

Skills and Experience: Mr. Eliseev co-founded Globaltrans in 2004 and has played a leading role in introducing market-based reforms to the Russian rail transportation market. He has spent more than 17 years in senior management positions, mostly within the rail sector. He also sits on the boards of two Globaltrans subsidiaries, New Forwarding Company and BaltTransServis.

Mr. Eliseev is a graduate of the Russian State Medical University, where he studied biophysics.

External Appointments: Mr. Eliseev is a member of the Board and General Director of Globaltruck, a leading freight trucking operator in Russia, listed on the Moscow Exchange.

Mr Andrey GomonNon-executive Director

Mr Andrey Gomon<span>Non-executive Director</span>

Appointment: Mr. Gomon served as a member of the Board of the Company from 2013 to 2016 and rejoined the Board in April 2017.

Skills and Experience: Mr. Gomon has more than 13 years of management experience in the railway industry. From 2006 to 2012 he was CEO of Transoil, one of the largest oil transportation companies in Russia, having previously served as CFO between 2003 and 2006. He is a member of the boards of two Globaltrans subsidiaries, New Forwarding Company and BaltTransServis.

Mr. Gomon studied economics at St Petersburg State University and holds an MBA from INSEAD.

External Appointments: N/A

Ms Elia NicolaouNon-executive Director
Company Secretary, Secretary to the Board

Ms Elia Nicolaou<span>Non-executive Director<br/>Company Secretary, Secretary to the Board</span>

Appointment: Ms. Nicolaou joined the Board as a Non-executive Director in March 2008. She is the Company Secretary and a member of the Audit Committee.

Skills and Experience: Ms. Nicolaou has extensive experience in commercial, corporate and funds law. She is currently the Managing Director of Amicorp (Cyprus) Ltd. Previously, she was head of the Corporate Legal department at Polakis Sarris LLC and also worked at C. Patsalides LLC. Ms. Nicolaou participates in various associations of the Cyprus Chamber of Commerce and also sits on the boards of other listed and private companies. Ms. Nicolaou graduated with an LLB in Law from the University of Nottingham, and holds an LLM in Commercial and Corporate Law from University College London. She also has an advanced diploma in Business Administration from the Cyprus International Institute of Management.

External Appointments: N/A

Ms Melina PyrgouNon-executive Director

Ms Melina Pyrgou<span>Non-executive Director</span>

Appointment: Ms. Pyrgou was appointed to the Board as a Non-executive Director in April 2013.

Skills and Experience: Ms. Pyrgou is a barrister and registered insolvency practitioner and has practised corporate law for over 25 years. She is currently Managing Director of Pyrgou Vakis Law Firm, a Cyprus-based corporate and commercial law practice. Previously she was Director of Legal Services at PricewaterhouseCoopers in Cyprus.

Ms. Pyrgou served as the Chairman of EuropeFides Association, a European network of accounting, audit, tax and legal firms, from 2015 to 2016. She is also a member of various local business associations.

Ms. Pyrgou graduated from the University of Keele with a degree in Law and Sociology, and also holds a diploma in Environmental Law from the University of Geneva. She was called to the bar in Cyprus in 1992 and in London (Grays Inn) in 1995.

External Appointments: Ms. Pyrgou currently serves as a member of the Cyprus Investments Promotion Agency (“CIPA”). She also currently sits on the Disciplinary Committee of the Institute of Certified Public Accountants of Cyprus (“ICPAC”).

Mr Konstantin ShirokovExecutive Director

Mr Konstantin Shirokov<span>Executive Director</span>

Appointment: Mr. Shirokov was appointed to the Board as an Executive Director in March 2008. He is head of Globaltrans’ Internal Audit function.

Skills and Experience: Mr. Shirokov has over 12 years’ senior international management experience. Prior to joining Globaltrans, he worked in senior finance roles at Mechel and as an economist at Glencore International. He also served as a non-executive member on the board of Global Ports Investments PLC between 2008 and April 2018 where he also sat on the Audit and Risk Committees.

Mr. Shirokov graduated from the Finance Academy under the Russian government. He also studied business management at Oxford Brookes University.

External Appointments: N/A

Mr Alexander StorozhevExecutive Director
Chief Procurement Officer

Mr Alexander Storozhev<span>Executive Director<br>Chief Procurement Officer</span>

Appointment: Mr. Storozhev joined the Board as an Executive Director in April 2013.

Skills and Experience: Mr. Storozhev has held a series of senior management roles over a 20-year career in the rail industry and has been with Globaltrans since the company was established. He is Chairman of a number of Globaltrans subsidiary boards, including AS Spacecom, AS Spacecom Trans, GTI Management and BaltTransServis. He also serves on the boards of New Forwarding Company and Ural Wagonrepair Company, both Globaltrans subsidiaries. Since February 2015, he has been director of Investments and Business Development at New Forwarding Company. Mr. Storozhev is a recipient of the “Honoured Transport Worker of CIS” Award.

Mr. Storozhev graduated from the Kiev Military Academy of Aviation and Engineering in 1990 with a degree in Engineering. He also holds a diploma from the Mirbis Business School in Moscow and a Master’s degree in Business Administration and Finance.

External Appointments: N/A

Mr Alexander TarasovNon-executive Director

Mr Alexander Tarasov<span>Non-executive Director</span>

Appointment: Alexander Tarasov joined the Board in April 2013.

Skills and Experience: Mr. Tarasov served as a deputy director general in Sevtekhnotrans, a Globaltrans subsidiary that subsequently merged with Ferrotrans. He has held management positions at a number of leading Russian companies across different sectors, with a focus on financial management and analysis.

Mr. Tarasov graduated from the Bauman Moscow State Technical University with a degree in Engineering. He also holds a degree in Economics from the Moscow State University of Commerce.

External Appointments: N/A

Mr Michael ThomaidesNon-executive Director

Mr Michael Thomaides<span>Non-executive Director</span>

Appointment: Mr. Thomaides was appointed to the Board as a Non-executive Director in April 2014.

Skills and Experience: Mr. Thomaides previously served as a director at Globaltrans Investment PLC from 2004 to 2008 and sat on the Board of Directors of Global Ports Investments PLC, Russia’s leading container port operator. He has been a director at Leverret Holding Ltd (Cyprus) since 2007.

Mr. Thomaides graduated from London Southbank University with a BSc in Consumer Product Management.

External Appointments: N/A

Mr Marios TofarosNon-executive Director

Mr Marios Tofaros<span>Non-executive Director</span>

Appointment: Marios Tofaros was appointed to the Board as a Non-executive Director in April 2013.

Skills and Experience: Mr. Tofaros is a director of the Client Accounting department at Amicorp (Cyprus) Ltd. He was a financial accountant at Depfa Investment Bank Ltd from 2004 to 2008 and a financial officer at Louis Catering Ltd from 2003 to 2004. He also held various positions in the Audit department at KPMG Cyprus.

Mr. Tofaros has a degree in Accounting, Finance and Economics and a master’s degree in Business Studies, both from the University of Kent. He also holds a chartered certified accountant (FCCA) diploma and is a member of the Institute of Certified Public Accountants of Cyprus.

External Appointments: N/A

Mr Sergey TolmachevExecutive Director

Mr Sergey Tolmachev<span>Executive Director</span>

Appointment: Mr. Tolmachev was appointed to the Board as a Non-executive Director in April 2013 and as an Executive Director in October 2013.

Skills and Experience: Mr. Tolmachev became the Group’s Managing Director in October 2013. He joined N-Trans Group in 2001 and has held various management positions focused on corporate finance and treasury. He also serves on Globaltrans subsidiary boards, including AS Spacecom and AS Spacecom Trans. He has extensive experience in financial analysis and modelling.

Mr. Tolmachev graduated from Lomonosov Moscow State University with a degree in Mechanics and Applied Mathematics.

External Appointments: N/A

Last updated: 24.10.2019