Structure

Supervisory Board

The Supervisory Board consists of three voting and one non-voting member. Mikrofond has adopted a two-tier governance structure. The first tier is the Supervisory Board, currently composed of three members, with the Chairman, Mr Neal De Laurentis, being confirmed in his position. As director of OSI and representative of SEDF in the Board, he has been bringing valuable experience in economic development, microfinance and banking. The Supervisory Board is now completely independent and autonomous from the management as it does not include the CEO as it was previously, therefore avoiding any possible situation of conflict of interests. Within the upper (first tier) governance structure, the CEO has been replaced by a new member, Mr. Teodor Iliev, who is a former Ernst & Young professional (Bulgarian), therefore adding valuable weight in terms of accounting and finance expertise to the Board. The third member is Mr. Georgi Ezekiev, who is representing MIkrofond foundation as a shareholder. By the end of 2010, members of the Supervisory Board are expected to increase up to 7 (including representatives of lenders and equity new investors).

Management Board

The second tier is the Management Board, which includes the three top managers of the institution that are the CEO – Mr. Georgi Breskovski, the Finance Director - Mr. Hristo Chakarov and the Credit Director – Mrs. Albena Marinova. Mr Breskovski has been with Mikrofond since the very beginning, Mrs. Marinova joined in 2000 and Mr. Chakarov started working for Mikrofond in 2003.