Bondora Management Board

BOARD STRUCTURE

Bondora’s articles of association set out a two-tier management structure consisting of the Supervisory Board and the Management Board. Briefly speaking, the Supervisory Board’s role is to supervise certain activities of the Management Board in the best interests of Bondora and its shareholders; the Management Board’s role is to serve as the executive body of Bondora, with the authority to manage the business.

MANAGEMENT BOARD

Bondora is managed by the Management Board. As of the date of this Memorandum, the Management Board is comprised of two members, Pärtel Tomberg and Rein Ojavere. The details are set out below.

Pärtel Tomberg (Chief Executive Officer)

Pärtel Tomberg is the founder and CEO of Bondora AS. Mr. Tomberg has transformed Bondora into a leading pan-European marketplace lender from a dorm room startup he founded in 2008. He has helped Bondora establish a new standard in marketplace lending by being first in a number of areas:

  • first marketplace open to investors across Europe;
  • first marketplace providing credit seamlessly across multiple countries;
  • first rating system designed to allow loans originated is different markets to be comparable;
  • first marketplace open to accredited investors globally; and
  • first marketplace in Europe with a public API and granular performance data.

Mr. Tomberg was previously a member of the Nordic, CEE and Baltic region management teams of Quelle AG and, subsequent to that, Halens AB. Both companies sold fashion bundled with up to a 36-month installment plan, placing them among the largest non-bank consumer lenders in their target markets. He graduated summa cum laude from the Oxford Brookes University with a BA.

In addition to the directorship roles described above, Mr. Tomberg holds or has held the directorships (or, in certain cases, what were once members of partnerships) detailed in the table below, at some time during or over the past five years.

Current directorships/partnerships  Past directorships/partnerships
 Member of the management board: Bondora AS (chairman), Bondora AS, Bondora Capital OÜ, Bondora Servicer OÜ, Tomberg Management & Consulting Group OÜ, Social Developments OÜ Member of the management board: Elektrooniline Vahekohus OÜ 

Rein Ojavere (Chief Financial Officer)

Rein Ojavere is the CFO of Bondora AS and is responsible for all of its financial matters, from investor relations to internal financial management.

Mr. Ojavere is a seasoned finance and investment professional. He was previously Head of Corporate Banking and a board member at DNB Bank in Estonia; Partner and Head of Research at asset management company Northern Star (formerly Limestone Investment Management); and Fund Manager and Head of Research of Hansa Investment Funds. He has also held several investment banking positions at Suprema. Mr. Ojavere holds a master’s degree in economics and business administration from the University of Tartu and is a CFA charterholder.

In addition to the directorship roles described above, Mr. Ojavere holds or has held the directorships (or, in certain cases, what were once members of partnerships) detailed in the table below, at some time or over the past five years.

Current directorships/partnerships  Past directorships/partnerships
Member of the management board: Bondora AS, Bondora Capital OÜ, Bondora Servicer OÜ Member of the management board: DNB Pank, OÜ Front Consulting, OÜ Limestone Partners, OÜ Limestone Advisors.
Member of the supervisory board: AS Limestone Investment Management. Director: Limestone Opportunities Fund S.A.  

MANAGEMENT BOARD RESPONSIBILITIES

The Management Board is responsible for representing Bondora and directing its daily activities in accordance with the strategy set out by the Supervisory Board and Bondora’s articles of association. The Management Board also controls the daily activities of Bondora employees. The Management Board has a joint representative right: transactions must be approved by two members, one of whom must be Pärtel Tomberg. 

Members of the Management Board adopt resolutions at board meetings. Such meetings are considered to have a quorum if over half of the members take part. Resolutions are adopted if a majority of the votes of all Management Board members are in favor. Each member has one vote; in the case of a tie, the Chairman of the Management Board casts the deciding vote. Management Board meetings may be held through electronic means, provided that all members participating in the meeting can hear and communicate with other participating members.

The Management Board is also responsible for creating and presenting the following at the general meeting in accordance with applicable law: the management report; the annual report, together with its appendices the auditor’s report; and the profit distribution proposal.

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