AX Holdings

Corporate Governance


The Company is managed by a Board of Directors, consisting of five members, which is entrusted with the overall administration and management of the Company.  The responsibility of the Directors is a collective one, although within the structure of a unitary board, the main functions of the Directors are in practice complementary.

The Board is currently made up of the following members.

 

  • Mr Angelo Xuereb is the founder of the AX Group of companies.  He has been the Chairman of the Board of the Company since its formation. He is also Chairman of AX Holdings Limited, the parent company. He sits on the Board of all companies forming part of the Group with interests in hotel operations, property investments and development and construction. Mr. Xuereb is a council member of the Building Industry Consultative Council (BICC), and the President of the Federation of Building and Civil Engineering Contractors (FOBC). Mr. Xuereb has also served as mayor of the Naxxar local council for six years.

 

  • Mr Michael Warrington is a Certified Public Accountant and a Fellow of the Malta Institute of Accountants, as well as an Associate Member of the Chartered Institute of Bankers in the United Kingdom. Mr. Warrington holds a Masters Degree in Financial Services from the University of Malta. He worked for several years with Bank of Valletta p.l.c., moving on to Air Malta p.l.c., where he was the Group Head responsible for the finance and information technology functions of the airline. He worked in the hospitality industry for a number of years. Mr. Warrington is the Group Finance Director of AX Holdings Limited. He is a director on the boards of Forthnet A.E., Citadel Insurance p.l.c., Nissan International Insurance Ltd, SMS Limited, Higher Ground Sivac plc, MW Properties Ltd, Land Development Holdings Ltd, Z Investments Partner Ltd, Z Investment Holdings Ltd, English Language Academy Ltd and Skyline Developments Ltd. 

 

  • Dr Patrick J. Galea has been in private professional practice as an advocate since 1982, and has long experience of representation of parties before the Courts of Malta and in Arbitration proceedings.  He has also advised extensively in civil and commercial law, intellectual property, planning and construction law, procurement, the leisure industry, energy and financial services law.  Dr. Galea has been Chairman of Raiffeisen Malta Bank p.l.c. since 1996.  He was the Head of the Civil Law Department and currently lectures in Civil Law and Civil Procedure at the Faculty of Laws at the University of Malta.  

 

  • Chev. Philip A. Ransley has worked up to 1975 with two audit firms, Attard Manfre and later with Diamantino Manfre & Co. He joined in partnership in setting up Edrichton Holidays Limited, a tourism (incoming) company, in 1976, where he was the Financial Director up to 1988. He then joined Edrichton Holdings Ltd as a Financial Director up to its division in 1997. He is now a Financial Executive Controller for Tartarun Group (namely: Tartarun Developments Limited and Tartarun Tourism Services Ltd). He is a director on the boards of PPAC Limited, PAPS Limited, Gallina Operators Limited and CGR Enterprises Limited.

 

  • Mr Michael Sciortino is a Certified Public Accountant and has been in private practice since 1997. Previously he held senior positions with various private and public entities. He has also served as a member of the Council of the Malta Stock Exchange.  Mr Sciortino is a director and board secretary of a number of companies.

     

Company Secretary:       

  • Dr. Ian Vella Galea.


Meetings of the Board of Directors are held at the registered office of the Group, AX House, Mosta Road, Lija.

The Company does not have a Chief Executive Officer due to the nature of the Company and as such the Board carries out the policy decisions regarding the Company.

Audit Committee.  The Company has an Audit Committee which meets regularly, besides having ongoing consultations with the Board of Directors, in the fulfilment of its task of monitoring and reviewing procedures and internal control systems.

The Committee is chaired by Chev. Philip A. Ransley, and its other members are Dr Patrick J. Galea and Mr Michael Sciortino.  The audit committee is in compliance with the amendments to the Listing Rules effected on 10th January 2010.  All three directors forming the audit committee are non-executive directors and are totally independent from the Company or the AX Group of Companies.  Mr Sciortino is a Certified Public Accountant.

The Company Secretary acts as secretary to the committee which also receives the assistance of the Group Finance Director, Mr Michael Warrington, and the Group Financial Controller, Mr Albert Bonello.

External Auditors.  The Company’s Financial Advisors, Auditors and Reporting Accountants are:

Nexia BT,
Tower Business Centre,
Tower Street, Swatar 
BKR 4013.

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