Governance
Introduction
CEO letter
Air SERBIA’s Story
Air Serbia in 2025 - year in review
Materiality analysis and stakeholder engagement
Environment
Economic value and connectivity
Social
Appendix
06. GOVERNANCE
Supervisory Board
6.1 Corporate governance and sustainability framework
Jelena Arsić Chair of the Supervisory Board Year appointed: 2025 Tenure: 1 years Independence: N/A Gender: Female
Suzana Vasiljević Member
Milica Jovanović Member
Ana Jović Member
Miroslav Knežević Member
Air Serbia recognizes that strong corporate governance is a foundational pillar of responsible and sustainable business performance. An effective governance structure enables accountability, enhances operational resilience, and supports long-term development. The company operates under a dual-board governance model, ensuring a clear distinction between supervisory functions and executive decision-making. Its key governance bodies include the Shareholders' Assembly, the Supervisory Board, and the Executive Board, each with defined roles that collectively support transparent decision-making and sustainable development. The company's governance practices are guided by the Manual of Authority, which establishes the internal framework for conducting daily business in line with regulatory requirements, stakeholder expectations and responsible corporate behavior. It is updated periodically to reflect evolving sustainability priorities, regulatory changes and strategic objectives, serving as the fundamental instrument that ensures consistency, control and accountability across the organization.
Year appointed: 2023 Tenure: 2 years Independence: N/A Gender: Female
Year appointed: 2023 Tenure: 2 years Independence: N/A Gender: Female
Year appointed: 2023 Tenure: 2 years Independence: N/A Gender: Female
Year appointed: 2023 Tenure: 2 years Independence: N/A Gender: Male
Executive Board
Jiri Marek Chief Executive Officer Year appointed: 2021
Dragana Čudić Chief Executive Officer Year appointed: 2023 Tenure: 1 year and 9 months Independence: Non-independent (executive) Gender: Female
Branislav Malović Chief Government affairs and relations Officer Year appointed: 2013 Tenure: 12 years Independence: Non-independent (executive) Gender: Male
Milan Malović Chief Operations Officer Year appointed: 2023 Tenure: 1 year and 3 months Independence: Non-independent (executive) Gender: Male
Tenure: 4 years Independence: Non-independent (executive) Gender: Male
women / men across both Boards 56% / 44%
Supervisory Board seats held by women 4 of 5
* Air Serbia is a privately held joint-stock company and, in accordance with local regulations, is not required to have independent members on its Supervisory Board
Sustainability Report 26
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