MDB Board of Directors
The MDB is run by a Board of Directors consisting of a Chairperson and four Directors appointed by the Minister (all from the private non-bank sector) as well as two independent Directors appointed by the Minister on the recommendation of the Malta Council for Economic and Social Development (MCESD). The Chairperson shall be appointed after consultation with the Opposition.
The Chairman and the two independent Directors shall hold office for a period of six years and may be re-appointed. The other Directors shall hold office for five years and may be re-appointed.
The Board of Directors shall exercise its mandate independently and in an autonomous manner and shall not seek or receive instructions from the Government or any other public authority.
Mr Leo Brincat
ChairmanA former Member of the European Court of Auditors, former Maltese Minister of Finance and Sustainable Development, and Banker. Mr Brincat brings extensive experience in public finance, EU institutional governance, external relations, and strategic foresight, with particular expertise in accountability, and value-for-money assessments. He is a Fellow of the Chartered Institute of Bankers.
Mr Victor Carachi
DirectorAn IT and business professional with extensive leadership experience in banking, governance, and labour relations. An MBA graduate and Chartered IT Professional, Mr Carachi held senior management roles within a leading commercial bank, overseeing internal audit, compliance, operational risk, and business continuity, including enterprise-wide risk assessments, contingency planning, and critical incident management.
Dr Michele Cardinali
DirectorWarranted civil litigation lawyer and sole practitioner specializing in property, employment, contract, tort, commercial, succession, and constitutional law. He graduated with an LLB (Hons) in 2016, earned an MA in Advocacy in 2017, and obtained his warrant to practice law in 2018. He is pursuing an MA in Economics at the University of Malta.
Mr Steve Ellul
DirectorCEO of Infrastructure Malta, the national agency responsible for Malta’s maritime and road infrastructure. A Chartered Financial Analyst, Mr Ellul advocates for ESG-driven business models in Malta. He previously served as CEO of Project Green and lectured at the University of Malta.
Mr Norbert Grixti
DirectorWith over 40 years of hospitality experience, Mr Grixti serves as General Manager of the five-star Grand Hotel Excelsior since 2007, overseeing strategic operations. He specializes in Human Resources Management and sits on the ERB board and MHRA Executive Committee, contributing to policy, governance, and sector development.
Mr James Henry Pearsall
DirectorBrings extensive experience in vocational education, industrial relations, and public administration, focusing on workforce development and policy delivery. Mr Pearsall chaired MCESD (2020–2023), serves on Industrial and Administrative Tribunals since 2014, became a JobsPlus board member in 1990, and was a MCAST founding director.
Ms Kylie Spiteri
DirectorAn economics executive in the public sector with experience in economic policy analysis, teaching, and academic research. Holding a Master of Science and Bachelor of Arts (Honours) in Economics, Ms Spiteri brings analytical skills, policy evaluation expertise, and a commitment to evidence-based decision-making and governance.
Dr Marc Sant
SecretaryAn experienced lawyer, Dr Sant serves as in-house counsel at the Malta Tourism Authority, providing strategic legal guidance on contract and agreement drafting, HR matters, and a broad range of institutional legal issues. He previously held office as CEO and Head Advocate of Legal Aid Malta, leading criminal law representation and advancing access to justice.
Supervisory Board
The MDB is subject to the prudential oversight, regulation and supervision of an independent Supervisory Board appointed by the Minister in terms of article 37(1) of the Malta Development Bank Act.
The Supervisory Board shall consist of a maximum of six members who shall include officials from the Malta Financial Services Authority, the Central Bank of Malta, the Ministry for Finance, and two independent professionals with banking or regulatory experience. The Chairperson is appointed by the Minister from among the two independent professionals after consultation with the Opposition.