Board Role

The role of the Board of Directors is to set goals and policies for the operation of the Company, to oversee the Company’s activities, to regularly review performance and to generally monitor the Company’s affairs in the best interests of its shareholders. For these responsibilities, the Board is accountable to its shareholders.

The Board supervises the Company to ensure it meets its objective of providing returns to shareholders through enhanced dividends and capital growth.

Board Membership

The Board is comprised of a non-executive Chairman, Managing Director and 5 non-executive directors.

Selection of directors to fill vacancies, and their nomination for election at the next meeting of shareholders, is a matter for the Board as a whole. Matters considered by the Board include the ability of the director to contribute towards achievement of the Company’s goals, breadth of business experience and knowledge of the Australian investment scene.

The directors meet formally as a Board at least eleven times per year. Additional commitment of time is required for committee meetings described below.


Board Profiles

Bruce B Teele

BSc BCom (Melb), Chairman. Chairman of the Investment Committee. Member of the Nomination Committee.

Mr Teele, who has been Chairman since commencement of operations in 1989, is a Company Director. He is Chairman of Australian Foundation Investment Company Limited (AFIC) and AMCIL Limited. He was formerly the Executive Chairman of the JBWere Group.

Ross E Barker

BSc (Hons) MBA (Melb) F Fin. Managing Director. Member of the Investment Committee.

Mr Barker was appointed Managing Director in February 2001 and has been a Director since 1989. He is also Managing Director of AFIC, AMCIL Limited and Mirrabooka Investments Limited.

Peter Barnett

FCPA.

Mr Barnett is a company director who was appointed in October 2007. He is a Director of AMCIL Limited. He is a former Director of Mayne Group Limited and Santos Limited and a former member of the advisory council of ABN Amro Australasia Limited.

Terrence A Campbell AO

BCom (Melb). Member of the Investment Committee.

Mr Campbell, has been a Director since 1989. He is Senior Chairman and former Chief Executive of Goldman Sachs JBWere; Chairman of Mirrabooka Investments Limited; and a Director of AFIC and AMCIL Limited.

Andrew F Guy

LLB MBA FCA. Chairman of the Audit Committee. Member of the Investment Committee and the Nomination Committee. He is also a Director of the Company's associated entity, AICS.

Mr Guy is a company Director who was appointed in 1989. He is a Director of Aviva Australia Holdings Limited and an ANZ Bank responsible entity and trustee, ANZ Specialist Asset Management Limited. Mr Guy was formerly a partner of Arthur Robinson & Hedderwicks and a Director of PaperlinX Limited.

Graham J Kraehe AO

B Econ (Adel). Chairman of the Nomination Committee. Member of the Audit Committee.

Mr Kraehe is a company Director who was appointed in 2002. He is Chairman of Bluescope Steel Limited and Brambles Limited and a Director of the Reserve Bank of Australia. He is a former Director of News Corporation Limited and is former Chairman of National Australia Bank Limited.

John Paterson

BCom (Hons) (Melb) ASA F Fin. Member of the Audit Committee, the Investment Committee and the Nomination Committee. Chairman of the Company's associated entity, AICS.

Mr Paterson is a Company Director who was appointed in 2002. He is a Director of AFIC and a member of the Board of Guardians of Australia's Future Fund. He was formerly a Director of the Goldman Sachs JBWere.