Carefully study the board of directors of the firm. what is the effectiveness of the
board. Explain clearly for me please. What is the advantage of having an effective board?
Transcribed Image Text:Directors' experience and special responsibilities Glenn R Stevens AC ● BEC (Hons) (Sydney), MA (Econ) (UWO) 92 Age: 65 Resides: New South Wales Independent Chair of MGL and MBL since May 2022 Independent Voting Director of MGL and MBL since November 2017 Experience Glenn Stevens worked at the highest levels of the Reserve Bank of Australia (RBA) for 20 years and, as well as developing Australia's successful inflation targeting framework for monetary policy, played a significant role in central banking internationally. Most recently, he was Governor of the Reserve Bank of Australia between 2006 and 2016. Mr Stevens is Chair of the BNC Mr Stevens has also made key contributions to a number of Australian and international boards and committees, including as chair of the Australian Council of Financial Regulators between 2006 and 2016, as a member of the Financial Stability Board and on a range of G20 committees. Other current directorships/appointments Board member, NSW Treasury Corporation Director, Anika Foundation Director, Lowy Institute Deputy Chair, Temora Aviation Museum Shemara R Wikramanayake BCom, LLB (UNSW) Age: 61 Resides: New South Wales Managing Director and Chief Executive Officer of MGL since December 2018 Executive Voting Director of MGL and MBL since August 2018 Experience Shemara Wikramanayake has been Macquarie Group's Managing Director and CEO since late 2018. Shemara joined Macquarie in 1987 in Macquarie Capital in Sydney. In her time at Macquarie, Shemara has worked in six countries and across several business lines, establishing and leading Macquarie's corporate advisory offices in New Zealand, Hong Kong and Malaysia, and the infrastructure funds management business in the US and Canada. Shemara has also served as Chair of the Macquarie Group Foundation. As Head of Macquarie Asset Management for 10 years before her appointment as CEO, Shemara led a team of 1,600 staff in 24 markets. Macquarie Asset Management grew to become a world-leading manager of infrastructure and real assets and a top 50 global public securities manager. Before joining Macquarie, Shemara worked as a corporate lawyer at Blake Dawson Waldron in Sydney. She holds Bachelor of Commerce and Bachelor of Laws degrees from UNSW and completed the Advanced Management Program at Harvard Business School in 1996. Other current directorships/appointments • Board member, Institute of International Finance Founding Member, Glasgow Financial Alliance for Net Zero (GFANZ) Founding Member, Climate Finance Leadership Initiative; Co-Chair, CFLI India Founding Commissioner, Global Commission on Adaptation Member, UK Investment Council Member, Global Investors for Sustainable Development Alliance Member, Australian Universities Accord Panel of Eminent Australians, Australian Universities Accord Review About Governance ● ● Directors' Report Jillian R Broadbent AC BA (Maths & Economics) (Sydney) Experience Jillian Broadbent has extensive investment banking industry knowledge and markets expertise, including a deep knowledge of risk management and regulation in these areas. She also has considerable executive management and listed company board experience. Ms Broadbent spent 22 years at Bankers Trust Australia until 1998, initially as an economic strategist and then as executive director responsible for risk management and derivatives in foreign exchange, interest rates and commodities. ● Age: 75 Resides: New South Wales Independent Voting Director of MGL and MBL since November 2018 Ms Broadbent was also a Member of the Reserve Bank of Australia Board between 1998 and 2013 and has previously served as Chair of the Board of Clean Energy Finance Corporation (CEFC), and as a director of ASX Limited, SBS, Coca Cola Amatil Limited, Woodside Petroleum Limited, Qantas Airways Limited, Westfield Management Limited, Woolworths Group Limited and the National Portrait Gallery of Australia. Listed company directorships (last three years) Director, Woolworths Group Limited (January 2011-November 2020) Other current directorships/appointments Ms Broadbent is Chair of the BRC and a member of the BNC Director, National Portrait Gallery Board Foundation Director, Sydney Dance Company Director, Seaborn, Broughton & Walford Pty. Limited Director, Lowy Institute Gender diversity Female: 5 Financial Report Board tenure 3 4 1 Directors Board independence 88% Further Information Male: 3 0-3 years 3-6 years 9+ years of Board members are independent directors Macquarie Group Limited and its subsidiaries 2023 Annual Report 93
Transcribed Image Text:Directors' experience and special responsibilities Continued Philip M Coffey BEC (Hons) (Adelaide), GAICD, SF Finsia Age: 65 Resides: New South Wales Independent Voting Director of MGL and MBL since August 2018 Mr Coffey is Chair of the BRIC and a member of the BGCC and BNC Experience Phil Coffey served as the Deputy Chief Executive Officer (CEO) of Westpac Banking Corporation, from April 2014 until his retir May 2017. As the Deputy CEO, Mr Coffey had the responsibility for overseeing and supporting relationships with key stakeholders of Westpac including industry groups, regulators, customers and government. He was also responsible for the Group's Mergers & Acquisitions function. Prior to this role, Mr Coffey held a number of executive positions at Westpac including Chief Financial Officer and Group Executive, Westpac Institutional Bank. 94 He has successfully led operations based in Australia, New Zealand, the United States, the United Kingdom and Asia and has extensive experience in financial markets, funds management, balance sheet management and risk management. He began his career at the Reserve Bank of Australia and has also held executive positions at the AIDC Limited and Citigroup. Mr Coffey previously served as a director of Clean Energy Finance Corporation. Listed company directorships (last three years) • Director, Lendlease Corporation Limited (since January 2017) Other current directorships/appointments Director, Goodstart Early Learning Ltd Michelle A Hinchliffe BCom (UQ), FCA, ACA Age: 58 Resides: United Kingdom Independent Voting Director of MGL and MBL since March 2022 ● Ms Hinchliffe is Chair of the BAC and a member of the BGCC and BNC Experience Michelle Hinchliffe has more than 35 years' professional experience within the financial services sector in the United Kingdom and Australia, with exte experience in leading large global teams in the provision of external audit, internal audit and advisory services to clients across financial services. Michelle was the Global Lead Audit Partner for a number of global banking institutions as well as the Head of Audit, KPMG UK from September 2017 to April 2019 and then Chair of Audit, KPMG UK from May 2019 to September 2021. During the period from May 2019 to February 2022 she was a board member of KPMG UK. Prior to this she was the Head of Financial Services for KPMG Australia, where she was also a member of the board. Listed company directorships (last three years) Director, BHP Group Limited (since March 2022) About ● Governance ● Rebecca J McGrath Directors' Report BTP (Hons) (UNSW), MAppSc (ProjMgt) (RMIT), FAICD Age: 58 Resides: Victoria Independent Voting Director of MGL and MBL since January 2021 Experience Rebecca McGrath is an experienced professional company director and chairman, with substantial international business experience. She spent 25 years at BP plc. where she held various executive positions, including Chief Financial Officer Australasia and served as a member of BP's Executive Management Board for Australia and New Zealand. Ms McGrath has served as a director of Goodman Group, CSR Limited, Big Sky Credit Union and Incitec Pivot Ltd, and as Chairman of Scania Australia Pty Limited and Kilfinan Australia. She is a former member of the JP Morgan Advisory Council. She has attended executive management programmes at Harvard Business School, Cambridge University and MIT in Boston. Listed company directorships (last three years) • Chairman, OZ Minerals Limited (since May 2017); Director (since November 2010) Director, Goodman Group (April 2012-February 2023) Director, Incitec Pivot Limited (September 2011-December 2020) Other current directorships/appointments Ms McGrath is a member of the BGCC, BNC, BRC and BRIC Chairman, Investa Wholesale Funds Management Limited Chairman, Investa Office Management Holdings Pty Limited President, Victorian Council, Australian Institute of Company Directors Director, Melbourne Business School Limited Member, National Board, Australian Institute of Company Directors Member, The Australian British Chamber of Commerce Advisory Council Member, ASIC Corporate Governance Consultative Panel Financial Report Mike Roche Further Information . BSc (UQ), GAICD, FIA (London), FIAA Age: 70 Resides: New South Wales Independent Voting Director of MGL and MBL since January 2021 Mr Roche is a member of the BAC, BNC, BRC and BRIC Experience Mike Roche has over 40 years' experience in the finance sector as a highly skilled and experienced provider of strategic, financial, mergers and acquisitions, and capital advice to major corporate, private equity and government clients. He held senior positions with AXA Australia as a qualified actuary and Capel Court/ANZ Capel Court. Mr Roche spent more than 20 years at Deutsche Bank and was Head of Mergers and Acquisitions (Australia and New Zealand) for 10 years where he advised on major takeovers, acquisitions, privatisations, and divestments. He stepped down as Deutsche Bank's Chairman of Mergers and Acquisitions (Australia and New Zealand) in 2016. He was a member of the Takeovers Panel for two terms from 2008 to 2014. Listed company directorships (last three years) Director, Wesfarmers Limited (since February 2019) Other current directorships/appointments • Director, MaxCap Group Pty Ltd Director, Te Pahau Management Ltd Managing Director, M R Advisory Pty Ltd Co-founder and Director, Sally Foundation Macquarie Group Limited and its subsidiaries 2023 Annual Report 95

Question

Carefully study the board of directors of the firm. what is the effectiveness of the
board. Explain clearly for me please. What is the advantage of having an effective board?

Directors' experience and special responsibilities
Glenn R
Stevens AC
●
BEC (Hons) (Sydney),
MA (Econ) (UWO)
92
Age: 65
Resides: New South Wales
Independent Chair of MGL
and MBL since May 2022
Independent Voting Director
of MGL and MBL since
November 2017
Experience
Glenn Stevens worked at the highest levels of the Reserve
Bank of Australia (RBA) for 20 years and, as well as developing
Australia's successful inflation targeting framework for
monetary policy, played a significant role in central banking
internationally. Most recently, he was Governor of the Reserve
Bank of Australia between 2006 and 2016.
Mr Stevens is Chair
of the BNC
Mr Stevens has also made key contributions to a number of
Australian and international boards and committees, including
as chair of the Australian Council of Financial Regulators
between 2006 and 2016, as a member of the Financial Stability
Board and on a range of G20 committees.
Other current directorships/appointments
Board member, NSW Treasury Corporation
Director, Anika Foundation
Director, Lowy Institute
Deputy Chair, Temora Aviation Museum
Shemara R
Wikramanayake
BCom, LLB (UNSW)
Age: 61
Resides: New South Wales
Managing Director and Chief
Executive Officer of MGL
since December 2018
Executive Voting Director
of MGL and MBL since
August 2018
Experience
Shemara Wikramanayake has been Macquarie Group's
Managing Director and CEO since late 2018.
Shemara joined Macquarie in 1987 in Macquarie Capital in
Sydney. In her time at Macquarie, Shemara has worked in six
countries and across several business lines, establishing and
leading Macquarie's corporate advisory offices in New Zealand,
Hong Kong and Malaysia, and the infrastructure funds
management business in the US and Canada. Shemara has also
served as Chair of the Macquarie Group Foundation.
As Head of Macquarie Asset Management for 10 years before
her appointment as CEO, Shemara led a team of 1,600 staff in
24 markets. Macquarie Asset Management grew to become a
world-leading manager of infrastructure and real assets and a
top 50 global public securities manager.
Before joining Macquarie, Shemara worked as a corporate
lawyer at Blake Dawson Waldron in Sydney. She holds Bachelor
of Commerce and Bachelor of Laws degrees from UNSW and
completed the Advanced Management Program at Harvard
Business School in 1996.
Other current directorships/appointments
• Board member, Institute of International Finance
Founding Member, Glasgow Financial Alliance for
Net Zero (GFANZ)
Founding Member, Climate Finance Leadership Initiative;
Co-Chair, CFLI India
Founding Commissioner, Global Commission on Adaptation
Member, UK Investment Council
Member, Global Investors for Sustainable
Development Alliance
Member, Australian Universities Accord Panel of Eminent
Australians, Australian Universities Accord Review
About
Governance
●
●
Directors' Report
Jillian R
Broadbent AC
BA (Maths &
Economics) (Sydney)
Experience
Jillian Broadbent has extensive investment banking industry
knowledge and markets expertise, including a deep knowledge
of risk management and regulation in these areas. She also has
considerable executive management and listed company board
experience. Ms Broadbent spent 22 years at Bankers Trust
Australia until 1998, initially as an economic strategist and
then as executive director responsible for risk management
and derivatives in foreign exchange, interest rates and
commodities.
●
Age: 75
Resides: New South Wales
Independent Voting Director
of MGL and MBL since
November 2018
Ms Broadbent was also a Member of the Reserve Bank of
Australia Board between 1998 and 2013 and has previously
served as Chair of the Board of Clean Energy Finance
Corporation (CEFC), and as a director of ASX Limited, SBS,
Coca Cola Amatil Limited, Woodside Petroleum Limited,
Qantas Airways Limited, Westfield Management Limited,
Woolworths Group Limited and the National Portrait Gallery of
Australia.
Listed company directorships (last three years)
Director, Woolworths Group Limited
(January 2011-November 2020)
Other current directorships/appointments
Ms Broadbent is Chair
of the BRC and a member
of the BNC
Director, National Portrait Gallery Board Foundation
Director, Sydney Dance Company
Director, Seaborn, Broughton & Walford Pty. Limited
Director, Lowy Institute
Gender diversity
Female:
5
Financial Report
Board tenure
3
4
1
Directors
Board independence
88%
Further Information
Male:
3
0-3 years
3-6 years
9+ years
of Board members
are independent directors
Macquarie Group Limited and its subsidiaries 2023 Annual Report
93

Directors' experience and special responsibilities
Continued
Philip M
Coffey
BEC (Hons) (Adelaide),
GAICD, SF Finsia
Age: 65
Resides: New South Wales
Independent Voting Director
of MGL and MBL since
August 2018
Mr Coffey is Chair of the
BRIC and a member of the
BGCC and BNC
Experience
Phil Coffey served as the Deputy Chief Executive Officer (CEO)
of Westpac Banking Corporation, from April 2014 until his
retir
May 2017. As the Deputy CEO, Mr Coffey had
the responsibility for overseeing and supporting relationships
with key stakeholders of Westpac including industry
groups, regulators, customers and government. He was also
responsible for the Group's Mergers & Acquisitions function.
Prior to this role, Mr Coffey held a number of executive
positions at Westpac including Chief Financial Officer and
Group Executive, Westpac Institutional Bank.
94
He has successfully led operations based in Australia,
New Zealand, the United States, the United Kingdom and
Asia and has extensive experience in financial markets,
funds management, balance sheet management and risk
management. He began his career at the Reserve Bank of
Australia and has also held executive positions at the AIDC
Limited and Citigroup. Mr Coffey previously served as a
director of Clean Energy Finance Corporation.
Listed company directorships (last three years)
• Director, Lendlease Corporation Limited (since
January 2017)
Other current directorships/appointments
Director, Goodstart Early Learning Ltd
Michelle A
Hinchliffe
BCom (UQ), FCA, ACA
Age: 58
Resides: United Kingdom
Independent Voting Director
of MGL and MBL since
March 2022
●
Ms Hinchliffe is Chair of the
BAC and a member of the
BGCC and BNC
Experience
Michelle Hinchliffe has more than 35 years' professional
experience within the financial services sector in the United
Kingdom and Australia, with exte experience in leading
large global teams in the provision of external audit, internal
audit and advisory services to clients across financial services.
Michelle was the Global Lead Audit Partner for a number of
global banking institutions as well as the Head of Audit, KPMG
UK from September 2017 to April 2019 and then Chair of
Audit, KPMG UK from May 2019 to September 2021. During
the period from May 2019 to February 2022 she was a board
member of KPMG UK. Prior to this she was the Head of
Financial Services for KPMG Australia, where she was also a
member of the board.
Listed company directorships (last three years)
Director, BHP Group Limited (since March 2022)
About
●
Governance
●
Rebecca J
McGrath
Directors' Report
BTP (Hons) (UNSW), MAppSc
(ProjMgt) (RMIT), FAICD
Age: 58
Resides: Victoria
Independent Voting Director
of MGL and MBL since
January 2021
Experience
Rebecca McGrath is an experienced professional company
director and chairman, with substantial international business
experience. She spent 25 years at BP plc. where she held
various executive positions, including Chief Financial Officer
Australasia and served as a member of BP's Executive
Management Board for Australia and New Zealand.
Ms McGrath has served as a director of Goodman Group,
CSR Limited, Big Sky Credit Union and Incitec Pivot Ltd, and
as Chairman of Scania Australia Pty Limited and Kilfinan
Australia. She is a former member of the JP Morgan
Advisory Council. She has attended executive management
programmes at Harvard Business School, Cambridge
University and MIT in Boston.
Listed company directorships (last three years)
• Chairman, OZ Minerals Limited (since May 2017);
Director (since November 2010)
Director, Goodman Group (April 2012-February 2023)
Director, Incitec Pivot Limited
(September 2011-December 2020)
Other current directorships/appointments
Ms McGrath is a member
of the BGCC, BNC,
BRC and BRIC
Chairman, Investa Wholesale Funds Management Limited
Chairman, Investa Office Management Holdings Pty Limited
President, Victorian Council, Australian Institute of
Company Directors
Director, Melbourne Business School Limited
Member, National Board, Australian Institute of
Company Directors
Member, The Australian British Chamber of Commerce
Advisory Council
Member, ASIC Corporate Governance Consultative Panel
Financial Report
Mike
Roche
Further Information
.
BSc (UQ), GAICD,
FIA (London), FIAA
Age: 70
Resides: New South Wales
Independent Voting Director
of MGL and MBL since
January 2021
Mr Roche is a member of the
BAC, BNC, BRC and BRIC
Experience
Mike Roche has over 40 years' experience in the finance sector
as a highly skilled and experienced provider of strategic,
financial, mergers and acquisitions, and capital advice to major
corporate, private equity and government clients. He held
senior positions with AXA Australia as a qualified actuary and
Capel Court/ANZ Capel Court.
Mr Roche spent more than 20 years at Deutsche Bank
and was Head of Mergers and Acquisitions (Australia and
New Zealand) for 10 years where he advised on major
takeovers, acquisitions, privatisations, and divestments.
He stepped down as Deutsche Bank's Chairman of Mergers
and Acquisitions (Australia and New Zealand) in 2016. He
was a member of the Takeovers Panel for two terms from
2008 to 2014.
Listed company directorships (last three years)
Director, Wesfarmers Limited (since February 2019)
Other current directorships/appointments
• Director, MaxCap Group Pty Ltd
Director, Te Pahau Management Ltd
Managing Director, M R Advisory Pty Ltd
Co-founder and Director, Sally Foundation
Macquarie Group Limited and its subsidiaries 2023 Annual Report
95

Accepted Answer

"The solution has been provided in a generalized manner."﻿A board of directors constitutes a…

Carefully study the board of directors of the firm. what is the effectiveness of the board. Explain clearly for me please. What is the advantage of having an effective board?