GOVERNANCE
The Investment Manager – IBA Asset Management
IBA Asset Management Pty Ltd is the Investment Manager of the IPF and I-REIT. It has been appointed by the Trustee to:
- set the overall strategic direction and investment strategies of the Funds, including their investment objectives, risk tolerance and the strategic asset allocations;
- exercise oversight of the Funds and monitor their performance;
- choose, monitor the performance of and, if necessary, replace the Investment Consultant to the IPF; and
- provide general financial product advice to the Trustee on matters relating to the management of the Funds.
The Investment Manager is a wholly owned subsidiary of IBA. It has a majority of independent board members and an independent chairperson. The board brings significant experience in investment, governance and Indigenous affairs. Biographies for each director are set out below.
IBAAM Board of Directors
Dr Doug McTaggart
Chair and Non-Executive Director
Dr. McTaggart is an independent non-executive director. He sits on the board of the Suncorp Group, and its NZ subsidiaries. He is also Chair of Spark Infrastructure and SunCentral Maroochydore. He was previously Chair of QIMR Berghofer Institute of Medical Research and a director of UGL. He was a member of the Prime Minister’s Expert Advisory Panel on the Reform of the Federation and has advised the NSW and NT governments on economic development. Dr. McTaggart has extensive experience in competition policy, being on the National Competition Council for 12 years and a founding member of the COAG Reform Council. He has also worked with the Indigenous Land and Sea Corporation on investment strategy and Indigenous Business Australia on mortgage funding. He was Chair of the Queensland Public Service Commission (2012-2015) and was a Commissioner on the Queensland Independent Commission of Audit. In June 2012, Dr. McTaggart retired after 14 years as CEO of the Queensland Investment Corporation.
Prior to this appointment, Dr. McTaggart held roles including Professor of Economics and Associate Dean at Bond University (1989-1996), and then Under Treasurer, Queensland Department of Treasury (1996-1998). He was a member of the Council of Australian Governments (COAG) Reform Council (2007-2013) and Councillor on the National Competition Council (NCC) (2000-2013).
Prior to this appointment, Dr. McTaggart held roles including Professor of Economics and Associate Dean at Bond University (1989-1996), and then Under Treasurer, Queensland Department of Treasury (1996-1998). He was a member of the Council of Australian Governments (COAG) Reform Council (2007-2013) and Councillor on the National Competition Council (NCC) (2000-2013).
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Kate George
Non-Executive Director
Ms George is a Putijurra woman and was born at the 494 mile peg of the Rabbit Proof Fence approximately 1100 kms North East of Perth.
Kate has been involved in Aboriginal affairs in the state, national and international arena for over 40 years. She has also held senior public service positions, including Ministerial Advisor at a State and Federal level.
Prior to commencing her present role with a national Indigenous management consulting firm she worked in the Pilbara focusing on creating economic development opportunities between traditional owners and the private sector with a view to contributing to the strengthening of an economic base for Aboriginal people. A major residential land development Kariyarra Mugarinya Property JV in South Hedland is an example of her activities in this area. She was CEO of the project company over a 7 year period getting the project off the ground including sourcing the financing. Project completion occurred in February 2013 with a pre-tax profit of over $20m intended for future Aboriginal enterprise development.
She has worked in the private, public and non-government sectors. In the early 1990’s she wrote the first Aboriginal training and employment strategies for companies in the resources industry. She has been a director on numerous not-for-profit Boards and currently holds director positions on two national Boards.
Kate has been involved in Aboriginal affairs in the state, national and international arena for over 40 years. She has also held senior public service positions, including Ministerial Advisor at a State and Federal level.
Prior to commencing her present role with a national Indigenous management consulting firm she worked in the Pilbara focusing on creating economic development opportunities between traditional owners and the private sector with a view to contributing to the strengthening of an economic base for Aboriginal people. A major residential land development Kariyarra Mugarinya Property JV in South Hedland is an example of her activities in this area. She was CEO of the project company over a 7 year period getting the project off the ground including sourcing the financing. Project completion occurred in February 2013 with a pre-tax profit of over $20m intended for future Aboriginal enterprise development.
She has worked in the private, public and non-government sectors. In the early 1990’s she wrote the first Aboriginal training and employment strategies for companies in the resources industry. She has been a director on numerous not-for-profit Boards and currently holds director positions on two national Boards.
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Chris Breach
Non-Executive Director
Mr Breach has over 45 years’ experience as a property professional and extensive career experience covering many types and aspects of the real estate market in Australia, New Zealand, UK, USA and various parts of Asia and Europe.
He was a non-executive director on the Asia Pacific Data Centre Trust (ASX: AJD) from its initial listing on ASX in 2012 to its privatisation in 2018.
Until 2010, Mr Breach was Managing Director and Licensee of Macquarie Asset Services Limited (part of Macquarie Group Limited) and an executive director of Macquarie Group Limited. Mr Breach was also an early initiator of a due diligence product that became a cornerstone of real estate investment over the last 25 years.
Prior to joining Macquarie Group, Mr Breach was the Director of Valuations and Corporate Real Estate at Jones Lang Wootton.
He holds a Diploma in Estate Management from Kingston upon Thames Polytechnic and a Diploma in Financial Markets from the Securities Institute of Australia. He is a Fellow of the Royal Institution of Chartered Surveyors and a Fellow of the Australian Institute of Company Directors.
Mr Breach was also the Chairman of Charities Aid Foundation from 1999 to 2009, an initial director of the Sydney Community Foundation and a director of Dana Asia. He was also a real estate adviser to Social Enterprise Finance Australia until 2020.
He was a non-executive director on the Asia Pacific Data Centre Trust (ASX: AJD) from its initial listing on ASX in 2012 to its privatisation in 2018.
Until 2010, Mr Breach was Managing Director and Licensee of Macquarie Asset Services Limited (part of Macquarie Group Limited) and an executive director of Macquarie Group Limited. Mr Breach was also an early initiator of a due diligence product that became a cornerstone of real estate investment over the last 25 years.
Prior to joining Macquarie Group, Mr Breach was the Director of Valuations and Corporate Real Estate at Jones Lang Wootton.
He holds a Diploma in Estate Management from Kingston upon Thames Polytechnic and a Diploma in Financial Markets from the Securities Institute of Australia. He is a Fellow of the Royal Institution of Chartered Surveyors and a Fellow of the Australian Institute of Company Directors.
Mr Breach was also the Chairman of Charities Aid Foundation from 1999 to 2009, an initial director of the Sydney Community Foundation and a director of Dana Asia. He was also a real estate adviser to Social Enterprise Finance Australia until 2020.
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Sally McCutchan
Non-Executive Director
Ms McCutchan is the CEO and an Executive Director of Impact Investing Australia. She has extensive experience in finance, funds management and strategy, and has spent many years working in and understanding Asia Pacific markets. She has held senior roles with Accenture, Legg Mason Asset Management and SBC Warburg (now UBS). Ms McCutchan is a non-executive director of Oxfam Australia, ygap and Titan Securities (a National Australia Bank securitisation company). She is currently on the expert panel of the Social Impact Investing Taskforce in the Department of the Prime Minister and Cabinet and a member of the Australian Advisory Board on Impact Investing, the Australian Sustainable Finance Initiative Working Group for mobilising capital and the QBE Classification of Social Impact Committee. Ms McCutchan is a Certified Practising Accountant and a Graduate of the Australian Institute of Company Directors.
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David Ross
Non-Executive Director
Mr Ross was born in Alice Springs and is of Arrernte/Kayteye descent. He joined the Central Land Council in 1979 and undertook an Associate Diploma in Business Management at the South Australian Institute of Technology in 1986-87. He progressed to the position of Deputy Director in 1988 and then Director (CEO) of Central Land Council in 1989. Mr Ross was appointed to the Aboriginal and Torres Strait Islander Commission part time in 1992, then full time in 1994. The following year he was appointed the inaugural Executive Chair of the Indigenous Land Corporation. After a four-year term as Executive Chair he returned to Alice Springs and was again appointed Director of the Central Land Council in 1999. He remained in that role until June 2019. In addition to running one of the most respected and long-standing Aboriginal organisations in Australia, Mr Ross has played a significant role on national Indigenous issues, particularly those relating to land rights, native title, and economic development. He holds directorships on the boards of Centrefarm Aboriginal Horticulture Ltd and Centrecorp Aboriginal Investment Corporation Pty Ltd.
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Cronje Wolvaardt
Executive Director
Mr Wolvaardt has significant asset and fund management experience with a strong financial and business background having worked in a diverse range of roles since 2005 including investment analysis, funds management and corporate finance. In addition to extensive acquisition and joint venture experience, he was responsible for establishing IBA’s Indigenous Prosperity Funds in 2015. Mr Wolvaardt sits on a range of boards and is an Executive Director on the board of the Investment Manager, as well as the Director of Investment and Asset Management at IBA, where he is responsible for overseeing a diverse multi-asset portfolio with assets valued in excess of $480 million. He has previously held the role of Head of Fund Products and also Head of Acquisitions for IBA. He holds a Bachelor of Accounting while being a Graduate of the Australian Institute of Company Directors.
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I-REIT Investment Committee Members
An investment committee has been appointed by the Trustee based on recommendations of the Investment Manager to approve matters relating to the I-REIT including:
- acquisitions and divestments;
- new leases or lease renewals that constitute 30% or more of the gross revenue of the relevant Property;
- debt finance facilities;
- material redevelopment or refurbishment of a Property; and
- certain related party transactions.
The Investment Committee currently comprises 5 members. Decisions are made by a two-thirds majority with each member having a single vote.
The members of the Investment Committee may change from time to time.
Steven Leigh
Chair and Non-Executive Member
Steven Leigh is a non-executive Director of Scentre Group and a member of the Board's Human Resources Committee. Mr Leigh’s career in the real estate investment management and development industry spans more than three decades. He has in depth knowledge of real estate economics and experience in retail assets. During a 25 year career at QIC, Mr Leigh held a number of senior positions including most recently Managing Director – Global Real Estate with QIC.
His prior roles also include Managing Director of Trinity Limited and subsequently the Chief Executive Officer of the wholesale unlisted funds management business. Following LaSalle Investment Management’s acquisition of Trinity Funds Management, Mr Leigh held the position of Head of Australia for LaSalle Investment Management. He is a non-executive Director of the ASX listed stapled entity, National Storage REIT. Mr Leigh is also one of the founding members of Male Champions of Change established by the Property Council of Australia. He started his career as a valuer with National Mutual Life.
Mr Leigh is a graduate of Gatton College (now part of the University of Queensland) and the Queensland University of Technology in the disciplines of real estate valuation and project management.
His prior roles also include Managing Director of Trinity Limited and subsequently the Chief Executive Officer of the wholesale unlisted funds management business. Following LaSalle Investment Management’s acquisition of Trinity Funds Management, Mr Leigh held the position of Head of Australia for LaSalle Investment Management. He is a non-executive Director of the ASX listed stapled entity, National Storage REIT. Mr Leigh is also one of the founding members of Male Champions of Change established by the Property Council of Australia. He started his career as a valuer with National Mutual Life.
Mr Leigh is a graduate of Gatton College (now part of the University of Queensland) and the Queensland University of Technology in the disciplines of real estate valuation and project management.
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Francina Turner
Non-Executive Member
Francina Turner has developed an expansive career as a senior executive and executive director with over 20 years’ experience in real estate, investment management, finance, risk management, corporate governance and emerging asset classes.
Ms Turner is a governance and risk consultant to the Royal Botanic Garden and Domain Trust and investment manager for a family office. Ms Turner was the Managing Director and Company Secretary for Asia Pacific Data Centre Group (2012 to 2017), having previously worked at Stockland, Lend Lease Corporation and Macquarie Group Limited (1995-2010). At Macquarie, Ms Turner’s positions included Trust Manager for unlisted property syndications and General Manager of the listed LeisureWide Property Trust. She also has held voluntary non-executive positions for not-for-profit organisations.
Ms Turner is a graduate from the University of New South Wales (Bachelor of Commerce in Marketing and Hospitality Management).
Ms Turner is a governance and risk consultant to the Royal Botanic Garden and Domain Trust and investment manager for a family office. Ms Turner was the Managing Director and Company Secretary for Asia Pacific Data Centre Group (2012 to 2017), having previously worked at Stockland, Lend Lease Corporation and Macquarie Group Limited (1995-2010). At Macquarie, Ms Turner’s positions included Trust Manager for unlisted property syndications and General Manager of the listed LeisureWide Property Trust. She also has held voluntary non-executive positions for not-for-profit organisations.
Ms Turner is a graduate from the University of New South Wales (Bachelor of Commerce in Marketing and Hospitality Management).
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Shane Hamilton
Non-Executive Member
Shane is a Wakka Wakka and Bundjalung man from Queensland. Shane is a respected leader with executive experience across corrective services, housing and professional services sectors in government and corporate enterprises.
Shane is currently a Director at Inside Policy and came to the role after almost two years with PwC’s Indigenous Consulting Services, where he was the NSW/ACT Director, managing teams in both states, a role that required him to leverage the strong relationships he built and fostered in his previous roles.
Prior to that, Shane made a significant contribution to the Aboriginal Housing Office in NSW, leading the business through an organisational transformation, and re-establishing the AHO as a place of innovation and commitment through its supporting Aboriginal communities and businesses, and promoting choice and equal access to housing for Aboriginal families.
Shane is experienced in the development of Business partnerships between the corporate sector and NFP or Government entities, and was instrumental in establishing Position Promo and First Nations Blockchain, both Indigenous majority owned businesses.
Shane is currently a Director at Inside Policy and came to the role after almost two years with PwC’s Indigenous Consulting Services, where he was the NSW/ACT Director, managing teams in both states, a role that required him to leverage the strong relationships he built and fostered in his previous roles.
Prior to that, Shane made a significant contribution to the Aboriginal Housing Office in NSW, leading the business through an organisational transformation, and re-establishing the AHO as a place of innovation and commitment through its supporting Aboriginal communities and businesses, and promoting choice and equal access to housing for Aboriginal families.
Shane is experienced in the development of Business partnerships between the corporate sector and NFP or Government entities, and was instrumental in establishing Position Promo and First Nations Blockchain, both Indigenous majority owned businesses.
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Cronje Wolvaardt
Executive Member
Mr Wolvaardt has 13 years of asset and fund management experience with a strong financial and business background having worked in a diverse range of roles including investment analysis, funds management and corporate finance. In addition to being an Executive Director on the board of the Investment Manager, Mr Wolvaardt is the Director of Investment and Asset Management at IBA, where he is responsible for overseeing a diverse multi-asset portfolio with assets valued in excess of $480 million. Mr Wolvaardt has previously held the role of Head of Fund Products and also Head of Acquisitions for IBA. Mr Wolvaardt has extensive acquisition and joint venture experience including having been responsible for numerous acquisitions as well as undertaking the divestment of multiple assets to IBA’s long term Indigenous partners as well as third parties. Mr Wolvaardt also has significant funds management experience including establishing IBA’s Indigenous Prosperity Funds. Mr Wolvaardt sits on a range of boards, including two commercial property assets, and works closely with IBA’s Indigenous partners to ensure strong financial and social outcomes are delivered. Mr Wolvaardt has a Bachelor of Accounting and is a Graduate of the Australian Institute of Company Directors.
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The Trustee – One Managed Investments Funds
One Managed Investment Funds Limited (OMIFL), a subsidiary of One Investment Group Pty Ltd, is the trustee of the IPF and I-REIT. One Investment Group Pty Ltd is an independent Australian funds management business that focuses on providing responsible entity, trustee, custody and administration services to funds.