Reserve Bank of Australia Annual Report – 2011 Reserve Bank Board August 2011

Glenn Stevens (Chairman)

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Governor since 18 September 2006
Present term ends 17 September 2013

Chairman – Payments System Board
Chairman – Council of Financial Regulators

Ric Battellino

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Deputy Governor since 14 February 2007
Present term ends 13 February 2012

Member – Reserve Bank Board Audit Committee

Martin Parkinson PSM

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Secretary to the Treasury
Member since 27 April 2011

Member – Council of Financial Regulators

John Akehurst

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Member since 31 August 2007
Present term ends 30 August 2012

Director – CSL Limited
Director – Origin Energy Limited
Director – Securency International Pty Ltd
Director – University of Western Australia Business School

Jillian Broadbent AO

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Member since 7 May 1998
Present term ends 6 May 2013

Chairman – Reserve Bank Board Audit Committee
Member – Reserve Bank Board Remuneration Committee
Director – Australian Securities Exchange
Director – Woolworths Limited
Chancellor – University of Wollongong
Chairman – Sydney Theatre Company Foundation

Roger Corbett AO

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Member since 2 December 2005
Present term ends 1 December 2015

Chairman – Reserve Bank Board Remuneration Committee
Member – Reserve Bank Board Audit Committee
Chairman – Fairfax Holdings Limited
Chairman – Mayne Pharma Group Limited
Chairman – PrimeAg Australia Limited
Director – Wal-Mart Stores Inc

John Edwards

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Member since 31 July 2011
Present term ends 30 July 2016

Adjunct Professor – John Curtin Institute of Public Policy, Curtin Business School, Curtin University
Visiting Fellow – Lowy Institute for International Policy

Graham Kraehe AO

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Member since 14 February 2007
Present term ends 13 February 2012

Member – Reserve Bank Board Remuneration Committee
Chairman – BlueScope Steel Limited
Chairman – Brambles Limited
Director – Djerriwarrh Investments Limited
Director – European Australian Business Council

Catherine Tanna

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Member since 30 March 2001
Present term ends 29 March 2016

Executive Vice-President – BG Group
Regional Managing Director – BG Australia

Ken Henry AC retired from the Board on 26 April 2011
Donald McGauchie AO retired from the Board on 29 March 2011
Warwick McKibbin retired from the Board on 30 July 2011

Resolutions Passed by the Board

1 March 2011 Meeting

Ken Henry AC
Donald McGauchie AO

Members noted that this was the final meeting for Ken Henry and Donald McGauchie. Both had served two terms on the Board, covering a period of 10 years, with professionalism and distinction. Their skills, extensive knowledge and broad-ranging experience had contributed enormously to the deliberations of the Board, both on monetary policy and other matters. Mr McGauchie had also chaired the Board's Remuneration Committee over the past eight years. Members thanked Dr Henry and Mr McGauchie for their contributions and wished them well in the future.

5 July 2011 Meeting

Warwick McKibbin

Members noted that this was the final meeting for Warwick McKibbin, who had served two terms on the Board, covering a period of 10 years, with professionalism and distinction. The Governor paid tribute to Professor McKibbin's active and probing role as a Board member, which had been based on his wide expertise in the field of international economics, an expertise widely recognised both in Australia and around the world. Members recorded their appreciation for Professor McKibbin's contribution to the sound conduct of monetary policy throughout his time on the Board. Members wished him well in the future.