Reserve Bank of Australia Annual Report – 2013 Reserve Bank Board September 2013

Photograph of Glenn Stevens, Governor and Chairman

Glenn Stevens

BEc (Hons) (Sydney), MA (Western)

Governor and Chairman

Governor since 18 September 2006
Reappointed from 18 September 2013 until 17 September 2016

Glenn Stevens has held various senior positions in the Reserve Bank, including Head of Economic Analysis and International Departments and Assistant Governor (Economic), where he was responsible for overseeing economic and policy advice to the then Governor and Reserve Bank Board. He was Deputy Governor from 2001 to 2006.

Other Roles

Chairman – Payments System Board
Chairman – Council of Financial Regulators
Chairman – Financial Markets Foundation for Children
Member – Financial Stability Board
Director – The Anika Foundation

Photograph of Philip Lowe, Deputy Governor and Deputy Chairman

Philip Lowe

BCom (Hons) (UNSW), PhD (MIT)

Deputy Governor and Deputy Chairman

Member since 14 February 2012
Present term ends 13 February 2019

Philip Lowe has held various senior positions in the Reserve Bank, including Assistant Governor (Economic) and Assistant Governor (Financial System). He spent two years with the Bank for International Settlements working on financial stability issues (2000–2002). Dr Lowe has authored numerous papers, including on the linkages between monetary policy and financial stability.

Photograph of John Akehurst, Non-Executive Member

John Akehurst

MA (Oxon)

Non-Executive Member

Member since 31 August 2007
Present term ends 30 August 2017

John Akehurst has had extensive experience in the oil and gas industry. He held a number of engineering and management positions with Royal Dutch Shell (1976–1996) and as CEO of Woodside Petroleum Ltd (1996–2003). Mr Akehurst is a Fellow of the Institution of Mechanical Engineering.


Chairman – National Centre for Asbestos Related Diseases
Chairman – Transform Exploration Pty Ltd
Director – CSL Limited
Director – Origin Energy Limited

Reserve Bank Board Committee membership

Chairman – Audit Committee

Photograph of Roger Corbett AO, Non-Executive Member

Roger Corbett AO


Non-Executive Member

Member since 2 December 2005
Present term ends 1 December 2015

Roger Corbett has had extensive experience in the retailing industry, both in Australia and overseas. He served as the CEO of Woolworths Limited (1999–2006) and has held numerous board positions. Mr Corbett is a Fellow of the Australian Institute of Management and the Risk Management Institution of Australasia.


Chairman – Fairfax Media Limited
Chairman – Mayne Pharma Group Limited
Chairman – PrimeAg Australia Limited
Director – Wal-Mart Stores, Inc.

Reserve Bank Board Committee membership

Chairman – Remuneration Committee
Member – Audit Committee

Photograph of John Edwards, Non-Executive Member

John Edwards

BA (Sydney), MPhil, PhD (George Washington)

Non-Executive Member

Member since 31 July 2011
Present term ends 30 July 2016

John Edwards brings a combination of business, academic and professional economic experience to the Board. He was Chief Economist for Australia and New Zealand for HSBC Bank for over a decade prior to taking the appointment of Executive Director of Economic Planning and Development for the Bahrain Economic Development Board (2009–2011).

Other Roles

Adjunct Professor – John Curtin Institute of Public Policy, Curtin Business School, Curtin University
Adjunct Professor – University of Sydney School of Business
Visiting Fellow – Lowy Institute for International Policy
Member – Australian Workforce and Productivity Agency

Reserve Bank Board Committee membership

Member – Remuneration Committee

Photograph of Kathryn Fagg, Non-Executive Member

Kathryn Fagg

BE (Hons) (Queensland), MCom (Hons) (UNSW)

Non-Executive Member

Member since 7 May 2013
Present term ends 6 May 2018

Kathryn Fagg has broad and diverse experience across a range of industries, having worked in senior executive roles at Linfox, BlueScope Steel and the ANZ Bank. Previously, she worked at McKinsey & Company after commencing her career as a petroleum engineer with Esso Australia. She has led businesses in Australia, New Zealand and Asia.


Chair – Melbourne Recital Centre

Photograph of Martin Parkinson PSM, Ex Officio Member

Martin Parkinson PSM

BEc (Hons) (Adelaide), MEc (ANU), MA, PhD (Princeton)

Ex Officio Member

Secretary to the Treasury
Member since 27 April 2011

Martin Parkinson was appointed Secretary to the Treasury in 2011. He was Secretary of the Department of Climate Change from its establishment in December 2007, and between 2001 and 2006 was Deputy Secretary of the Australian Treasury, with responsibility for domestic and international macroeconomic issues. In his Treasury career he has worked on issues including taxation policy, labour market and structural reform, and macroeconomic policy and forecasting.

Other Roles

Chair – Advisory Board of the Australian Office of Financial Management
Member – Australia in the Asian Century Strategic Advisory Board
Member – Council of Financial Regulators
Member – Board of Taxation
Member – Infrastructure Australia

Photograph of Heather Ridout AO, Non-Executive Member

Heather Ridout AO

BEc (Hons) (Sydney)

Non-Executive Member

Member since 14 February 2012
Present term ends 13 February 2017

Heather Ridout has a strong understanding of public policy and of the manufacturing sector. Mrs Ridout was Chief Executive of the Australian Industry Group (2004–2012). Her previous appointments include key national policy-setting and consultative groups, including member of the Henry Tax Review panel, board member of Infrastructure Australia, member of the Prime Minister's Taskforce on Manufacturing and member of the Australian Workforce and Productivity Agency.


Chair – AustralianSuper Trustee Board
Director – Australian Securities Exchange Limited
Director – Note Printing Australia Limited
Director – Sims Metal Management Limited

Photograph of Catherine Tanna, Non-Executive Member

Catherine Tanna

LLB (Queensland)

Non-Executive Member

Member since 30 March 2011
Present term ends 29 March 2016

Catherine Tanna has extensive experience in the resources sector with BG Group, Royal Dutch Shell and BHP Billiton. She held senior executive roles with responsibility for LNG, gas transmission and power-generation businesses across Africa, North Asia, Russia, North America, Latin America and Australia.


Chairman – BG Australia
Chair – Queensland 20 (Q20)
Member – Australian G20 Business Body (B20)
Member – Gold Coast 2018 Commonwealth Games Corporation Board

Reserve Bank Board Committee membership

Member – Remuneration Committee

Retirement from the Board

Jillian Broadbent AO retired from the Board on 6 May 2013.

Jillian Broadbent AO

Photograph of Jillian Broadbent AO, Non-Executive Member

BA (Sydney)

Non-Executive Member

Appointed 7 May 1998
Retired 6 May 2013

Jillian Broadbent has extensive experience in corporate banking and finance both in Australia and internationally, primarily with Bankers Trust Australia. Her previous directorships include ASX Limited, Special Broadcasting Service Corporation, Westfield Management Limited, Qantas Airways Limited, Woodside Petroleum Limited and Coca-Cola Amatil Limited.


Director – Woolworths Limited
Chair – Clean Energy Finance Corporation
Chancellor – University of Wollongong

Reserve Bank Board Committee membership until retirement from the Board

Chairman – Audit Committee
Member – Remuneration Committee

Resolution Passed by the Board – 2 April 2013

Members noted that this was the final meeting for Jillian Broadbent, who had served three terms on the Board, covering a period of 15 years, with great professionalism and distinction. The Governor paid tribute to Ms Broadbent's active and inquiring role as a Board member, which had drawn on her extensive knowledge of financial markets. He also acknowledged her roles on the Audit and Remuneration Committees, including as Chair of the Audit Committee for the past four and a half years, and the significant part she played in strengthening the role of the Audit Committee in the Bank's broader governance framework. Members recorded their appreciation for Ms Broadbent's contribution to the sound and pragmatic conduct of monetary policy, as well as the good governance of the Bank. They wished her well in the future.