Reserve Bank of Australia Annual Report – 2014 Reserve Bank Board August 2014

Photograph of Governor and Chair, Glenn Stevens

Glenn Stevens

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

Governor and Chair

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

Glenn Stevens has held various senior positions at 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. In June 2014, Mr Stevens was awarded a Doctor of Laws honoris causa (LLD) by Western University in Ontario, Canada.

Other Roles

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

Photograph of Deputy Governor and Deputy Chair, Philip Lowe

Philip Lowe

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

Deputy Governor and Deputy Chair

Member since 14 February 2012
Present term ends 13 February 2019

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

Photograph of Non-Executive Member, John Akehurst

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 Engineers.


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

Reserve Bank Board Committee membership

Chair – Audit Committee

Photograph of Non-Executive Member, Roger Corbett AO

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 within Australia and overseas. He served as the CEO of Woolworths Limited 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
Director – Wal-Mart Stores Inc

Reserve Bank Board Committee membership

Chair – Remuneration Committee
Member – Audit Committee

Photograph of Non-Executive Member, John Edwards

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 at 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
Director – Committee for the Economic Development of Australia

Reserve Bank Board Committee membership

Member – Remuneration Committee

Photograph of Non-Executive Member, Kathryn Fagg

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. Earlier, she worked at McKinsey & Co 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
Director – Breast Cancer Network of Australia
Director – Djerriwarrh Investments Limited
Director – Incitec Pivot Limited

Photograph of Ex Officio Member, Martin Parkinson PSM

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 – Council of Financial Regulators
Member – Infrastructure Australia
Member – Prime Minister's Business Advisory Council

Photograph of Non-Executive Member, Heather Ridout AO

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, having previously been Chief Executive of the Australian Industry Group. She has had appointments to key national policy-setting and consultative groups, including as a 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 Non-Executive Member, Catherine Tanna

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 has 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. From April 2012 to the end of June 2014, Ms Tanna was Chairman of BG Australia.

Executive Role

Managing Director – EnergyAustralia

Reserve Bank Board Committee membership

Member – Remuneration Committee