Governance Update: BBI Board Changes
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Babcock & Brown Infrastructure (BBI) | 11:32 am, Thursday 13 November 2008 | BBI | 0.000 |
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13 November 2008
GOVERNANCE UPDATE: CHANGES TO COMPOSITION OF BBI BOARDS
On 20 October 2008, the Boards of Babcock & Brown Infrastructure Limited (“BBIL”) and Babcock & Brown Investor Services Limited (“BBIS”) (together, “BBI”), announced four key governance and management reforms, one of which was strengthening of the independence and decision-making autonomy of BBI’s Boards.
As part of the implementation of this key reform, changes, as detailed below, have now been made to the composition of BBI’s Boards:
BBIL
- Effective from 12 November 2008, Mr Peter Hofbauer has resigned as a director of the Board of BBIL (as foreshadowed in BBI’s announcement dated 26 August 2008);
- Effective from 12 November 2008, Mr Leigh Hall has been appointed as an additional director to BBIL’s Board;
Mr Hall previously served as a director of BBIL from 1 May 2002 until 1 July 2005 and currently serves as a director of BBIS, a position he has held since 1 July 2005; and
- Effective from 12 November 2008, Mr Jeffrey Kendrew has been appointed to the office of Managing Director of BBIL.
Mr Kendrew was appointed as BBI’s acting CEO in June 2007, an appointment which was made permanent in October 2007. From August 2005 until his appointment as acting CEO, Mr Kendrew served as BBI’s Chief Operating Officer – Energy.
Following these changes, the current composition of the BBIL Board is as follows:
Hon. Dr David Hamill Independent Director & Chairman
Mr Leigh Hall Independent Director
Mr Barry Upson Independent Director
Mr Jeffrey Kendrew Managing Director
BBIS
Effective from 12 November 2008, Mr Peter Hofbauer has resigned as a director of the Board of BBIS.
The current composition of the BBIS Board is as follows:
Hon. Dr David Hamill Independent Director & Chairman
Mr Leigh Hall Independent Director
Mr Barry Upson Independent Director
An outcome of additional dialogue with Babcock & Brown Limited (“BNB”) has been the determination, made in the interests of Board independence and decision-making autonomy, that no BNB executives will be appointed to the BBI Boards.
The BBI Boards continue in the process of identifying a suitable additional independent director as a replacement for Mr Phillip Green.
ENDS
Further Enquiries
Jeff Kendrew
Chief Executive Officer
Babcock & Brown Infrastructure
+61 2 9229 1800 Helen Liossis
Investor Relations Manager
Babcock & Brown Infrastructure
+61 2 9229 1800
ABOUT BABCOCK & BROWN INFRASTRUCTURE
Babcock & Brown Infrastructure (ASX: BBI) is a specialist infrastructure entity which provides investors access to a diversified portfolio of quality infrastructure assets. BBI’s investment strategy focuses on acquiring, managing and operating quality infrastructure assets in Australia and internationally.
For further information please visit our website: www.bbinfrastructure.com
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