Magellan Financial Group recognises the importance of good corporate governance.
Magellan Financial Group’s corporate governance framework and practices are designed to ensure the effective management and operation of Magellan Financial Group, and will remain under regular review.
Board of Directors
The Magellan Financial Group board of directors is responsible for the overall operation and stewardship of Magellan Financial Group and is responsible for its overall success and long-term growth and corporate governance. The board will act in the best interests of Magellan Financial Group to ensure that its business is properly managed.
There must be a minimum of 3 directors and a maximum of 10 directors. The board aims to have a majority of independent non-executive directors.
The board must comprise:
- directors with an appropriate range of skills, experience and expertise;
- directors who can understand and competently deal with current and emerging business issues; and
- directors who can effectively review and challenge the performance of the investment manager and exercise independent judgment.
The board currently comprises five non-executive directors.
Non-Executive Directors’ Remuneration
The initial directors’ fees are set at $20,000 per annum for each non-executive director inclusive of superannuation plus, in each case, the reimbursement of expenses such as travelling expenses. Chris Mackay and Hamish Douglass will not receive any fees in relation to acting as directors of Magellan Financial Group.
Audit & Risk Committee
The board has established an Audit & Risk Committee and appointed Paul Lewis, an independent non-executive director, as chairman of the Audit & Risk Committee. The board will ensure that an independent non-executive director who is not chairman of the board remains chairman of the Audit & Risk Committee and that the Audit & Risk Committee will have at least three members, the majority of whom are independent non-executive directors.