Reserve Bank of Australia Annual Report – 2012 Reserve Bank Board August 2012

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
Member – Financial Stability Board

Philip Lowe (Deputy Chairman)

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Deputy Governor since 14 February 2012
Present term ends 13 February 2019

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 2017

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

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 Media 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
Adjunct Professor – University of Sydney School of Business
Visiting Fellow – Lowy Institute for International Policy
Member – National Workforce and Productivity Agency

Heather Ridout

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Member since 14 February 2012
Present term ends 13 February 2017

Employer Director – AustralianSuper Trustee Board
Director – Sims Metal Management
Member – Climate Change Authority
Member – National Workforce and Productivity Agency

Catherine Tanna

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Member since 30 March 2011
Present term ends 29 March 2016

Member – Reserve Bank Board Remuneration Committee
Chairman – BG Australia
Member – Gold Coast 2018 Commonwealth Games Corporation Board

Ric Battellino retired from the Board on 13 February 2012
Graham Kraehe AO retired from the Board on 13 February 2012

Resolutions Passed by the Board

7 February 2012 Meeting

Ric Battellino
Graham Kraehe AO

Members noted that this was the final meeting for Messrs Battellino and Kraehe, both of whom had served five years on the Board with dedication and professionalism. Their skills, extensive knowledge and experience had contributed enormously to the deliberations of the Board on monetary policy and a range of other matters.

As Deputy Governor and Deputy Chairman of the Board, Mr Battellino had used his outstanding intellect, deep understanding of financial markets and strong grasp of central banking to bring rigorous analysis and astute judgement to the Board's deliberations. As a member of the Reserve Bank Board Audit Committee, including as Chairman for a time, Mr Battellino had also made an important contribution to fulfilling the Board's wider obligations in corporate governance. Mr Kraehe had contributed to the Board's deliberations using his broad commercial experience, specialist knowledge across several industries and thoughtful judgement. These attributes had also been valuable during his period as a member of the Reserve Bank Board Remuneration Committee over the past year or so. Members recorded their appreciation of the contributions of Messrs Battellino and Kraehe to the sound conduct of monetary policy and good governance of the Bank, and wished them well in the future.