CEFC ExecutiveDownload section
The Executive brings a range of skills and private sector experience to the CEFC. The Chief Executive Officer is a statutory officer under the CEFC Act. The CEO is appointed by the Board after consultation with the responsible Ministers and holds office at the Board’s pleasure. During the year, the Board appointed Ian Learmonth as CEO, following the resignation of inaugural CEO Oliver Yates.
Mr Learmonth has more than 20 years’ experience as a financier and investor, working across clean energy and major infrastructure projects, as well as social impact investments. He established Social Ventures Australia’s Impact Investing business, raised its first Social Impact fund and structured and launched Australia’s first Social Impact Bond. He was also instrumental in establishing a dedicated Social and Affordable Housing fund. Previously an Executive Director of Macquarie Group for 12 years, Mr Learmonth has investment banking experience in Sydney, Hong Kong and London. He established and led its European renewable energy and carbon credit investments, as well as structured finance and asset financing in Asia and Europe. Earlier in his Macquarie career, Mr Learmonth established the bank’s IT operating lease business and completed a number of securitisations for both Macquarie Bank and external clients. Mr Learmonth has degrees in both Law and Commerce from the University of Queensland and is a director of Sydney’s Belvoir Theatre. Mr Learmonth became CEO in May 2017.
As General Counsel, Ms Cottrell heads the CEFC’s legal team, which provides proactive support to the originations and transactions and portfolio management teams and, more generally, provides advice on corporate legal matters to the CEFC. Ms Cottrell also provides support to the Board as Corporate Secretary. Ms Cottrell is a highly experienced leader within the financial services industry and a former partner of Goldman Sachs JBWere. She has worked in Australia and New Zealand, including senior leadership roles as Head of Federation and Head of Legal at Goldman Sachs in New Zealand, and as General Counsel and Company Secretary of the NZ Stock Exchange. Ms Cottrell is a solicitor admitted in the NSW Supreme Court and the High Court of New Zealand. Ms Cottrell joined the CEFC January 2017.
Mr Holmes is responsible for strategic development, governance, performance management, marketing and communications, investment research and risk management. He chairs the Executive Investment Committee, the Joint Investment Committee and the Executive Risk Committee and is a member of the Asset Management Committee. Mr Holmes was previously Chief Financial Officer at EnergyAustralia and chief financial officer and Chief Operating Officer at Pacific Hydro. He also had long international careers with both British Gas and BHP. Mr Holmes is a Chartered Accountant, a Commerce Graduate of Otago University, a member of Chartered Accountants Australia and New Zealand, and a Graduate Member of the Australian Institute of Company Directors.
As joint Chief Originations and Transactions Officer, Mr McCartney is responsible for the origination and contractual documentation of new investments for the CEFC. Mr McCartney has more than 25 years’ experience working across clean energy, commercial property, funds management and IT services and has led a number of the CEFC’s transactions across bioenergy, clean energy and energy efficiency. Mr McCartney’s experience includes M&A, in addition to CFO roles for listed and unlisted companies, working across startup businesses and established market leaders such as NAB and GWA International. Mr McCartney is a Certified Practising Accountant and holds a Bachelor of Accountancy from RMIT University.
Mr Panizza is responsible for oversight of investment risk and overall management of the CEFC portfolio. He spent 10 years with the Macquarie Group in Singapore, and also developed an Asian leveraged finance business for ABN AMRO. Mr Panizza has served in a board capacity on several operating subsidiaries within the Macquarie Group, including Macquarie Capital (Singapore) Pte Ltd and the ASX-listed Miclyn Express Offshore Limited. He was also Vice Chair of the not-for-profit Humanitarian Organization for Migration Economics. Mr Panizza holds a Capital Markets Services License and Financial Advisers License from the Monetary Authority of Singapore. He is a Member of the Australian Institute of Company Directors and has a Master of Business Administration and a Bachelor of Economics from the University of Western Australia. Mr Panizza joined the CEFC in September 2016.
Mr Powell has more than 25 years’ experience working within industry and public accounting, both in Australia and the United States. As Chief Financial Officer, Mr Powell heads our Brisbane office and has oversight of the CEFC’s finance, information and communications technology and administrative function. Mr Powell is a member of the Executive Investment Committee and the Executive Risk Committee. Mr Powell is experienced in all aspects of financial accounting, as well as mergers and acquisitions, public listings and transaction and deal structuring. Mr Powell was previously chief financial officer and company secretary of Low Carbon Australia Limited and the senior vice president of finance for Symyx Technologies, Inc. a NASDAQ-listed company. Mr Powell worked with Ernst & Young in both Australia and the United States and is a Chartered Accountant with a Bachelor of Economics from Macquarie University, and is a Graduate Member of the Australian Institute of Company Directors.
As joint Chief Origination and Transactions Officer, Mr Theau is responsible for the origination and execution of new investments for the CEFC. Mr Theau has led the successful financing of a number of the CEFC’s innovative renewable energy and energy efficiency projects, helping to develop the CEFC’s growing investment portfolio. Mr Theau has more than 25 years’ experience in large transactions in the infrastructure, utilities and PPP sectors, including a wide range of renewable energy and energy efficiency projects. Prior to the CEFC, Mr Theau worked in Europe and Australia in financial advisory, funds management, asset management, commercial and investment banking. Mr Theau holds a Master of Engineering from Ecole Centrale de Paris, France.
Executive remuneration and allowances
The Remuneration and Human Resources Committee is responsible for structuring Executive remuneration, evaluating performance and approving variable compensation payments, which consider short and long-term performance metrics, including financial, operational and individual targets.
During 2016-17, Total Annual Remuneration Packages (TARPs) for the CEFC Executive members included base salary, superannuation and variable compensation. For additional information, refer Note 2.1 and Note 5.2 in the Financial Statements.
CEFC Executive travel and expenses claims are usually dealt with on an indemnity and reimbursement basis. Refer Indemnities and Insurance Premiums for Officials.