Interaction between IOF, the Board and the Manager

IOF does not employ any staff directly, instead the Responsible Entity has engaged the manager, Investa, to provide IOF with asset, portfolio and capital management services to support the delivery of IOF's strategy. This relationship allows IOF to benefit from Investa's integrated platform and capability as an office manager, which ultimately contributes to superior unitholder returns.

The Responsible Entity is entitled to a fee equivalent to 0.55% per annum of market capitalisation and engages the manager to provide the services required to manage IOF. When compared to traditional fee structures across the industry, this market leading fee structure provides greater alignment between the Responsible Entity, manager and unitholders.

STRONG CORPORATE GOVERNANCE PRINCIPLES

  • Dedicated Responsible Entity focused entirely on IOF with Independent Directors who bring depth and breadth of experience
  • Ability to ratify appointment of Independent Directors
  • Unitholder approval required for real estate related party transactions
  • Responsible Entity fee of 55 bps of total market capitalisation (subject to 2.5% cap and collar), providing greater alignment between the Responsible Entity, the manager and unitholders
  • Enhanced communication and transparency

Board of directors

As at the date of this Report, ILFML has five Directors, four of whom are Independent Directors. An overview of the experience, qualifications and memberships of each Director is set out below.



Richard Longes - Chairman and Independent Non-Executive Director

Richard Longes is an Independent Director and Non-Executive Chairman of the Responsible Entity.

Richard Longes is the Chairman of Liberty Financial Pty Limited, Terrace Tower Group Pty Limited and Investec Australia Limited. He was previously Chairman of GPT and Deputy Chairman of Lend Lease, as well as a Director of a number of public companies.

Bob Seidler AM - Independent Non-Executive Director

Bob Seidler AM is an Independent Director of the Responsible Entity. Bob Seidler AM is also a Director of Investa Office Management Pty Limited, which is the parent company of the Responsible Entity and the manager of IOF.

Bob Seidler AM is Chairman of Hunter Phillip Japan Limited and a member of CIMIC Group Limited's board. Previous board memberships include Valad Property Group, Australian Prime Property Fund, Chairman of Leighton Asia India and Offshore and Leighton Properties Pty Limited.

John Fast - Independent Non-Executive Director

John Fast is an Independent Director of the Responsible Entity.

John Fast is founder and Joint Managing Director of international specialist advisory firm Dragoman Pty Limited. John Fast is also Chairman of NIEF Limited, Deputy Chairman of the Norman Beischer Medical Research Foundation, Non-Executive Director of the Australian Brandenburg Orchestra and Chairman of the Advisory Board of the Rotary Aboriginal and Torres Strait Islanders Tertiary Scholarship.

John Fast's previous executive roles include Chief Legal Counsel and Head of External Affairs at BHP Billiton Limited and BHP Billiton Plc respectively.

Jonathan Callaghan - Executive Director and CEO, Investa

Jonathan Callaghan is the CEO of Investa and an Executive Director of the Responsible Entity and Investa Wholesale Funds Management Limited. Jonathan Callaghan is responsible for the strategic direction of Investa, across both the office and funds businesses, including responsibility for financial strategy, treasury, debt and risk management, taxation and internal and external reporting.

Jonathan Callaghan has been with Investa for over 10 years where he has held a number of roles, including Group General Counsel and more recently, Joint Managing Director and Finance Director.

Jonathan Callaghan is a member of the NSW Division Council of the Property Council of Australia and a founding member of the Property Male Champions of Change.

Jonathan Callaghan holds a Bachelor of Science (Hons), a Bachelor of Laws (Hons) and a Masters of Applied Finance.

Geoff Kleemann - Independent Non-Executive Director

Geoff Kleemann is an Independent Director of the Responsible Entity and Non-Executive Chairman of the Audit and Compliance Committee of the Responsible Entity.

Geoff Kleemann's former directorships include being an independent and Non-Executive Director of Asciano Limited and a Non-Executive Director of Broadspectrum Limited. Geoff Kleemann was also previously CFO at a number of major Australian companies including Crown Limited, Publishing & Broadcasting Limited and Woolworths Limited.

Management team

The high calibre industry professionals that manage IOF have a diverse range of skills and experience. The team's complementary skills and dedication to the Fund enable a balanced approach to managing IOF both operationally and strategically.

IOF's management team is underpinned by Investa's market leading operating platform. The platform specialises in the delivery of superior service experiences to tenants, contributing to higher tenant retention and better operational and Fund performance over the long term. This approach is carried out across IOF's portfolio by 200 real estate service professionals based locally in the markets in which IOF operates - driving value creation through active leasing and continued tenant engagement.

Dedicated IOF team

Penny Ransom
Fund Manager, IOF

Penny Ransom is the Fund Manager for IOF and is responsible for the strategic direction and performance of the Fund. Penny recently joined the IOF management team from DEXUS, where she was responsible for the A$7.1 billion diversified DEXUS Wholesale Property Fund.

Penny has over 22 years of Australian and international property industry experience, with a strong track record in driving performance through challenging market cycles. Previous roles include Head of Capital in Australia at DEXUS and 14 years at Lend Lease in investment management, business development and capital transaction roles, including Head of Equity UK & Europe.

Nicole Quagliata
Assistant Fund Manager, IOF

Nicole is responsible for developing and delivering the asset management strategies for the IOF portfolio. This includes leveraging Investa's project and development management, sustainability and research teams to enhance long term decision making and strategy execution across the portfolio. Nicole also provides high level support in the area of investor relations. Nicole has over 11 years' experience in property and funds management and is a CFA charter holder.

Jorrit Sennema
Senior Fund Analyst, IOF

Jorrit is responsible for overseeing the financial performance of the Fund. This includes analysing financial decisions at both the fund and asset level and assessing the impact of any transaction on fund performance. Jorrit also oversees capital management initiatives, working closely with treasury and the wider Investa finance teams. Jorrit has over 6 years' experience in property and funds management.

Nick Learmonth
Financial Controller, IOF

Nick is responsible for all internal and external financial reporting requirements for the Fund, which incorporate accounting, tax and treasury functions. Prior to Nick's current role, he was responsible for the financial reporting requirements of the previously held offshore operations and the Fund's financial modelling and analysis. Nick has over 14 years' experience in finance, the last seven of that within the property industry. He is a Chartered Accountant.