It has been an eventful year for Austbrokers but the changes are set to keep coming, after the cluster group’s Chairman announced changes to the board.
Industry stalwart Phil Shirriff is to stand down from his position as non-executive Director ahead of next year’s AGM. Shirriff has been on the Austbrokers board since some of the earliest days, having joined in 1986.
Austbrokers Chairman Robert Longes says Shirriff has overseen the enormous growth of the company and provided important advice.
“His board colleagues will miss his insightful views,” Longes says.
In his stead, Austbrokers is proposing to add two new director positions, along with a boost to the board’s remuneration.
Earlier this year, Austbrokers founder Lach McKeough completed the handover to current CEO and Managing Director Mark Searles.
Austbrokers made 19 acquisitions last financial year, and increased its equity in four of its partner businesses.
However, Longes says they remain committed to the ‘owner-driver’ model.
“Our intention is that we will sell down part of our interests to new or existing principals to reinforce the model,” he says.
“Consistent with this philosophy additional equity was acquired in three partner businesses by existing and new partners during the year including through capital contributions to fund acquisitions.”