Overview
Utilities Trust of Australia (UTA/the
Fund) is an unlisted unit trust seeking to consistently provide investors with
benchmark-plus returns by taking influential positions in global infrastructure
projects.
UTA's objective is to provide investors
with a total return exceeding the benchmark return of the 10 Year Australian
Government Bond Rate plus 4 percent.
The Fund provides investors with
access to a portfolio of infrastructure assets across Australia, the United
Kingdom, Europe and the United States.
Performance Highlights
In a year of continued volatility in
listed markets and uncertainty in global economies, UTA performed strongly over
the 2011 financial year, exceeding its benchmark by 4.7 percent. The main
contributors to this strong performance were UTA’s Australian and European
airport investments, which delivered a return of 22.2 percent for the financial
year, and UTA’s investments in regulated utilities, which delivered a return of
10.9 percent.
In addition to strong and stable
returns the portfolio is producing consistent and reliable cash flows. The
annual distribution to investors of $138.2 million in July 2011 represents a
yield of 6.2 percent for the year (including franking credits). Over the past
five years and despite the GFC, UTA’s average yield is above 6.0 percent
(including franking credits) and its internal rate of return is 11.1 percent
per annum compared with its benchmark of 9.5 percent. UTA continues to deliver
top quartile performance against its Australian managed unlisted infrastructure
fund peers.
Performance Summary as at 30 June 2011 (%per annum)
People and Boards
Chief Executive
Officer:
Richard Hoskins
Boards
Utilities of Australia Pty Ltd Board
Brian Daley (Non-Executive Director)
Term of office: Non-executive Director since February 2012
Brian is a Director of a number of industry superannuation bodies, namely the industry funds Australian Super and Host-plus as well as the unlisted property trust, ISPT. He has a long term involvement with industry funds having been a Trustee on a variety of funds for over 25 years. Brian is also currently the National President of United Voice, the union for workers in the property services, hospitality and health and community industries. Prior to his retirement in 2007 Brian has held the position of Branch secretary of the Victorian Branch of the Union for approximately 15 year.
Brian holds a Bachelor of Mathematics Degree from the University of Newcastle
Board committee membership: No
Independent: No
Denise Allen (Non-Executive Director)
Term of office: Non-executive Director since March 2008
Denise Allen has been involved in the financial services industry for 25 years. She was the Managing Director, Asia Pacific for
Citigroup Asset Management Limited. Denise was Chairman of the Board for Citigroup Asset Management Australia Limited, a Director of Citigroup Investment Bank (Singapore) Ltd, Salomon Brothers Asset Management (Asia) Limited and Citistreet Australia Limited. She was the Responsible Officer for the Citigroup Asset Management Australian Financial Services Licence and Responsible Entity for their Unit Trust vehicles. She was also a member of the Citigroup Country Co-ordinating Committee. Denise continued with Legg Mason after they purchased Citigroup Asset Management in December 2005 and left the group in April 2006.
Prior to Citigroup she worked with JP Morgan Investment Management and Potter Warburg Asset Management. Denise currently has her own consultancy business, Chelcor Pty Ltd that holds an Australian Financial Services Licence
She is also on the Board of the Medical Research Commercialisation Fund and is a Trustee Director of AvSuper.
Board committee membership: Denise is a member of the Communications Committee
Independent: No
Graham Dunstan (Non-Executive Director)
Term of office: Non-executive Director since August 2006
Graham Dunstan retired in July 2006 from the management team of Emergency Services Super (ESS), having been Chief Executive Officer of that organisation for 12 years and more recently as its Chief Investments Officer.
Prior to joining ESS, Graham held senior actuarial and management positions with National Mutual (now AXA) and earlier in his career he was a consulting actuary. His significant involvement in the superannuation industry includes six years on the Board of the Association of Superannuation Funds of Australia. Until the end of June this year Graham was a member of Unisuper’s investment committee, and on 30 June he retired as Chairman of Investa Fund’s Management Limited. He is on the Board of the Uniting Church’s Beneficiary Fund and chairs that Fund’s investment committee.
Board committee membership: Graham is a member of the Audit Committee
Independent: No
Jay Bonnington (Non-Executive Director)
Term of office: Non-executive Director since January 2012
Jay has a chartered accounting background, and worked overseas in senior financial-management roles in many varied sectors with extensive experience in corporate finance.
In Australia Jay worked in the construction/engineering, financial services and energy industries. Former roles include Financial Controller - Transfield Services Group, Finance Director/CFO - Yallourn Energy Ltd, a National Director of CPA Australia, and National CEO of NFP MAWFA. A professional NED for over 15 years, and former Chair of Dental Health Services Victoria for seven years until 2006, Jay has served on a variety of boards, both government and non-government, and continues to Chair Audit & Risk, and Governance Committees and an AICD Nexus Directors Group.
External directorships:
HESTA Superannuation, Port of Melbourne Corporation, St. John of God Health Care Group, Metropolitan Fire & Emergency Services, Deakin University Council , The Lord Mayor’s Charitable Foundation, The Queens Fund Charity.
Qualifications B.Com (Auck), MBA (Mon), FCPA, FAICD
Board committee membership: Jay is a member of the Audit Committee
Independent: No
.
John Haskins AM (Non-Executive Director)
Term of office: Non-executive Director since April 2009
John is a former Vice-President of Confederation of International Contractors’ Association (CICA), the body that represents the construction industry world-wide.
He is immediate former President of International Federation of Asian and Western Pacific Contractors’ Association (IFAWPCA), an association that has 15 countries as members in the Asian and Western Pacific Region. John is a Life Member and past President of Master Builders’ Association of the ACT, and a Life Member and Past President of the Master Builders’ Association of Australia. Prior to his retirement, John was chairman of a medium-sized construction and development company with offices in Canberra, Sydney and Gold Coast for over 20 years. In 2004, because of his extensive involvement in local affairs and his high profile in the building and construction industry, the ACT Chief Minister bestowed on him an Honorary Ambassadorship for Canberra. Currently, John sits on the board of Construction Building Unions’ Superannuation Fund (CBUS), and is also Chairman of the Audit Committee of that Fund. In 2007, the Chief Minister of the ACT appointed John chairman of the Land Development Agency (LDA). John resigned from this role in 2010 and has since been appointed Chairman of Exhibition Park in Canberra (EPIC). John has always been involved in the construction and development industry and still is today with his continued involvement with the Master Builders’ Association.
Board committee membership: John is a member of the Audit Committee
Independent: No
Peter Edmonds (Non-Executive Director)
Term of office: Non-executive Director since March 2003
Peter is currently a Director of Port of Portland Pty Ltd. Between 1992 and 2007 Peter was either Chairman or Director of Statewide Superannuation Fund and a member of its Investment Committee.
He has previously held CEO positions with the South Australian Ports Corporation and South Australian Cooperative Bulk Handling and has held senior executive positions in a number of industries in Australia, South East Asia and North America. He is a past Chairman of the South Australian Freight Council and past President of the Association of Australian Port and Marine Authorities.
Board committee membership: Peter is a member of the Audit Committee
Independent: No
Rob Jolly (Chairman)
Term of office: Chairman since September 2011
Rob Jolly is a former Treasurer of Victoria and during his time in government, he played a lead role in developing and implementing the Victorian Government's economic and industrial relations policy introducing a wide range of economic and social improvements to the State of Victoria.
Rob also represented the Victorian Government at a national and international level including major economic presentations and conferences in Europe, Asia and North America. Prior to assuming the role of Treasurer of Victoria, Rob held a senior role in the ACTU, where he undertook high level economic and social research. As well as presenting National Wage Cases before the Industrial Relations Commission he represented the ACTU at various local and international committees, including the OECD in Paris. He has held a number of Directorships in the environmental economics field and is currently a Director, Carbon Market Economics.
Rob has a Bachelor of Economics and a Master of Economics both from Monash University.
Board committee membership: Rob is a member of the Communications Committee
Independent: Yes
Tony Tuohey (Non-Executive Director)
Term of office: Non-executive Director since January 2007
Tony Tuohey has been a director of Vision Super (formerly LAS) since 1995, a $4.2 billion fund covering the Local Government and other Statutory Authorities and is currently Chair of its Investment Committee. Tony is Chair of the Regional Infrastructure Fund established by Vision Super, is a former director of the Development Australia Fund and is the Chair of Regional Windfarms, which owns the Wonthaggi Wind farm through a Special Purpose Vehicle on behalf of Vision Super.
Board committee membership: Tony is a member of the Communications Committee
Independent: No
Trevor Boucher AO (Non-Executive Director)
Term of office: Non-executive Director since May 1999
External Directorships
Trevor Boucher is a former Commissioner of Taxation, leaving in 1993 after having served in that statutory office for eight and a half years. For two years, from 1993 to 1995, he served as Australia’s Ambassador to the Organisation for Economic Cooperation and Development in Paris. Trevor has been a director of a number of industry superannuation investment funds.
Trevor holds an LLB Degree from the University of Melbourne.
Board committee membership: Trevor is Chair of the audit committee
.
Independent: Yes
Last updated 30 April
2012