Macquarie Atlas Roads Group Announces Regarding Appointment of Graeme Bevans as CEO

Macquarie Atlas Roads announced that it will appoint internationally respected global infrastructure executive Graeme Bevans as Chief Executive Officer (CEO) elect. He will begin in the role on 1 May 2018.

Graeme Bevans’ appointment follows the MQA Independent Board Committees’ announcement on 9 April 2018 that they had reached agreement with Macquarie on the terms of the internalisation which will be put to a vote of securityholders at the AGM on 15 May 2018. If these terms are approved, the current Macquarie management agreements will be terminated by no later than May 2019. The current CEO, James Hooke, has decided to remain with Macquarie post the internalisation but will continue as the MQA CEO until that time.

Subject to a successful vote at the AGM, as CEO elect, Graeme’s immediate priority will be the recruitment of a new management team and the establishment of the necessary infrastructure, systems and processes in order for MQA to manage its own operations independently and separately from Macquarie.

Whilst the new team and infrastructure are being established, the existing MQA management team, led by James Hooke, will continue to run the business and Macquarie will continue to provide the full suite of services to MQA.

This division of responsibility will ensure continued focus on MQA’s strategic objectives during the transition period.

Macquarie Atlas Roads Limited (MARL) Chairman, Dr Nora Scheinkestel, said “Graeme has a very deep understanding of the global infrastructure arena and the emerging trends. He has a strong track record in infrastructure investment globally. He is acknowledged to have played a leading role in the creation of infrastructure capability of two significant funds, Industry Funds Management (IFM) and Canada Pension Plan Investment Board (CPPIB). The performance of the funds under his leadership was impressive, most recently 12.1% per annum over the five-year period during which he was the head of infrastructure for CPPIB. CPPIB was voted the world’s number one institutional investor in infrastructure for both 2009 and 2010, years during which Graeme led the business.

Macquarie Atlas Roads International Limited (MARIL) Chairman, Mr Jeffery Conyers, said “Graeme brings to MQA experience of having invested in a broad range of infrastructure assets and he has sat on the boards of varied assets. He has deep experience with some very complex joint venture arrangements both locally in Australia and overseas, particularly in Europe and the Americas. He has a very disciplined process for assessing value in a new opportunity, and excellent capital market skills and importantly has built three different executive teams from scratch during his career. We have no doubt that he is the right person to lead MQA in this next stage.”

Graeme Bevans said “I know the MQA assets well and will hit the ground running. I am looking forward to working with the boards to build an internationally-respected executive team. With the new team in place we will be focused on ensuring a smooth transition of the business to its new internalised management structure, while strategically reviewing the portfolio to add to the significant work already undertaken by Macquarie as Manager.”

“Our focus over the long term once internalised management is in place, will be on delivering to our securityholders predictable growing income and capital growth from our strong portfolio of toll roads. We will achieve this through efficient operation of our roads and a strong focus on the development of our road networks.”

The key terms of Graeme’s employment will be as set out in the attachment. MQA will develop an executive remuneration framework including equity incentive plans, broadly as described in the attachment, which will be presented to securityholders in 2019.


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