Brickworks Limited is a dynamic and innovative group of internationally owned companies. We specialise in property, investments and the manufacture and distribution of building products for the residential and commercial markets.
Our Building Products division is one of Australia’s largest, best known and most diverse building material manufacturers. Our products include clay bricks and pavers, concrete masonry blocks, retaining wall systems, stone, precast concrete panels, concrete, terracotta and solar roof tiles, timber products, terracotta façades and lightweight building systems.
In late 2018 Brickworks announced the acquisition of Glen-Gery, the fourth largest brick manufacturer in the USA. We believe the acquisition provides an ideal entry into the US market, with Glen-Gery having established a leading market position in the key North-Eastern region, a reputation for premium products and high exposure to the architectural market. With a broad product portfolio and manufacturing and sales facilities across Australia & North America, Brickworks is uniquely placed to service the demands of the building industry.
Brickworks has a diversified corporate structure that has delivered stability of earnings over the long term. There are three divisions within the Brickworks Group structure — Building Products, Investments and Property.
Investments consists primarily of a 39.4% interest in Washington H. Soul Pattinson (WHSP), an S&P/ASX100 listed Company (ASX: SOL).
This shareholding in WHSP is an important source of earnings and cashflow diversification for the company and has been a key contributor to Brickworks’ success for more than four decades.
The market value of Brickworks shareholding in WHSP was $2.142 billion at 31 July 2019.
WHSP has delivered outstanding returns over the long term, with fifteen year returns of 11.6% per annum to 31 July 2019 being 2.6% ahead of the All Ordinaries Accumulation Index.
WHSP holds a significant investment portfolio in a number of listed and unlisted companies including Brickworks, TPG Telecom, New Hope Corporation, Australian Pharmaceutical Industries, Apex Healthcare Berhad and TPI Enterprises.
This provides WHSP with a diversified end market exposure. Over more than four decades, WHSP has delivered an uninterrupted dividend stream that reflects the earnings from WHSP’s diversified investments. This dividend helps to balance the cyclical earnings from Brickworks’ Building Products and Property divisions.
The Property division was established to maximise the value of land that is surplus to the Building Products business. Operational land that becomes surplus to the business needs is transferred to the Property division where it is assessed for optimum land use.
In some cases, land is rezoned to residential and sold. Alternatively, the land is rezoned industrial and transferred into the Property Trust and developed, creating a stable, growing annuity style income stream.
The Joint Venture Industrial Property Trust is a 50/50% partnership between Brickworks and Goodman Industrial Trust. Over the past decade it has grown significantly and now has a total asset value of over $1.7 billion. After including debt, Brickworks 50% share of the Property Trust has an equity value of $538 million. In addition to the Property Trust, the Company holds around 3,750 hectares of operational land and 370 hectares of development land. The company also holds 2,400 hectares of land in North America.
Mr R. Millner is the non-executive Chairman of the Board. He first joined the Board in 1997 and was appointed Chairman in 1999. Mr Millner has extensive corporate and investment experience. He is a member of the Nomination Committee and the Remuneration Committee.
Mr M. Millner is a non-executive Director who was appointed to the Board in 1998. He is Vice President of the Royal Agricultural Society of NSW, Chairman of the Royal Agricultural Society of NSW (RAS) Foundation, and has extensive experience in the investment industry. Mr Millner is the deputy chairman of the Board, and a member of the Nomination Committee and the Remuneration Committee.
BSc. Hons. Ceramic Eng; FAICD; Dip CD
Mr Partridge graduated as a ceramic engineer from the University of New South Wales, and worked extensively in all facets of the clay products industry in Australia and the United States before joining the Austral Brick Company in 1985. In 2008, Mr Partridge completed the Stanford University Executive Development Program. He held various senior management positions at Austral before being appointed Managing Director of Brickworks in 2000. Since then, Brickworks has grown significantly in terms of size and profitability as its operations have become Australia-wide, with its product range extending beyond bricks to tiles, pavers and masonry and activities expanding into property development.
Mr Partridge has also had extensive industry involvement, and was previously a director of various industry bodies, including the Australian Brick and Blocklaying Training Foundation, and the Clay Brick and Paver Institute.
In 2012 he was awarded the Member of the Order of Australia for services to the Building and Construction Industry, particularly in the areas of industry training and career development, and to the community.
In 2018 the Housing Industry Association awarded Mr Partridge the “Sir Philip Lynch Award”, their highest award. The award was in recognition of a lifetime contribution to the Housing Industry.
Independent Non-Executive Director
LS, DQIT, Dip.Bus Admin, MAPI, FAICD, FRICS
Mr Crotty was appointed to the Board in June 2008 and is a non-executive Director. He brings extensive property industry expertise to the Board, including 17 years as Managing Director of Australand until his retirement in 2007. He is a director of a number of other entities that are involved in the property sector. He is the Chair of the Remuneration Committee, and a member of the Audit and Risk Committee, the Nomination Committee and the Independent Board Committee.
Independent Non-Executive Director
B.Ec; FCA; FAICD
Mrs Page was appointed to the Board in July 2014 and is a non-executive Director. Mrs Page has extensive financial expertise, arising initially from her time at Touche Ross/KPMG Peat Marwick including as a partner, and subsequently from senior executive roles with the Lend Lease Group, Allen Allen and Hemsley and the Commonwealth Bank. She also has experience as a Director in a number of sectors, including Property, Energy & Renewables, Insurance, Funds Management, Technology and Public Sector bodies. Mrs Page is the Chair of the Audit and Risk Committee, a member of the Nomination Committee, the Remuneration Committee and the Independent Board Committee.
Lead Independent Director
Mr Webster was appointed to the Board in 2001 and is a non-executive Director. He is Senior Client Partner in Korn Ferry’s Sydney office. He is the Lead Independent Director and Chair of the Independent Board Committee, Chair of the Nomination Committee, a member of the Audit and Risk Committee and the Remuneration Committee.
Independent Non-Executive Director
BBus (Accounting), GAICD
Mr M. Bundey is a non-executive Director who was appointed to the Board on 1 October 2019. Mr Bundey has valuable experience as a Chief Executive Officer (CEO) & Managing Director with expertise in complex manufacturing operations in Australia, the USA and many international jurisdictions, and a strong financial background. Mr Bundey was the CEO & Managing Director of Pact Group Holdings Ltd between December 2015 and March 2019. He was previously President & CEO at portfolio companies held by privately owned Rank Group (based in Australia and USA), operating various international packaging & manufacturing operations globally. He was also CFO at Goodman Fielder during Rank Group ownership from 2003 to 2006. Prior to this Mr Bundey was a partner at Deloitte. He is a member of the Nomination Committee, the Remuneration Committee, the Audit and Risk Committee and the Independent Board Committee.
The Board of Brickworks Limited is committed to developing and maintaining good corporate governance within the Company, and recognises this can only be achieved through its people and their actions.
Brickworks Limited has policies and procedures in place that help to ensure the highest standards of corporate governance.We abide by all laws of Australia and the requirements of regulatory authorities in each State.
|Committee Charters - Nomination|
|Committee Charters - Remuneration|
|Committe Charters - Audit & Risk|
|Board Policies - Code of Conduct|
|Board Policies - Continuous Disclosure Policy|
|Board Policies - Securities Trading Policy|
|Board Policies - Political Donation Policy|
|Board Policies - Diversity Policy|
|Board Policies - Whistleblower Policy|
|Board Policies - Anti-Bribery and Corruption Policy|