Key Investment Personnel

Whitefield’s investment personnel are officers and employees of White Funds Management Pty Ltd, the company’s Investment Manager.

Angus Gluskie, Managing Director, (BEc, Graduate Diploma in Applied Finance & Investment, CA, FFin).

Angus has over 30 years experience in the investment management and financial services fields. He has qualifications in investment management, economics and chartered accountancy. He has worked with Whitefield and associated entities since 1987.

Will Seddon, Executive Director (BEc, CFA, CAIA, SAFin)

Will has 12 years experience as a wholesale investment manager and analyst, including more than a decade working with Whitefield. He has significant experience in fundamental analysis, investment strategy and quantitative techniques.

Peter Borkovec (MCom (Funds Management), BBus)

Peter has 15 years experience in wholesale funds management, including more than a decade working with Whitefield. He has significant experience in fundamental analysis, investment strategy, statistics and quantitative techniques.

Stuart Madeley, Company Secretary, (BA(hons) Pure Maths, MBA)

Stuart has 24 years experience in financial services and funds management, including more than 15 years with Whitefield. He has significant experience in investment operations and information technology systems.

Other Personnel & Resources

Back Office

Whitefield’s back office is managed by Link Fund Solutions, a specialist wholesale back office administrator. Link Fund solutions administer over $40bn of wholesale investment assets. They utilise advanced systems allowing for a seamless interface between fund managers, brokers, custodians and trustees.

IT & Office Infrastructure

The company’s underlying IT and office infrastructure are managed by a team of approximately 6 staff shared with the Sydney office of Pitcher Partners, one of Australia’s 10 largest chartered accountancy practices.

David J. Iliffe

Non-Executive Chairman, Member of Audit Committee, Nomination and Remuneration Committees

David has been a Director of Whitefield Limited since March 1990, and was appointed Chairman in 2003.  David has over 35 years experience as a Chartered Accountant and is a fellow of the Institute of Chartered Accountants.

Martin J. Fowler

Non-Executive Director, Member of Nomination and Remuneration Committees, Chairman Audit Committee

Martin has over 20 years experience in the field of financial analysis and personal investment advice. Martin is a Member of the Institute of Chartered Accountants and Fellow of the Financial Services Institute of Australasia. Martin holds a Bachelor of Business, a Graduate Diploma in Applied Finance & Investment and a Graduate Diploma in Financial Planning.  Martin is a Partner and Director of Pitcher Partners Sydney.

Lance Jenkins

Non-Executive Director, Member of Audit , Nomination and Remuneration Committees

Lance has over 20 years of financial markets experience. He has held senior roles with Goldman Sachs JBWere in New York, was CEO and Managing Director of Goldman Sachs JBWere New Zealand, and Head of Cash Equities at the Commonwealth Bank of Australia in Sydney. He is currently an Executive Director of Waterman Capital and is a director of Partners Life Limited and MFB Group Limited.

Mark A. Beardow

Non-Executive Director, Member of Audit , Nomination and Remuneration Committees

Mark has significant experience in investment management and financial markets, working with AMP from 1998-2017. He has also worked with JP Morgan, Credit Suisse, Morgan Stanley and UBS.  He was most recently Chief Investment Officer AMP Life, Chief Investment Officer and Director Global Equities and Fixed Income for AMP Capital.

Angus J. Gluskie

Chief Executive Officer, Member of Nomination Committee

(see details under Executive Personnel)

William R. Seddon

Executive Director, Member of Nomination Committee

(see details under Executive Personnel)


Founded in 1923, Whitefield has a long history and solid track record of delivering value to its shareholders.

Holders of Whitefield’s Ordinary Shares have received regular dividends and growth in the capital value of their investment over many decades. An investment of $10,000 in Whitefield in 1970 would have been worth $1,683,3171 at 31st March 2015 (after the payment and provision of all costs and company tax across that period).

Whitefield’s operating structure seeks to emphasise the qualities of prudential control and specialisation.

Whitefield's Board contains a majority of independent directors with a specific focus on prudential control and review fo the Company's operations.  The Company's Investment Team, Accounting Personnel and Office Administration Personnel operate as specialist units each with a depth of managerial and operational resources.

Whitefield's investments are managed by an experienced team.

Whitefield's investment team have an average of 22 years financial services experience per person, of which an average of 17 years has been spent working with Whitefield.  Our team members have diverse backgrounds and skills providing us with a robust depth of perspective.

Alignment of Interests.

Many of Whitefield's Board and Exectuive Personnel are also shareholders of Whitefield.  They have significant vested interest in ensuring that the Company operates successfully over both long and short terms.

Whitefield provides investors with an efficient structure.

Our operating structure and utilisation of technology assist us in providing a professionally managed portfolio at a relatively low cost.  Whitefield's operating expense ratio is approximately 0.37% of gross asssets.


Whitefield has two primary classes of shares on issue, being Ordinary Shares and Convertible Resettable Preference Shares.

Whitefield aims to pay ordinary dividends in each year which are approximately equal to its net operating profit after tax, excluding realised gains on investments. Dividends will be franked to the extent that franking credits are available at the time of payment of the dividend. Whitefield’s dividends have been fully franked since 1988, shortly after the introduction of the dividend imputation system.

Whitefield pays income tax at the company tax rate on its net taxable investment income (consisting of dividends, distributions and interest net of expenses), and is entitled to the benefit of franking credits on tax it pays or on franked dividends it receives. Whitefield may in turn pay franked dividends to its own shareholders, effectively passing on the benefit of those franking credits to investors.

Whitefield seeks to provide investors with a cost efficient investment vehicle. To the extent possible Whitefield aims to maintain underlying expenses of operation at approximately 0.35% pa or less of investment assets. This percentage is called the management expense ratio.

Corporate Governance Statement

Corporate Governance Statement (click here to view).

Board of Directors

The Board of Directors is responsible for the overall Corporate Governance of the company including strategic direction, establishing goals for management, monitoring the achievement of these goals and embedding a high level of ethical integrity throughout the company’s operations.

Details of the responsibilities and structure of the Board are included in the Board Charter (click here to view).

Audit Committee

Whitefield’s Audit Committee meets regularly to review and assess internal controls, financial reporting practices, risk management, the effectiveness of external audit and compliance with regulatory requirements. All members of the Committee must be non-executive directors.

Details of the responsibilities of the Audit Committee are included in the Audit Committee Charter (click here to view).

Risk Management

Whitefield operates in accordance with a formal risk management framework. Whitefield’s risk management framework seeks to identify and provide a level of control across all material risks faced by the Company. The Audit Committee plays a central role in the process of controlling and managing risk.

Details of the Company’s Risk Management Framework are included in the attached document (click here to view).

Remuneration Committee

Whitefield’s has a Remuneration Committee whose role is to review, assess and make recommendations as to the remuneration of Directors. The Committee seeks to ensure that remuneration is appropriate for the time commitment and responsibilities of the Board (click here to view).

Nomination Committee

Whitefield has a Nomination Committee which considers the size, composition, qualifications, experience and independence of the Board, and which is responsible for succession planning, candidate assessment and appointment (click here to view).

Continuous Disclosure & Shareholder Communications

The Board of Directors aims to ensure that the shareholders are informed of all major developments affecting the company's state of affairs.

Information is communicated to shareholders through:

  • Monthly Net Asset Backing Reports
  • Quarterly Reports
  • A Half-yearly Report
  • An Annual Report
  • Notices of Meetings
  • Other releases including Chairman’s Address to AGM


All reports and company releases are accessible on the ASX or via the ASX Releases menu on this website.
Shareholder’s may elect to receive correspondence via mail or email, and make make their communication preference by contacting the company’s Share Registry:

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Computershare Investor Services Pty Limited
Level 4, 60 Carrington Street
Sydney NSW 2000

Enquiries (within Australia) 1300 850 505
(outside Australia) +61 3 9415 4000
Facsimile +61 3 9473 2500

The Company has a  Disclosure Policy (click here to view)

Other Codes and Policies

Code of Conduct and Ethics Policy (click here to view).
Diversity Policy (click here to view).
Securities Dealing Policy (click here to view).