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Group Overview
Brickworks has a diversified corporate structure that has delivered stability of earnings over the long term. There are four divisions within the Brickworks Group structure: Building Products Australia, Building Products North America, Property, and Investments.
Group Overview
Corporate Structure
Divisions
Board of Directors
Group Executive Team
Top Shareholders
Corporate Governance
Group Overview
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Group Overview
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, engineered and stone pavers, precast concrete panels, concrete and terracotta roof tiles, and terracotta façades systems.

In late 2018, Brickworks announced it’s first US based acquisition of Glen-Gery, the fourth largest brick manufacturer in the USA. Since this time the North America business has continued to grow through further acquisitions and is now established as the leading brickmaker in the key North eastern region, with 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.
Corporate Structure
Brickworks has a diversified corporate structure that has delivered stability of earnings over the long term. There are four divisions within the Brickworks Group structure: 
  • Property
  • Building Products Australia
  • Building Products North America
  • Investments
groupoverview

Property

The Property division was originally established to maximise the value of land that is surplus to the Building Products business.

Over time, the Property division has evolved and now consists of two Joint Venture Property Trusts with Goodman Group, plus 100% owned land holdings, both operational and for development.

Brickworks holds a 50% interest in the Industrial JV Trust. This was established in 2005, for the specific purpose of capturing the initial valuation uplift from re-zoning and then benefitting from the long-term value appreciation and the stable, growing annuity-style income stream derived from the developed assets. This Trust has grown to become one of Australia’s leading industrial property portfolios and is exposed to long-term structural tailwinds associated with the transition to e-commerce and the digital economy. Through the long-standing (~20 years) relationship with Goodman Group, the Trust has developed a portfolio of prime A-grade facilities with blue-chip tenants such as Amazon, Woolworths, Coles, DHL, Telstra and Australia Post.

The Industrial JV Trust has total assets of $5.0 billion. After including debt, Brickworks 50% share of the Industrial JV Trust has an equity value of $1,804 million.

Brickworks also holds a 50.1% interest in the Brickworks Manufacturing Trust. This comprises a portfolio of 15 manufacturing plants, tenanted by the Group’s Australian Building Products businesses. The Brickworks Manufacturing Trust has total assets of $406 million and no debt. Brickworks 50.1% ownership had an equity value of $203 million as at 31 July 2024.

Along with its interest in the Industrial JV Trust and the Brickworks Manufacturing Trust, Brickworks retains around 5,000 hectares of 100%-owned operational and development land across Australia and North America. This includes a number of sites earmarked for future development.

Investments

Investments consists primarily of an interest of 25.66% in ASX-listed Washington H. Soul Pattinson & Company Limited (‘Soul Patts’) (ASX: SOL), which had a market capitalisation of $12.814 billion as at 31 July 2024. The market value of Brickworks stake in Soul Patts was $3.348 billion at this date

Soul Patts is a diversified investment house with a portfolio encompassing strategic investments in major listed companies, a large cap equity portfolio, private equity investments, interests in a wide range of emerging companies and a structured yield portfolio. The investment in Soul Patts dates back to 1968 and delivers a stable dividend stream that provides Brickworks with security to weather periods of weaker building products demand.

Investments also includes a 15.3% stake in FBR Limited (‘FBR’) (ASX: FBR). At the end of the year, the market value of Brickworks stake in FBR was $35 million.

Divisions
Building Products Australia

Building Products Australia is a leading manufacturer and distributor of building products across all Australian states. Since 2002, the Building Products Group has grown from a two-state brick manufacturer, in New South Wales and Queensland, to a diversified national building products business.

In total, Building Products Australia comprises 19 manufacturing sites (currently operating), and a vast network of company-owned design centres, studios and resellers across the country.

The portfolio includes key brands such as Austral Bricks (Australia’s largest clay brick manufacturer), Austral Masonry and Bristile Roofing.  The portfolio also includes a 33% interest in the Southern Cross Cement joint venture.

AUSTRALIA
EXCLUSIVE DISTRIBUTORSHIP
Building Products North America

Brickworks North America has a leading position in the Midwest, Northeast and Mid-Atlantic states, and has a strong focus on architectural and premium products.

It has eight currently operating brick manufacturing sites, complemented by company-operated distribution outlets, design studios (New York, Philadelphia and Baltimore) and an extensive reseller network.

North America
Board of Directors
Robert D. Millner AO Chairman
FAICD
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 brings to the Board broad corporate, investment, portfolio and asset management experience gained across diverse sectors including telecommunications, mining, manufacturing, health, finance, energy, industrial and property investment in Australia and overseas.

He is an accomplished company director with an extensive understanding of governance and compliance, reporting, media and investor relations. Mr Millner was awarded an Officer of the Order of Australia in June 2023 for "distinguished service to business, to rugby union as an administrator, and to the community through philanthropic contributions”.

He is a member of the Remuneration and Nomination Committee.

Mr Millner holds directorships in the following listed companies:

  • Aeris Resources Limited
  • Apex Healthcare Berhad
  • BKI Investment Company Limited
  • New Hope Corporation Limited
  • TPG Telecom Limited
  • Tuas Limited
  • Washington H Soul Pattinson & Company Limited


During the last three years, Mr Millner also held a listed company directorship in Milton Corporation Limited (delisted from ASX October 2021).
Malcolm P. Bundey Deputy Chairman
BBus (Accounting), GAICD
Mr Bundey is the non-executive Deputy Chair of the Board. He first joined the Board in October 2019 and was appointed Deputy Chair in June 2024.

Mr Bundey has valuable experience as a CEO and Managing Director with particular expertise in managing complex global manufacturing operations including as CEO of Pact Group, CEO of Evergreen Packaging, CEO of Graham Packaging and CEO of Closure Systems International.

These companies each operated multi-location and geographical plants across a wide range of regulatory jurisdictions including Australia, North America, Europe, Asia and South America.

Mr Bundey also has extensive financial experience having been a CFO at Goodman Fielder and a partner at Deloitte.

He has in depth knowledge of the health, safety and environment risks associated with manufacturing operations and expertise in mergers and acquisitions and asset management.

He is Chair of the Remuneration and Nomination Committee, a member of the Audit and Risk Committee and the Independent Board Committee.

Mr Bundey has no current listed company directorships and has held no other listed company directorships in the last three years.
Deborah R. Page AM Non-Executive Director
BEc; FCA; FAICD

Mrs Page was appointed to the Board in July 2014.

She has extensive financial expertise, having been a partner at Touche Ross/KPMG Peat Marwick, and a senior executive with the Lend Lease Group, Allen Allen and Hemsley and the Commonwealth Bank.

She has specific experience in corporate finance, accounting, audit, mergers & acquisitions, capital markets, insurance and joint venture arrangements.

Mrs Page also has extensive experience as a company director gained across ASX Listed, private, public sector and regulated entities including in the telecommunications, utilities, insurance, technology, renewables, funds management and infrastructure sectors.

As an experienced director and Audit and Risk Committee Chair her skills also include Board leadership, governance, risk management and compliance.

Mrs Page is the Lead Independent Director and Chair of the Independent Board Committee, Chair of the Audit and Risk Committee and a member of the Remuneration and Nomination Committee.

Mrs Page is a member of Chief Executive Women and was appointed as a member of the Takeovers Panel in March 2022.

Mrs Page holds directorships in the following listed companies:

  • Growthpoint Properties Australia Limited
  • Magellan Financial Group Limited
  • The Star Entertainment Group Limited

During the last three years, Mrs Page also held listed company directorships with Pendal Group Limited (resigned January 2023) and Service Stream Limited (retired April 2023).

Robyn N. Stubbs Non-Executive Director
BBus, M.Sc., GAICD

Ms Stubbs was appointed to the Board on 1 January 2020.

She has valuable operational experience in property leasing, sales and marketing, strategy and new product development having spent more than 25 years in senior sales and marketing roles in the media and property sectors.

Most recently Ms Stubbs was General Manager of Retail Leasing at Stockland and prior to this she held property management, sales and marketing roles at Lend Lease, Fairfax, Network Ten and Unilever.

Ms Stubbs’ skills also include mergers and acquisitions, capital markets, governance, risk management and compliance.

She is a member of the Remuneration and Nomination Committee, the Audit and Risk Committee and the Independent Board Committee.

Ms Stubbs is currently a director of HMC Funds Management Limited (as the responsible entity of the HomeCo Daily Needs REIT).

During the last three years, Ms Stubbs also held listed company directorships in:

  • Aventus Group (which merged with HomeCo Daily Needs REIT in March 2022)
  • Inghams Group Limited (resigned June 2023)
The Hon. Joel. A. Fitzgibbon Non-executive Director 
GradCertBA, GAICD

Mr Fitzgibbon was appointed to the Board in January 2023. 

He has extensive government experience having served in the House of Representatives from 1996 to 2022, representing the New South Wales seat of Hunter. He served as Minister for Defence in 2007–2009, Minister for Agriculture, Fisheries and Forestry in 2013 and was Chief Government Whip in the House of Representatives from 2010–2013.

Mr Fitzgibbon has considerable expertise in public policy, social and environmental issues.

He is a member of the Remuneration and Nomination Committee, the Audit and Risk Committee and the Independent Board Committee.

He serves on the Advisory Board of Serco Asia Pacific, and is retained by CMAX Advisory. Joel is also an Ambassador for the Australian Saudi Business Forum and the Commando Welfare Trust. He also Co-Chairs the AUKUS Forum, serves on the Board of the Crawford fund and is a Governor with the American Chamber of Commerce in Australia. He is also the sole director of Fitzgibbon Advisory Pty Ltd.

Mr Fitzgibbon has no current listed company directorships and has held no other listed company directorships in the last three years.

Todd J. Barlow  Non-executive Director
B.Bus, LLB(Hons)   
Mr Barlow was appointed to the Board on 14 June 2024. 
Mr Barlow has extensive experience in mergers and acquisitions, equity capital markets and investing. His career has spanned positions in law and investment banking in Sydney and Hong Kong.

Mr Barlow has been CEO and Managing Director of Washington H Soul Pattinson & Company Limited (Soul Patts) since 2015, having previously been the Managing Director of Pitt Capital Partners Limited for 5 years.  Todd has extensive listed company experience and has been responsible for numerous Soul Patt’s investments since joining the Soul Patts Group in 2004.

Todd has a Bachelor of Business and Bachelor of Laws (Honours) from the University of Technology, Sydney. 

He is a member of the Remuneration and Nomination Committee.

Mr Barlow holds a listed company directorships in Washington H Soul Pattinson & Company Limited.

During the last three years, Mr Barlow also held a listed company directorship with New Hope Corporation Limited (resigned 30 June 2024).
Group Executive Team
mark-ellenorb-2024
Mark Ellenor Chief Executive Officer
BBus
Mr Ellenor was appointed to the position of Chief Executive Officer in April 2024.

Mr Ellenor started with Austral Bricks in the graduate program in 1999, progressed through management, and was promoted to General Manager Eureka Tiles in 2006, General Manager Austral Bricks NSW in 2009, General Manager Austral Bricks Australia in 2017 and Group General Manager Austral Bricks and Bristle Roofing in 2018.

Mr Ellenor was President of our North American operations for five years where he led the successful expansion into North America and extensive plant consolidation program that followed. He assumed the role of General Manager Building Products in August 2022 overseeing all Building Products businesses in Australia and North America.

In August 2023, Mr Ellenor returned to Australia and was appointed Chief Operating Officer of the Brickworks Group with responsibility across the Building Products, Property and Development businesses.

Mr Ellenor has a Bachelor of Business from the University of Newcastle and has completed the Stanford Executive Program and Wharton Executive Education Program.
grant-douglas-2024
Grant Douglas Chief Financial Officer
Hons BCompt; CA; GAICD
Mr Douglas was appointed Chief Financial Officer in August 2022. He is a Chartered Accountant with extensive international experience in both professional services and senior finance leadership roles focused on listed Australian and international companies. Grant joined Brickworks in 2011 and worked across multiple senior finance roles in Australia and as Executive Vice President – Finance for Brickworks Building Products – North America from 2018 to 2022, where he was integral in the establishment and growth of the North American business. He is responsible for all IT and financial operations of the business including group accounting and taxation, treasury, banking and finance and investor relations.
SusanLeppinus
Susan Leppinus Company Secretary and General Counsel
B.Ec; Llb; Grad Dip App Fin
Ms Leppinus was appointed Company Secretary and General Counsel in April 2015. She is admitted to practice in NSW and has over 15 years’ experience as a company secretary and general counsel. She has worked closely with boards and senior management in ASX 200 companies, and has significant experience in mergers and acquisitions, contract negotiation, corporate governance, corporate and commercial law. She is responsible for the legal governance and company secretarial functions of the Group, including liaising with the ASX, ASIC and other regulatory bodies.
megan-kublins
Megan Kublins Executive General Manager – Property & Development
BSc, B Arch
Ms Kublins was appointed General Manager Property in November 2001 and became Executive General Manager Property in 2006. Ms Kublins has over 30 years’ experience in the property industry gained in public and private organisations in the capacity of both landowner and developer. She manages all of Brickworks property assets, including over 5,000 hectares of land. Her primary focus is to identify value creation opportunities within this portfolio. She is responsible for the growth and management of the Goodman/Brickworks JV, which was established and grown under her direction. She has completed the Stanford Executive Program.
DavidFitzharris
David Fitzharris Executive General Manager - Brickworks Australia (Building Products)
Brickworks Australia
Mr Fitzharris was employed by Brickworks in 1987 and for the past 37 years has held various senior executive positions. He was promoted from his position as East Coast General Manager Austral Bricks to the role of Group General Manager Brickworks Sales in 2003 and then Group General Manager Austral Bricks in February 2019, and more recently in 2024, promoted to Executive General Manager - Brickworks Australia. He is involved in the strategic direction of Building Products operations in Australia and has responsibility for all manufacturing, sales, customer service and import/export activities, and has actively developed key customer relationships across all business divisions. Mr Fitzharris also represents Brickworks in a number of industry associations and is currently on the Board of Think Brick Australia and CMMA.
Top Shareholders
The names of the substantial shareholders as disclosed in substantial shareholder notices received by the Company:

Substantial Shareholder

As of 31 August 2024

The names of the substantial shareholders as disclosed in the shareholder notices received by the Company:

Substantial Shareholder
Number of Shares
Washington H Soul Pattinson & Company Limited
65,645,140

Top 20 Shareholders

20 Largest Shareholders as disclosed on the Share Register as of 31 August 2024

Rank
Name
Numbers of shares
%
1
Washington H Soul Pattinson & Company Limited
65,645,140
43.03%
2
Citicorp Nominees Pty Limited
9,721,620
6.37%
3
HSBC Custody Nominees (Australia) Limited
9,470,354
6.21%
4
J P Morgan Nominees Australia Pty Limited
8,112,854
5.32%
5
J S Millner Holdings Pty Limited
3,018,836
1.98%
6
WILDESMEADOW PTY LTD
828,000
0.54%
7
National Nominees Limited
824,633
0.54%
8
BNP PARIBAS NOMS PTY LTD < DRP >
801,850
0.53%
9
T G Millner Holdings Pty Limited
698,509
0.46%
10
Argo Investments Limited
584,009
0.38%
11
Mutual Trust PTY LTD
496,999
0.33%
12
HSBC Custody Nominees (Australia) Limited – A/C 2
484,377
0.32%
13
BKI Investment Company Limited
436,209
0.29%
14
Netwealth Investments Limited < WRAP SERVICES A/C >
413,124
0.27%
15
HSBC Custody Nominees (Australia) Limited < NT-COMNWLTH Super Corp A/C >
413,124
0.27%
16
BNP PARIBAS NOMINEES PTY LTD < HUB24 CUSTODIAL SERV LTD >
380,013
0.25%
17
Mr Gregory James Stonier
374,686
0.25%
18
Mr James William Stonier
369,685
0.24%
19
Mrs Kathryn Elizabeth Hozack
360,886
0.24%
20
Millane Pty Limited
341,349
0.22%
Corporate Governance

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.

Business Ethics & Code of Conduct

Brickworks has a Code of Conduct under which all Directors, senior management and employees are expected to operate. This Code is centred on having Brickworks and its employees achieve the highest level of integrity in all its business dealings at all levels of the organisation.

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Anti-Bribery & Corruption

Brickworks is committed to conducting business in accordance with high ethical standards, integrity and accountability.

We have adopted a policy prohibiting bribery and corruption of public officials, making political donations, secret commissions, making or receiving facilitation payments and kickbacks.

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Whistleblower Program

Consistent with our commitment to act fairly, with honesty and integrity Brickworks has a Whistleblower Policy and has implemented Behonest@Brickworks an anonymous whistleblower service delivered by Deloittte.

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Modern Slavery

Brickworks is committed to respecting and supporting the dignity, well-being and human rights of employees and the supply chain, working collaboratively with our partners and suppliers to ensure business is conducted in an honest and ethical manner. This includes identifying and addressing modern slavery and human rights risks throughout our business and supply chain.

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Securities Trading

Brickworks has adopted a Securities Trading Policy to provide guidance to all Directors, senior management employees, and their connected persons, if they are contemplating buying or selling Brickworks securities.

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Continuous Disclosure

We are committed to keeping our shareholders informed about the Company’s activities.
We aim to provide relevant information to shareholders in a timely manner which is supported by our Continuous Disclosure Policy.

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Corporate Governance Statement
Appendix 4G 2024
Corporate Governance Statement 2024
Corporate Governance Statements (historical)
Constitution
Constitution
Board Charter
Board Charter
Committee Charter
Remuneration and Nomination Committee Charter
Audit and Risk Committee Charter
Sustainability Committee Charter
Board Policies
Anti-Bribery and Corruption Policy
Code of Conduct
Continuous Disclosure Policy
Continuous Disclosure Guidelines
Diversity Policy
Political Donation Policy
Securities Trading Policy
Whistleblower Policy
Modern Slavery
Modern Slavery Policy
Supplier Code of Conduct
Modern Slavery and Human Trafficking Statement 2024


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