Lendlease Annual Report 2021

Previous Board Members during the reporting period Global Chief Executive Officer General Counsel and Company Secretary qualifications and experience Karen Pedersen Ms Pedersen was appointed Group General Counsel in January 2013. Prior to this she was General Counsel and Company Secretary for other large property and construction companies. Ms Pedersen has a Masters of Law from the University of Technology, Sydney and a Bachelor of Commerce/Bachelor of Laws from the University of New South Wales. Wendy Lee Ms Lee joined Lendlease in September 2009 and was appointed Company Secretary in January 2010. Prior to her appointment, Ms Lee was a Company Secretary for several subsidiaries of a large financial institution listed on the Australian Securities Exchange. She has over 15 years of company secretarial experience. Ms Lee has a Bachelor of Arts and a Bachelor of Laws from the University of Sydney, a Graduate Diploma in Applied Corporate Governance, and is a Fellow of the Governance Institute Australia. Stephen B McCann (Retired 31 May 2021) Mr McCann, the former Group Chief Executive Officer and Managing Director joined the Board in March 2009 and retired in May 2021. Tony Lombardo Tony Lombardo was appointed Global Chief Executive Officer of the Group, effective 1 June 2021. Tony Lombardo has more than 25 years’ experience working across real estate development, investment management, finance, mergers and acquisitions (M&A) and strategy in Australia and internationally. Tony joined Lendlease in 2007 as Group Head of Strategy and M&A where he led a number of initiatives including refocusing the Group's overall business strategy. In 2011, he was appointed Group Chief Financial Officer and played a key role in enhancing the flexibility of the Group’s capital structure via a stapled structure as well as significantly broadening its funding and banking relationships. He also implemented a range of people focused initiatives including creation of the Young Indigenous Pathways program, which provides mentoring opportunities for young Indigenous students. In 2016, Tony was appointed Chief Executive Officer Asia based in Singapore. As part of resetting Lendlease Asia’s growth strategy, Tony spearheaded a number of major initiatives to drive future growth. Recent successes include the completion of Singapore’s S$3.7 billion Paya Lebar Quarter mixed use development, establishment of a US$1 billion data centres joint venture with a large institutional investor and the successful listing of S$1 billion global LREIT on the Singapore Exchange. Prior to joining Lendlease, Tony spent almost 10 years at GE with responsibilities across a number of functional disciplines including strategy, M&A and finance for both GE Capital and GE Corporate. Tony commenced his career at KPMG where he worked for more than four years. Tony holds a degree in Accounting and Finance from RMIT University and is a member of the Institute of Chartered Accountants in Australia. Colin B Carter, AM (Retired 20 November 2020) Mr Carter joined the Board in April 2012 and retired in November 2020. Baroness Margaret A Ford, OBE (Retired 18 August 2020) Baroness Ford joined the Board in March 2020 and retired in August 2020. Lendlease previously announced on 17 August 2020 that the disruption caused by COVID was the major contributor driving Baroness Ford's decision to retire. Baroness Ford continues to assist the Lendlease Board in respect of the Group's European operations as an independent advisor. Baroness Ford has flagged a willingness to rejoin the Board once COVID related restrictions have significantly subsided, if this remains appropriate. Board skills and experience The Directors have a mix of local and international experience and expertise, as well as specialised skills to assist with decision making to effectively govern and direct the organisation for the benefit of securityholders. The table below sets out the skills and experience considered by the Board to be important for its Directors to have collectively. These skill areas are reviewed regularly to assess their alignment with and support of the Group’s strategic direction. The skills matrix assists the Board with succession planning and professional development initiatives for Directors. In determining the skills matrix, each Director undertakes a self assessment of their skills and expertise. Skills/Experience Comments Total Governance A commitment to and experience in setting exceptional corporate governance policies, practices and standards. 7 Industry Experience Possessing industry knowledge, exposure and experience gained in one or more of the core Lendlease operating segments of Development, Construction and Investments. This includes acting in advisory roles for these industries. 5 International Operations Exposure to international regions either through experience gained directly in the region or through the management of regional clients and other stakeholder relationships. 5 Health and Safety Experience in programs implementing safety, mental health and physical wellbeing on site and within the business. Monitoring the proactive management of workplace health and safety practices. 7 Sustainability The ability to identify economically, socially and environmentally sustainable developments. Ability to set and monitor sustainability aspirations. 6 Strategy Developing, setting and executing strategic direction. Experience in driving growth and executing against a clear strategy. 7 Risk Management Experience in anticipating and evaluating risks that could impact business. Recognising and managing these risks by developing sound risk governance policies and frameworks. 7 Legal Experience in identifying and resolving legal and regulatory issues and having the ability to assist the Board on these matters. 2 People and Culture Experience in building workforce capability, setting a remuneration framework which attracts and retains a high calibre of executives, promoting workplace culture, diversity and inclusion. 7 Executive Leadership Skills gained while performing at a senior executive level for a considerable length of time including delivering superior results, dealing with complex business models, projects, and issues and change management. 7 Financial Acumen Understanding of the financial drivers of a business. Experience in financial reporting and corporate financial management. 7 Technology Strong technology background including online communications, IT workplace knowledge, security and data analysis skills. 5 5 of 7 Board members have experience in one or more of the core segments Industry experience The Board views ‘industry experience’ as skills or experience gained in one or more of the core Lendlease operating segments of Development, Construction and/or Investments. 100% Have Directors’ experience in governance and financial acumen 40% Current female Directors as at June 2020 Gender diversity The target of 30 per cent female Board members aims to improve gender diversity and focus its attention on achieving this objective. This target has been exceeded. 43% Current female Directors as at June 2021 Directors’ average tenure The Board considers it has an appropriate mix of new, mid and longer tenured Directors. At June 2021, the average term of the Board is 6 years. 1 3 1 2 1-3 years 3-6 years 6-9 years 9+ years 77 A sense of place 76 Lendlease Annual Report 2021 Governance