About us
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Rural Funds Management (RFM) is a specialist agricultural fund manager established in 1997.
RFM’s culture is built on the principle of ‘managing good assets with good people’.
Fast facts
• established 1997
• $2.5b assets under management
• 240+ staff
• 12+ years average tenure of management team
• experience in 6+ agriculture sectors
• 741,000+ ha farmland portfolio
• 172 GL water entitlements
• assets located in 5 states
Experience
RFM has a depth of experience accumulated over 28 years acquiring, developing and operating Australian farmland, agricultural infrastructure and other assets. Sector experience includes almonds, poultry, macadamias, cattle, cropping, viticulture and water.
People
RFM employs over 240 staff and seeks to maximise returns through its experienced management team including specialist fund managers, finance professionals, horticulturists, agronomists and other agricultural professionals.
Investment approach
RFM uses science-based and precision agricultural management practices. Developments seek to achieve low-cost of production assets through productivity improvements or conversion for higher-and-better use. RFM focuses on agricultural commodities where Australia has a comparative advantage.
Investments
RFM manages $2.5b of agricultural assets on behalf of retail and institutional investors. The largest investment is the ASX-listed Rural Funds Group (ASX: RFF), Australia’s first agricultural REIT, which was listed in 2014.
Locations
Operating from a head office in Canberra, RFM has additional offices in Sydney and regional Queensland. Assets are located throughout New South Wales, Queensland, South Australia, Western Australia and Victoria.
Rural Funds Management Limited (RFM) is the Responsible Entity for a number of Funds and has established and oversees the corporate governance of these Funds.
RFM holds an Australian Financial Services Licence authorising it to operate the Funds and has a duty to act in the best interest of Unitholders of the Funds. Each Fund has a compliance plan that has been lodged with ASIC. A copy of the compliance plan can be obtained from ASIC or by contacting RFM.
The RFM Board takes its corporate governance responsibilities seriously. The Board is comprised of five directors and has a mix of the experience and skills necessary to oversee RFM’s corporate governance requirements. This ensures RFM operates with integrity, is accountable and acts in a professional and ethical manner.
The collective ability of the RFM Board facilitates effective decision-making to lead a viable, profitable and efficient business.
The Corporate Governance Statement was included in the Annual Report prior to FY21. To view previous reports see the publications section for RFF.
Corporate governance related policies
2024 Modern Slavery Act Statement
Complaints Handling Policy
RFF Distribution Reinvestment Plan
RFM Financial Services Guide
Diversity Equity and Inclusion Policy
Conflict of Interest Management Policy
Continuous Disclosure Policy
Securities Trading Policy
Corporate Governance Charter
Risk Management Policy
RFF Corporate Governance Statement FY24
Sustainability Policy
Privacy Policy
Whistleblower Policy
Anti-Bribery and Corruption Policy
The RFM Board provides collective expertise in funds management, financial planning and agribusiness. The Board comprises five members, four of whom are independent.
David established RFM in 1997 and leads the RFM team. David focuses on strategic planning, maintaining key commercial relationships and sourcing new business opportunities.
Guy Paynter is a former director of broking firm JB Were. Guy brings to RFM more than 30 years of experience in corporate finance. Guy is a former member of the Australian Securities Exchange (ASX) and a former associate of the Securities Institute of Australia (now known as the Financial Services Institute of Australasia). Guy’s agricultural interests include cattle breeding in the Upper Hunter region in New South Wales. Guy holds a Bachelor of Laws from The University of Melbourne. Guy is a member of the RFM Remuneration Committee.
Michael Carroll serves in a board and advisory capacity for a range of agribusiness entities. Michael is Chairman of Viridis Ag Pty Ltd a Director of Paraway Pastoral Company Ltd and Incitec Pivot Limited. Former board positions include Australian Rural Leadership Foundation, Genetics Australia, Regional Investment Corporation, RFM Poultry, Select Harvests Ltd, Elders Ltd, Sunny Queen Australia Pty Ltd, Tassal Group Ltd, the Australian Farm Institute, Warrnambool Cheese and Butter Factory Company Holdings Ltd, Queensland Sugar Ltd, Rural Finance Corporation of Victoria, Meat and Livestock Australia and the Geoffrey Gardiner Dairy Foundation. Michael’s executive experience includes establishing and leading the National Australia Bank’s Agribusiness division and as a Senior Adviser in NAB’s internal investment banking and corporate advisory team. Prior to that Michael worked for Monsanto Agricultural Products and a biotechnology venture capital company. Michael holds a Bachelor of Agricultural Science from La Trobe University and a Master of Business Administration (MBA) from The University of Melbourne’s Melbourne Business School. Michael has completed the Advanced Management Program at Harvard Business School, Boston, and is a Fellow of the Australian Institute of Company Directors. Michael is the Chair of the Audit Committee and the Remuneration Committee.
Julian Widdup brings over 25 years’ experience in the financial services industry to the RFM board. Julian is currently a director of Equipsuper, Australian Catholic University and Catholic Schools NSW. Julian’s prior experience includes executive roles in investment management, asset consulting, and with the Australian Government. Julian holds a Bachelor of Economics and a Master of Business Administration from the Australian National University. He has completed the Senior Executive Leadership Program at Harvard Business School and is a Fellow of the Institute of Actuaries of Australia and a Fellow of the Australian Institute of Company Directors. Julian is a member of the RFM Audit Committee and RFM Remuneration Committee.
Andrea Lemmon was employed by Rural Funds Management Limited (RFM) from its inception in 1997 until her retirement in October 2018. During her tenure with RFM, Andrea held a variety of executive roles and was responsible for overseeing RFM’s investment into the macadamia industry. From August 2020 until November 2022, Andrea was Chair of Marquis Macadamias Ltd, Australia’s largest macadamia processor and a non-executive Director of Marquis Marketing, the company responsible for marketing around 25% of the global macadamia crop. Andrea’s extensive experience includes previously serving as a non-executive director of Perth Markets Ltd and Market City Operator. Andrea holds a Diploma in Financial Planning from Deakin University. Andrea is a member of the RFM Audit Committee and the RFM Remuneration Committee.
The RFM management team comprises a diverse range of individuals who contribute to both the corporate and operational management of RFM and its investment funds. The average tenure of the RFM management team is over 12 years.
Leadership team
David established RFM in 1997 and leads the RFM team. David focuses on strategic planning, maintaining key commercial relationships and sourcing new business opportunities.
Tim joined RFM in 2008 and is responsible for day-to-day management of all RFM businesses, analysis and execution of acquisitions, negotiation of leases with third party counterparts, and key stakeholder relationships.
Emma joined RFM in 2008 and is responsible for corporate actions, transaction documentation, legal, compliance, governance, and risk functions. Emma is RFM’s Company Secretary.
Daniel joined RFM in 2012 and manages the Finance and Accounting team based across RFM’s Canberra and Sydney offices. Daniel oversees the financial performance, taxation, banking, and insurance requirements of both RFM and the funds it manages.
Dan joined RFM in 2005. Dan is responsible for fund and asset development projects, managing leases with RFF’s counterparts, the development of new and existing assets, financial analysis, operational support, and day-to-day funds management.
James joined RFM in 2008 and is responsible for investor relations, corporate affairs, sustainability, and equity raising. James is also involved in strategy development and corporate transactions.
Kris joined RFM in 2006 and is responsible for strategic and operational people, safety, and information and communication technology functions.
Scott joined RFM in 2010 and is responsible for investment analysis, business management, and operational support for Rural Funds Group, cropping and horticulture. Scott is responsible for analysis, negotiation, and diligence for new transactions.
Operations and technical management team
Matt joined RFM in 2003 and is responsible for the leadership and day-to-day management of RFM’s cropping businesses. Matt’s role includes on-farm management, the provision of agronomic advice, cotton and grain growing, and water delivery infrastructure management.
Scott joined RFM in 2017 and is responsible for the leadership and day-to-day management of RFM’s macadamia business. Scott’s role includes leading the development of new macadamia orchards.
Daryl joined RFM in 2005 and is responsible to provide horticultural and technical analysis, advice, and support for RFM's almond properties and macadamia research programs. He also provides horticultural and technical support to the macadamia developments.
Todd joined RFM in 2023 and is responsible for providing agronomic and technical analysis, irrigation management, advice, and support for RFM's cotton and other cropping programs.
Dan joined RFM in 2020 and is responsible for providing horticultural and technical analysis for RFM’s macadamia research programs and support to the macadamia developments.
Alistair Corr joined RFM in 2022 and is the Livestock Manager – Queensland overseeing the day-to-day operations across RFM’s central Queensland livestock properties. He also provides husbandry support for properties in central New South Wales and the Gulf of Carpentaria and support for mergers, acquisitions and sales.
Corporate management team
David joined RFM in 2007 and is responsible for the operational and asset management of existing cattle and cropping assets. David also manages the banking, insurance, and asset valuation functions.
Mengyi joined RFM in 2012 and is responsible for the financial oversight of RFM and its subsidiaries, including taxation and the financial aspects of RFM’s Australian Financial Services Licence.
Sandra joined RFM in 2015 and is responsible for the day-to-day management of the compliance and risk framework, including chairing RFM’s Internal Compliance Committee.
Luke joined RFM in 2016 and is responsible for the day-to-day management of RFM's work health and safety system. He provides policy support, advice and technical support to operational management, while also promoting safety excellence.
Peter joined RFM in 2017 and is responsible for the financial management of the Rural Funds Group, including all aspects of statutory, management and taxation reporting.
Sam joined RFM in 2017 and is responsible for agricultural and financial due diligence of acquisitions and new ventures. Sam provides analytical and operational support to RFM’s livestock operations.
Tracey joined RFM in 2019 and is responsible for providing human resources services to support the business. She is actively engaged across all operations to manage employee performance, building capability within the existing and future workforce using effective performance management and learning and development processes.
Craig joined RFM in 2019 and is responsible for producing internal and external communications and publications, including financial results presentations, investor updates and newsletters.
Bryce joined RFM in 2022 and leads the Asset Development team to design and deliver property development projects and improve RFF’s assets. He is responsible for researching and designing projects and provides specialist knowledge and skills during construction.
