TTF Australia Ambassadors

Ian Fryer,

Head of Research,

Chant West, 


Ian is an actuary and has been heavily involved in Australia’s superannuation and pension industry for over 20 years in a range of actuarial, administration, consulting and research roles.  


For the last 12 years he has been Head of Research at Chant West, a leading superannuation consultancy and research firm established in 1997. Chant West's research on superannuation and pension funds is highly regarded for its accuracy, insightfulness and integrity, and it is widely used by financial advisers and by the funds themselves. 


The research feeds into a suite of user-friendly tools that make it easy for funds, advisers and individual consumers to analyse and compare products on a fair, 'apples with apples' basis.


Ian is is responsible for managing a team that provides product research used by a large number of superannuation funds, financial advisers and consumers to compare superannuation and pension products.  


A key area of concern for Chant West is to ensure that products are compared on a like-for-like basis, which is a challenge given inconsistent disclosure by funds in Australia.  Ian and Chant West have long advocated for improved disclosure of fees, insurance and investment performance in the Australian environment.

Dr David Knox BA PhD FIAA,

Senior Partner, 



David is a Senior Partner at Mercer and Senior Actuary for the Pacific region.  He is the National Leader for Research and Policy in Australia and the actuary to the Tasmanian and Western Australian public sector superannuation plans.


He was the industry expert of the three person team who conducted a review of Military Superannuation for the Australian Government and is the lead author of the Melbourne Mercer Global Pension Index.


Before joining Mercer, David was at PricewaterhouseCoopers and prior to that was the Foundation Professor of Actuarial Studies at The University of Melbourne. In his two decades in academia, he acted as a consultant to a range of financial organisations, in both the private and public sectors, specialising in the superannuation and retirement incomes area. He has spoken and written widely in this area and has served on many Government and industry committees. 


David was an independent Board member of Australian Prudential Regulation Authority for five years and President of the Institute of Actuaries of Australia in 2000. 

Dr. Nicholas Morris,

Adjunct Professor,

University of New South Wales,



Dr. Morris is an Adjunct Professor of the law faculties of UNSW, Sydney, and Latrobe, Melbourne; a visiting fellow at the Martin School, Oxford; and a guest professor at the China Executive Leadership Academy, Pudong, China.


He has been Deputy Director of the UK Institute for Fiscal Studies; Chief Executive and Chairman of various economic consultancies including London Economics; a visiting fellow at Balliol and St Anthony’s Colleges in Oxford, and at Melbourne University; and has led numerous projects in developing countries.


Dr. Morris is the co-editor of ‘Capital Failure: Rebuilding Trust in Financial Services’, published by OUP in 2014, and author of ‘Management and Regulation of Pension Schemes: Australia, A Cautionary Tale’, published by Routledge in 2018.

Gordon Noble,

Head of Policy and Advocacy,

Australian Sustainable Finance Initiative


Gordon Noble is Head of Policy and Advocacy at the Australian Sustainable Finance Initiative and an Associate at The Blended Capital Group.


Gordon was one of the first employees of the United Nations backed Principles for Responsible Investment. Collaborating with a group of responsible investors Gordon was responsible for founding the Responsible Investment Academy, a global online training platform that educates investors on incorporating environmental, social and governance issues into investment processes which is now the PRI Academy.


He represented the superannuation industry on the ASX Corporate Governance Council and worked with the Australian Council of Superannuation Investors to develop a framework to benchmark the sustainability reporting of Australian listed companies. As director of government relations and strategy with the Association of Superannuation Funds of Australia he worked on a broad range of superannuation policy issues.


Over a 25 year career Gordon has worked in investment management, banking, industrial relations, and as a political adviser and trade union official.

John Hewson,


Crawford School of Public Policy



My career can be divided into five parts, sometimes overlapping

  -economist and academic



  -charitable, not for profit and community activities

  -media, as a columnist and commentator



Research Assistant to Professor Carl Christ The Johns Hopkins University USA

Teaching Fellow at various universities in Canada and USA

Professor of Economics, University of New South Wales (appointed ’76 -11 years) and Head, School of Economics (4 years)

Professor of Management and Dean, Macquarie Graduate School of Management (21/2 years, hired as a change agent to rank MGSM as No 1 in Australia, NZ and Asia)

Professorial Fellow, Crawford School, Australian National University (Current)

Professor and Chair, Tax and Transfer Policy Institute, Crawford School, ANU (Current)

Adjunct Professor UTS Business School (Current)

Adjunct BCEC Professorial Fellow Curtin University (Current)

Professorial Fellow, Thinker-in-Residence, and Member Advisory Board, Institute of Applied Ecology, University of Canberra (Current)

Adjunct Professor, Griffith University, Centre for Sustainable Enterprise (Current)

Advisor, UNSW Grand Challenge on Inequality (Current)

Member, External Advisory Committee, School of Business, WSU (Current)

Director, The Sir Roland Wilson Foundation, ANU (Current)

Visiting Professor, Keio University, Japan, and Institute of South East Asian Studies, Singapore (several occasions)

Director, Japanese Economic Management Studies Centre, UNSW

Research Associate and Member of the Management Committee, Centre for Applied Economic Research, UNSW

Member, Advisory Board, Industrial Relations Research Centre, UNSW

Member, Advisory Board, NSW Institute of Languages, UNSW

President, The Economic Society of Australia (NSW Branch)

Founder, Macquarie Economics, Macquarie Bank Limited

 Economist, Australian Treasury (Bureau of Census and Statistics)

Consultant, then Economist, International Monetary Fund

Visiting Economist, Reserve Bank of Australia, subsequently Deputy Manager, Banking and Finance Department

Economist with UNESCAP, Bangkok; Monetary Authority of Singapore, Singapore; and Consultant, ADB, Manila.

Spoken and lectured widely at academic, economic and business conferences as an economist, worldwide over the last 40 years



Before entering politics (approx 5 years)

Business Consultant and Strategist with major clients Hill Samuel Australia, Australian Bank, Sumitomo Bank (Australian Advisor, 2 years), OCBC Singapore, Midland Bank, Bank of America, Baring Securities Australia, F.W.Holst, Australian Merchant Bankers Association

Founder and Founding Executive Director/Member of the Executive Committee, Macquarie Bank Limited

Trustee, IBM Superannuation Fund

Owner Simpsons, one of Sydney’s leading restaurants

Post politics (since 1995)- only major appointments

Chairman, ABN AMRO Australia, and Member Advisory Board (11 years)

Director, Moran Healthcare Group, Chairman, Pulse Health, Chairman, People First Retirement Living

Director, GRD and Minproc Engineers

Chairman, Belle Property

Deputy Chairman, The Television Shopping Network

Director, IT&T Services

Chairman, Strategic Capital Management

Chairman, Australian Bus Manufacturing Company, and Deputy Chairman, The Qingdao Pacific Coach Company

Director, E.G.Funds Management- current

Chairman, Global Renewables Limited

Chairman, EnergyMad

Chairman, Natural Fuels Limited

Chairman, GlobalDC Limited

Chairman, Elderslie Finance Limited

Chairman, Touring Car Entrants Group of Australia, and Director, V8 Supercars Australia

Chairman, GSA (General Security Australia)- (Current)

Chairman, Signature Gold Limited- (Current)

Chairman, Equiti Capital Limited

Chairman, Shartru Capital Limited

Chairman, Shartru Wealth Management

Chairman, RESI Financial Services, a JV between Shartru Wealth and RESI Home Loans

Chairman, Larus Energy, Australia and PNG

Director, North Queensland Bio-Energy Corporation (Current)

Executive Director, Core Fuel Limited

Executive Director, Core Graphite Limited

Chairman, Momentum Wealth Limited

Chairman, Momentum Developments Limited

Chairman, Momentum Energy and Resources Limited

Advisor, Tsing Agri-Tech Fund

Chairman, Northern Metropolitan Cemeteries Trust for NSW Government (Current)

Chairman, The John Hewson Group- investment banking, start-ups, turnarounds, property- (Current)

Australian Advisor, Infosys Limited

Advisor, WSN Environmental Solutions

Chairman. Port Augusta Graphite Energy P/L (Current)

Director, Solastor P/L (Current)

Director, CDPWaste2Energy P/L

Director, Crescent Wealth and Crescent Super

POLITICAL CAREER (2 stages, 1976-1983 as a staffer, and1987-Member of Parliament)

Chief of Staff/Senior Advisor to two Federal Treasurers, Sir Philip Lynch and John Howard, and to the Prime Minister, Malcolm Fraser- 7+ years

Member for Wentworth in the Federal Parliament-8 years

Shadow Minister for Finance

Shadow Treasurer

Leader of the Liberal Party, Leader of the Federal Coalition, and Leader of the Opposition- 4 years

Shadow Minister for the Arts

Shadow Minister for Industry, Commerce, Infrastructure and Customs

Official Guest, British Government

Led many delegations internationally, meeting many of the world’s leaders, most notably, I was one of first western leaders to visit Beijing, post Tiananmen Square, meeting with Jiang Zemin and Li Peng, and other senior ministers; met meet with two US Presidents; and led the first Trade Mission of business and political leaders from Australia to Taiwan.



Major charities

Launched and Led, The National Breast Cancer Campaign

President, Arthritis Australia, leading it to become A National Health Priority

Chairman, and Founder, Osteoporosis Australia since 2000

Chairman, KidsXpress since 2005

Chairman, Advisory Board, Cambodian Children’s Fund

Patron of a host of other charities etc

Other major activities, in no particular order

Government- Consultant, Australian Financial System Inquiry (Campbell Committee)

                        -Member, Fraser Government Task Force on Final Report of The Australian Financial System Inquiry, to assess and advise on the implementation of the Report

                       -Member and Consultant, NSW Government’s Whitlam Committee on Offshore Banking

                       -Adviser to Tasmanian Government on banking, finance and related matters

                       -Tasmanian Representative on Treasurer Keating’s Officials Committee on Offshore Banking

                        -Member, Kyoto Protocol Ratification Advisory Group (formed by NSW, Victorian and South Australian Governments, 02/03)

Sporting -Member, Bid Team for Melbourne and Sydney Olympic bids

                  -Olympic Attache- Netherlands Olympic Team Sydney 2000 Games

                  - Chairman, Sydney United Soccer Club

                  -Chairman, Investment Advisory Committee, Australian Olympic Foundation (current)

                  -Patron, Australian Corporate Games

Other- Chairman, National Business Leaders’ Forum on Sustainable Development (6 years)-currently on Steering Committee

            -Director, The Asia-Australia Institute, UNSW

            -Member, Australian Davos Connection Foundation Council

            -Member, National Advisory Board of Association Internationale des Etudiants en Sciences Economiques et Commerciales (AIESEC)

            -Member, External Advisory Group, Group Training Australia (current)

            -Hon. Trustee, Committee of Economic Development of Australia (CEDA)(current)

            -Member, Advisory Group, Australia Worldwide, Solutions for a Sustainable Future (current)

            -Member and Signatory, The Australian Multicultural Foundation (current)

            -Chairman, Positive Ageing Foundation

            -Chairman, The Leadership Foundation

            -Chairman, Foundation for the New England Regional Art Museum

            -Chairman, RepuTex Advisory Committee

            -Chairman, Carbon Economy Task Force 2009

            -Patron, Australians For Just Refugee Programs (Current)

            -Director, The Southern Highlands Foundation

            -Director, Australian Indigenous Chamber of Commerce 

International- Member, Asia-Pacific Business Forum

                          -Member, Eminent Persons Group on Current and Prospective Economic and Social Performance in the UNESCAP Region

                          -Member, UNESCAP Expert Group on Development Issues and Policies: Infrastructure Development

                       -The Special Advisor to the Under Secretary of the United Nations and the Executive Secretary on Infrastructure Financing, UNESCAP

                        -Member, The Trilateral Commission (current)

WWF Earth Hour Ambassador 2013

Chairman, Asset Owners Disclosure Project

Member, Experts Panel Low Carbon Economy, prepared for Weatherill Government, South Australia

Chairman, Northern Metropolitan Cemeteries Trust Board for NSW Government (Current)

Member, National Standing Committee on Energy and the Environment (Current)

Patron, Australian Solar Council (Current)

Chair, Business Council for Sustainable Development Australia (Current)

Chair, BioEnergy Australia (Current)

Member, SteerCo, Australian Sustainable Finance Roadmap



I have written columns, given hundreds of speeches/lectures at conferences around the world, and appeared regularly as a radio and television commentator for nearly 35years.

Major media activities:

Economics Consultant and Author, The Economist Column, Business Review Weekly, 1983-87

Editorial Advisor, Member Advisory Board and Columnist Triple A magazine

Australian Correspondent for International Reports (a Financial Times subsidiary based in New York)

Regular Columnist Australian Financial Review (more than 15 years)

Weekly Columnist Southern Highlands News (Current)

Columnist Fairfax Media – SMH, Age, Canberra Times, and on line (Current)

Weekly Columnist Fairfax Regional Media (Syndicated) (Current)

Weekly Commentator and Contributor Sky News including Switzer (Current)

Regular commentator widely, radio/ TV/ newspapers

A host of invited columns in Australian and overseas publications

Member Gruen Nation ABC program 2010 Federal Election- the highest rating ABC program of the year, and again in 2013


By invitation or award

- Fellow, Academy of the Social Sciences of Australia (FASSA)

- Fellow, Australian Institute of Company Directors (FAICD)

- Fellow, Finance and Treasury Association (FFTP(Hon))

- Affiliate, The Securities Institute of Australia (ASIA)

- Fellow, The Hong Kong Management Association

- Member in the Order of Australia- For service to business and economics, to the Australian Parliament and politics, and to the community.

- Centenary Medal7

- Woodrow Wilson Fellow

- Lifetime Achievement Award University of Regina, November 2009

- Order of Merit, Australian Olympic Committee May 2010



Numerous publications in refereed journals, book chapters, etc.

Liquidity Creation and Distribution in the Eurocurrency Markets D. C Heath Lexington Books, 1975

The Eurocurrency Markets and Their Implications- A New View of International Financial Markets and their Implications for Monetary Reform (with Sakakibara) D.C.  Heath Lexington Books, 1975

Offshore Banking in Australia (Campbell Committee) 1981

Australians Speak 1991

Fightback 1992

Presently finishing two books - ‘ Public Policy Book’ and another as a Collection of major public policy columns and speeches etc

Dr Shann Turnbull,


International Institute of



Dr Shann Turnbull is the Principal of the International Institute of Self-governance based in Sydney, Australia. His bibliography is posted


Shann Turnbull obtained an MBA from Harvard in 1963 and published The Management of Capital in 1965 to promote modern financial analysis in Australia. He became a part time teacher at Australia’s first business schools while being a serial entrepreneur founding many enterprises with three becoming traded on the Australian stock exchange. From 1967 to 1974 he was in charge of research for a private equity group that acquired and re-organized a eight publicly traded companies. In this role and as a company promoter he gained experience as a controlling shareholder, company director, chairman and/or CEO of public companies. In 1970 he also became a founding joint CEO/owner of a public mutual fund management company.

In 1971 he advocated education for company directors and in1973 his first academic paper “Time Limited Corporations” was published in ABACUS: A journal of accounting, finance and business studies.

Shann pioneered research and teaching of corporate governance before this term came into vogue as a co-author in 1975 of the first course in the world to provide an educational qualification for company directors. In 1975 he also published his first book on Democratising the Wealth of Nations. The novel ideas in his book led to consulting assignments for multi-national corporations, United Nations, World Bank, and governments, including in 1991 the Peoples Republic of China and Czechoslovakia. Shann has been a prolific writer on reforming the theories and practices of capitalism based on biomimicry.

In 2001 he obtained a PhD from Macquarie University with a thesis that showed how the science of control and communication in the animal and the machine described as cybernetics could be extended to organizations to create a science of governance using bytes as the unit of analysis. His thesis built upon his education as an electrical engineer in Tasmania in 1957 and a BSc from the University of Melbourne in 1960. His PhD thesis, many journal articles, book chapters and books are posted at Two articles were selected for re-publishing in 2000 with the seminal contributions of 24 leading scholars in the Corporate Governance volume of The History of Management Thought.

Shann applied the methodology developed in his dissertation to evaluate and rate the governance integrity of the largest 100 organizations in Australia by turnover for three years from 2001. From 2001 to 2006 he was the Australian Advisor to the London based Hermes Focus Asset Management. In 2002 he was commissioned by the London based New Economics Foundation to write a public policy booklet on A New Way to Govern: Organizations and society after Enron. Based on his PhD research he designed a MBA course that he taught during 2003/4 at Macquarie University on evaluating and designing the governance architecture of organizations in the government, non-profit and private sectors. He taught risk analysis to graduate students at the University of NSW in 2007 and at Sydney University in 2008. In 2011 Shann founded the Green Money Working Group in the UK to provide liquidity for Small and Medium sized enterprises in the event of another financial crisis. Group members represent 25% of the UK population as described at

Josef Pilger,

Global Pension and Retirement Leader,

Ernst & Young


Josef leads EYs Global Pension and Retirement business working across EY’s Financial Services and Government and Public Sector

He has an accomplished record of designing and delivering exceptional stakeholder and commercial outcomes in complex, political and uncertain environments. Josef is skilled in engaging, connecting and galvanizing diverse stakeholders on board, senior executive andoperational levels behind evolutionary or transformational strategies and initiatives. His has an adaptive leadership style working across 30 countries with leading private and public sector clients as well as governments and regulators.


Josef brings 25+ years of expertise and insights across wealth and asset management, retirement, life insurance and retail banking across 4 continents in industry and advisory roles. He is skilled in board, strategy, risk and governance, distribution, investments, administration and digital from working with leading financial services organisations locally and globally. As a leader he enjoys seeing colleagues grow and evolve personally
and professionally.

As previous COO Retirement of a pension fund master trust, pension trustee director and working with boards in several countries Josef learned the importance of purpose, good governance, a members’ best interest culture as well as rigorous risk and conflict management and fit for purpose oversight to deliver predictable outcomes. Trust and confidence are key. And conflicts of interest are omnipresent. He thrives navigating transformational change from running a business strategy consultancy and leading market entry, growth and
complex implementation programs for many leading pension, retirement and social security organisations, life insurers, asset managers and wealth management businesses globally. But, his industry and advisory roles taught him that only successful implementation makes a successful strategy. And, behavioural change is tough.


Josef was involved in supporting informed decisions and policy reform in many countries working with political, policy, regulatory and industry leaders. It taught him two key lessons: pension, retirement and financial well-being policy reforms require tough decisions and behavioural change, and they require translating between different stakeholders to convert industry jargon into stakeholder understanding and empathy. Successfully building, evolving and governing growing direct investment portfolios across different regions, countries, asset categories and themes became his passion again as it maximises retirement assets as ultimate member outcome. Josef is a frequent speaker and author on pension, retirement, governance and risk management issues on many global and local forums to help build a better retirement world for all stakeholders.

Scott Macdonald,


VanMac Group


Scott A J MacDonald is the Managing Director of a Sydney based consulting firm, where for the past 3 plus decades he has devoted over 90 percent of his professional time to the practice of investment management, risk management and finance.


He has extensive experience in governance and cross border compliance and as a chief investment officer. Scott has deep knowledge as a Responsible Manager of AFSL (Australian Financial Services Licenses) and has been licensed since 1987 and is currently a ‘key person’ on an AFSL. His recent activities include corporate advisory and monetization of AFSL working with legal counsel, regulators and owners of AFSL. In addition, he has been involved in two joint ventures around wealth management and education into China and has presented and written extensively on matters of wealth management, global investment management and the impact on investors of the rapidly changing regulatory environment. This knowledge is based partly on his experience working with Australian, European and USA asset consultants, fund managers and with a USA family office and global hedge fund (structured products) business which he went on to establish in Australia.


Scott is a frequent speaker at conferences and finance events and serves both on a private family office Advisory Committee in Sydney and Boston based Capital Hedge/FINTRX global advisory board and consults to The World Economic Journal, London. He is a co- Founder and Chairman of the not for profit International Family Office Association Ltd, China and Sydney. He lives in Sydney, is interested in sailing, swimming, golf, tennis, horse racing international economics and he is potentially available for CIO; NED, investment committee or AFSL governance roles.


Education, LICEnCES & Credentials


ASIC (Australian Securities and Investment Commission) Responsible Manager/ Key Person (Trustee) - Australian Financial Services Licence - AFSL - No: 444079

New South Wales, Department of Justice (State Governor endorsed) Justice of the Peace – No: 221890.

NSW Property Stock and Business Agents Act 2002 – Strata Management and Real estate Agent – Licence No: 20171325

Bachelor of Business, (Banking and Finance), Monash University, 1991

Master of Commerce, (Economic History), University of NSW, 1995
Master of Arts, (International Relations), University of NSW, 1996

The Oxford Advanced Management Programme, Said Business School, Oxford University, 2008

Association of Superannuation Funds of Australia – AIF., Accredited Investment Fiduciary, 2009

National Certificate IV., Risk and Compliance Management, Governance Risk Compliance Institute, 2016

NSW Certificate IV’s., in Property Services (Real Estate) and (Operations), Australian College of Professionals, 2017


Scott was a founding member of CFA Institute in Sydney 1996 and a member from 1993 some 15yrs.  Scott was also a member of the Investment Management Consultants Association (IMCA) for more than 10 years and since 2009 an ASFA – AIF; Accredited Investment Fiduciary. In addition Scott was a member of The Governance Risk Compliance Institute of Australia and is an Affiliate Member of Global Association of Risk Professionals (GARP)

Darren McShane,

Former Chair IOPS, 

Technical Committee &

Executive Director, MPFA, Hong Kong


Darren McShane is an experienced regulator and policy maker across a wide spectrum of financial services. 


Darren provides advice on regulatory and policy matters to regulatory bodies, multilateral agencies, industry bodies and private firms. He is a regular contributor to conferences and seminars focused on improving outcomes for consumers of financial services. Amongst his published work is ASIC Report 581 “Review of ASIC Regulatory Guide 97: Disclosing fees and costs in PDSs and periodic statements”, published in July 2018.


Until March 2017, he was the Chief Regulation & Policy Officer and Executive Director of the Hong Kong pension regulator, the Mandatory Provident Fund Schemes Authority (MPFA). He was an Executive Director of the MPFA for a period of 15 years and guided the Hong Kong pension system through a series of major reforms. 


He was also, until he finished his role with the MPFA in March 2017, the Chairman of the Technical Committee of the International Organisation of Pension Supervisors (IOPS). In that role he had responsibility for steering the work of IOPS in setting global standards and good practices for the regulation and supervision of private pension funds around the world.


Prior to his time at the MPFA, he held a number of senior roles with the Australian Securities and Investment Commission (ASIC) and its predecessor bodies and he also worked for a period with the fund management regulator in the United Kingdom (IMRO).

Désirée Lucchese,

Senior Associate,

MSCI ESG Research


Désirée is a Senior Associate at MSCI Inc, a leading provider of ESG Research, Indexes, Analytics and Real Estate benchmarks.

As ESG specialist with expertise in environmental systems & innovation and sustainability best practice, Désirée consults investors, companies and industry bodies on global ESG trends, reporting requirements and the integration of ESG Research data and analytics into investment decision-making.


Désirée has worked internationally across both public and private sectors. She has helped design and deliver corporate sustainability strategies, government programs, and climate risk mitigation & adaptation plans. In late 2015, as technical manager for the Climate Disclosure Standards Board (CDSB), she was appointed by Directorate-General (DG) Environment (European Commission) as a peer reviewer for the Product and Organisational Environmental Footprint (PEF/OEF) Pilot Phase.


Her expertise ranges from corporate social responsibility programs, sustainable agricultural practices and ethical sourcing, to green real estate and precinct-scale infrastructure planning.

Désirée is an Urban Scholar with the UN Global Compact – Cities Programme, a member of the Responsible Investment Association of Australasia (RIAA), Women in Super (WIS), IGCC's Zero-Carbon Emissions Working Group and, since 2011, she has been an Al Gore Climate Ambassador.


Désirée holds a BSc degree in ‘Environmental Science’, and a

MSc degree in ‘European Environmental Policy & Regulation’. 

Professor Justin O'Brien,


Rebuilding Trust


Professor Justin O’Brien is a globally acknowledged expert in the dynamics of regulatory politics. He has written extensively on enforcement priorities and their comparative efficacy, with particular recent reference to the manipulation of benchmarks and the FX market in London, Singapore, the United States, within the European Union Competition Directorate and here in Australia.


He is exceptionally well-connected globally and his experience in evaluating government policy in relation to capital markets invaluable for the planned audience. He has penned a series of essays for the Australian Financial Review on the Royal Commission and recently published Trust, Accountability and Purpose: The Regulation of Corporate Governance (Cambridge University Press, 2019) and was a co-editor on The Oxford Handbook of the Corporation (Oxford University Press, 2019). A former investigative journalist with a range of broadcasters, including the BBC, he is a skilled communicator. His essays for the AFR can be found here:

Philip Crutchfield,

Chairman of the Board,

Zip Co


Philip holds Commerce and Honours Law Degrees from the University of Melbourne and a Master of Laws from the London School of Economics and Political Science.


He is a Fellow of the Australian Academy of Law and former President of the Commercial Bar Association of Victoria. He is a board member of Bell Shakespeare and Geelong Grammar School.


Philip is also the Chairman of Zip Co Limited, a company listed on the Australian Stock Exchange.


The Great Divide

You can read the speech by  Andrew G. Haldane, FAcSS (the Bank of England's Chief Economist and Executive Director of Monetary Analysis and Statistics) that he gave on 18th May 2016 at the New City Agenda Annual dinner.


The speech is entitled The Great Divide and it is a first class explanation of why the trust deficit really matters and why it makes sense to try to do something about it.


Please click on the green button to access it; if you're not convinced of its relevance to our initiative, here's part of it:


..."The most important and compelling message the Bank received at the Open Forum came in the first session. The Bank had conducted some polling of perceptions of the financial sector – for example, by asking people what one word best described the future of financial markets. Among the Bank’s usual contacts, including those in the financial sector, the most used word was “regulated”. Many of us will have heard that message from financial insiders concerned about the perils of over-zealous regulators.


For me, the more revealing responses came from the general public, from the customers, rather than the producers, of financial services. The word most used by them when describing financial markets was a rather different one: it was “corrupt”. Not far behind were words like “manipulated”, “self-serving”, “destructive” and “greedy”. I am sure many of you have heard those messages too. They are certainly ones I have encountered frequently on my visits around the country."...


Please click the green button  below to access the full speech. If you need to read another piece first, here it is:


..."At least until recently many economists like me, when faced with this evidence, might have shrugged our shoulders. Social capital had no real role in our models of economic growth, unlike physical capital and human capital. Trust did not butter our parsnips and nor did it enter our production functions.


Recently, however, that orthodoxy has changed and the importance of trust has become clearer.


Evidence has emerged, both micro and macro, to suggest trust may play a crucial role in value creation. At the micro level, there is now ample evidence the degree of trust or social capital within a company contributes positively to its value creation capacity. 


At the macro level, there is now a strong body of evidence, looking across a large range of countries and over long periods of time, that high levels of trust and co-operation are associated with higher economic growth.


Put differently, a lack of trust jeopardises one of finance’s key societal functions – higher growth.


Those social capital effects appear to be particularly potent when it comes to financial decisions. Evidence suggests that a lack of trust leads people to retreat from the stock market and banks and to move towards cash holdings and informal sources of credit, such as payday lenders and loan sharks. That jeopardises the second key benefit of finance to society – improved risk-sharing by households and companies.


So a lack of trust in finance potentially hobbles both economic growth and financial stability.


That lack of trust is the mirror-image of the perception gap between the financial sector and wider society, the Great Divide.


The Great Divide matters because it signals a pronounced and protracted erosion of social capital. It puts finance on notice for losing its social licence. And, unaddressed, that jeopardises future wealth and well-being."...


Please click on the green button to access the full speech. If you're not yet convinced you should, here's a final snippet:


..." As a survey in 2013 of financial professionals found, rather remarkably, that over half believed their competitors engaged in illegal or unethical behaviour.  A smaller, but still high, fraction of 24% believed their own company engaged in such practices. Similar percentages believed their industry did not fulfil its fiduciary function of putting clients’ interests first.

The significance of these findings is not the precise percentages, as striking as these are.


More fundamentally, it is because of what they reveal about finance’s perception of itself, the mirror it holds to the social identity of finance."...


Click onto the button below to access the full speech; you'll be glad you did, it's profoundly thought-provoking for anybody interested in the future of the financial services industry:

If you are not already on the right page and want to read about our major international project to help rebuild trustworthiness and confidence in financial services, click on the orange button below:

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