NO NEWS: Ipswich Mayor Andrew Antoniolli and Cr Paul Tully at a press conference regarding continued demolition in the CBD last week . Inset: Stuart Lummis one of two new directors appointed to the company board on February 27.
NO NEWS: Ipswich Mayor Andrew Antoniolli and Cr Paul Tully at a press conference regarding continued demolition in the CBD last week . Inset: Stuart Lummis one of two new directors appointed to the company board on February 27. Rob Williams

REVEALED: How much new council directors will be paid

UPDATE: 

THE two new executives appointed to the Ipswich City Council's controversial development company will be paid thousands for their services.

Chief executive officer of a Brisbane property development company Stuart Lummis and experienced project manager Gary Finnegan were appointed to the board of Ipswich City Properties last month.

Both have extensive resumes and decades of experience in the property market. 

Each will be paid $17,500 a year for sitting on the board of Ipswich City Properties, the company carrying out the $150 million CBD redevelopment. 

Ipswich City Properties Pty Ltd chairman councillor Paul Tully said that remuneration figure was "below the market for similar private sector organisations". 

"This remuneration was benchmarked against the low end of comparable positions on Queensland Government boards," Cr Tully said. 

The other four directors, Cr Tully, mayor Andrew Antoniolli, the council's chief financial officer Andrew Roach and the council's solicitor Daniel Best, are not paid director's fees.

A damning report by the Queensland's Auditor-General published this year outlined issues with the appointment of directors to the council-owned companies.

The auditor recommended appointing independent directors, rather than council employees, to "improve transparency over making good business judgements and acting in the companies' best interest."

At the election Cr Andrew Antoniolli promised to shake-up council-owned companies including winding up two of them and appointing independent directors. 

EARLIER: 

TWO new directors have been appointed to the board of the council's most significant company.

Brisbane property developer Stuart Lummis and experienced project manager Gary Finnegan were appointed to the board of Ipswich City Properties last month.

The company is overseeing the $150 million redevelopment of the Ipswich CBD.

The positions will be paid.

When asked by the QT yesterday, the council was unable to say how much the directors would be paid.

The board now includes councillor Paul Tully, mayor Andrew Antoniolli, the council's chief financial officer Andrew Roach and the council's solicitor Daniel Best.

Only the two new directors, appointed on February 27, will be paid for their services.

Gary Finnegan is the managing director of Faction Consulting. He is an experienced project manager and property advisor and the former head of Savills Town Planning.

Mr Finnegan lives at Carindale.

Stuart Lummis is the CEO of Brisbane Housing Company and the former director of planning, building, property and facilities for the Catholic church in Brisbane.

 

Stuart Lummis is the Chief Executive Officer with Brisbane Housing Company. On February 27, he was appointed as a director of Ipswich City Council owned-company Ipswich City Properties.
Stuart Lummis is the Chief Executive Officer with Brisbane Housing Company. On February 27, he was appointed as a director of Ipswich City Council owned-company Ipswich City Properties. Phil Hargreaves Productions

Brisbane Housing Company is a property developer which owns more than 200 properties in Brisbane's inner city suburbs including large high density complexes at Bowen Hills, Newstead, Lutwyche, Chermside, West End and Kangaroo Point.

According to the Brisbane Housing Company website, the company is a "leading provider of affordable housing with a demonstrated ability to deliver innovative provision of social and affordable housing".

Mr Lummis lives at Indooroopilly.

Former director and CEO Jim Lindsay resigned from his board position on January 29. The resignation became effective at the following board meeting.

A damning report by the Queensland's Auditor-General published this year outlined issues with the appointment of directors to the council-owned companies.

The auditor recommended appointing independent directors, rather than council employees, to "improve transparency over making good business judgements and acting in the companies' best interest."

Ipswich mayor and Ipswich City Properties director Andrew Antoniolli promised to shake-up council-owned companies including winding up two of them

"I've been a strong advocate of transparency in council-owned companies," Cr Antoniolli said. 

"I went to the by-election last year promising a new board framework for Ipswich City Properties and to appoint independent directors.  

"The announcement of two new directors who are not council employees or councillors meets this promise.  

"The depth of experience that Gary Finnegan and Stuart Lummis bring to the board gives me a great deal of confidence that we are moving forward in the right direction.

"I will continue to work with the new board to make the shared vision of a revitalised city heart a reality."

Cr Antoniolli's election promise

"The books of all four Ipswich City Council-owned companies will be opened for scrutiny, with two of the companies to be completely wound up. The remaining two companies will have a new board framework including the appointment of independent external board members."