Board members


The boards of the Responsible Entities of the various GIF funds are comprised of four persons, two of whom are independent of Macquarie (Indpendent and Non-Executive Directors, including an Independent Chairman).

Tony Shepherd AO, B.Comm


Tony Shepherd

In addition to serving as Chairman of Macquarie Specialised Asset Management Limited, Tony Shepherd AO is currently Chairman of the WestConnex Delivery Authority (Australia’s largest infrastructure project), Director of Virgin Australia International Holdings Pty Ltd, Chairman of the Sydney Cricket Ground Trust, Chairman of the AFL GWS Giants, Chairman of ASTRA and an adviser to Bank of Tokyo-Mitsubishi UFJ.

Tony served as President of the Business Council of Australia and Chairman of the National Commission of Audit. He was also previously Chairman of Transfield Services and ConnectEast.

Tony had a distinguished executive career with Transfield Services, pioneering infrastructure development and ownership in Australia.

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Penny Bingham-Hall B.A.


Penny Bingham-Hall

Penny Bingham-Hall is a non-executive director of DEXUS Property Group, BlueScope Steel, Port Authority of NSW, Taronga Conservation Society Australia, SCEGGS Darlinghurst school, Macquarie Specialised Asset Management Limited (MSAM) and Macquarie Specialised Asset Management 2 Limited (MSAM2).

Penny chairs the MSAM and MSAM2 Audit & Finance Committee, BlueScope’s Remuneration and Organisation Committee and the Port Authority’s Remuneration and HR Committee. She is also a member of a number of other Board committees including Risk, and People & Remuneration at DEXUS; Health, Safety & Environment for BlueScope; Risk & Audit for the Port Authority; and Finance & Capital Works at Taronga.

Prior to becoming a company director, Penny was Executive General Manager, Strategy at Leighton Holdings after an extensive career in the construction, mining and property group. As part of the leadership team at Leighton she had responsibilities across the group’s Australian and Asian operations.

She has been Deputy Chairman of the Tourism and Transport Forum, and a director of Australia Post, Infrastructure Partnerships Australia and The Global Foundation. Penny has a BA degree in Industrial Design, is a Fellow of the Australian Institute of Company Directors and a Senior Fellow of the Financial Services Institute of Australasia.

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Frank Kwok B Ec (Hons), LL.B (Hons)

Co-Head of Asia Pacific,
Macquarie Infrastructure and Real Assets

Frank Kwok

Frank joined Macquarie in 1997. He is an Executive Director based in Sydney, responsible for MIRA's business in Australia and South East Asia.

Frank is a member of the Investment Committees or boards of a number of Macquarie-managed infrastructure funds including Macquarie International Infrastructure Fund (Singapore), Philippine Investment Alliance for Infrastructure Fund (Philippines), Macquarie State Bank of India Infrastructure Fund (India), Macquarie Everbright Greater China Infrastructure Fund (Greater China) and Macquarie Specialised Asset Management Limited (Australia).

Frank has worked for MIRA in Asia, Australia and North America, and has held various roles including Global Chief Operating Officer and Chief Financial Officer, Macquarie Airports.

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Grant Smith B.Comm, LL.B, MBA

Chief Executive Officer

Grant Smith

Grant is an Executive Director in the Macquarie Infrastructure and Real Assets business and joined Macquarie in 1996.

Grant is currently Chief Executive Officer of Macquarie Specialised Asset Management Limited and Macquarie Specialised Asset Management 2 Limited (collectively "MSAM"), the Managers of the GIF funds and a range of special managed accounts investing in infrastructure assets. The MSAM-managed funds have A$2.0bn of funds under management. Grant is also currently Chief Executive Officer of the Macquarie Special Situations Fund, an unlisted global opportunistic vehicle across the full capital structure, which he raised in 2008 with US$350 million of committed capital.

Grant was previously Division Director in Macquarie Capital's Principal Investment Area ("PIA") between 2002 and 2008. During this period, PIA was responsible for the acquisition and disposal of in excess of A$7 billion in principal investments across the infrastructure, telecommunications, consumer products, financial services, retirement care, technology and media sectors. While in PIA, Grant also provided assistance to then head of Macquarie Capital, Nicholas Moore (now Chief Executive Officer and Managing Director of Macquarie Group) on strategic and corporate matters.

Grant's 18 years of experience at Macquarie also includes 5 years as an M&A adviser in Corporate Finance, advising companies across a range of sectors on acquisitions, takeovers, divestments and strategic issues. Prior to Macquarie, Grant worked for a short period at international law firm Mallesons Stephen Jaques.

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