On 25 August 2022, Perpetual Limited announced that as part of its proposed acquisition of Pendal Group up to three Pendal directors would be invited to join the Perpetual Board. Perpetual has invited Pendal independent non-executive directors Christopher Jones, Kathryn Matthews and Ben Heap to join the Board of the combined group. The knowledge and experience of these Pendal directors will be important for the combined business and will add to and complement the skills of the Perpetual Board.

These appointments are being made by the Perpetual Board pursuant to section 201H of the Corporations Act (Cth) and therefore, once they become effective, the directors will be subject to re-election by shareholders at the next AGM in October 2023. Both Christopher Jones and Ben Heap have agreed to be appointed on that basis. In the case of Kathryn Matthews, who is fully committed to bringing the two groups together, for business and personal reasons she does not intend to stand for re-election at the next AGM.

These appointments would only become effective on the completion of the Pendal acquisition and completion of formalities required of new directors joining a board and company would expect their start dates to be in late January 2023.