The Board of First Light Property Fund Limited (FLPFL) announces the appointment of Mr Philip Kean as an Independent Non-Executive Director, effective 1 September 2026.
Philip’s appointment marks an important step in FLPFL’s evolving governance framework and reflects the Board’s commitment to strong, independent oversight as the Company grows.
Philip brings more than 40 years of commercial property experience across valuation, property management, asset management and strategic advisory, and served as Executive Director then Managing Director of Terra Firma Group Limited for more than 25 years.
Career Highlights
- Managing Director, Terra Firma Group Limited (1999–2021)
- Led a $300 million portfolio sale and oversaw portfolios exceeding $800 million
- Extensive experience in acquisitions, disposals and leasing
- Director, Ronald McDonald House Property Board
- Asset management adviser to Foundation Properties Limited (Blind Low Vision NZ)
Following a thorough search, the Board believes Philip’s experience, judgement and governance capability make him well qualified to serve FLPFL’s long-term interests.
Governance Framework
Philip’s appointment is accompanied by several governance enhancements, including:
- Adoption of a formal Board Charter
- Enhanced governance policies and director documentation
- Annual independence and interests declarations
- Formal Board meeting procedures
- Continued focus on transparency and accountability
Philip’s appointment relates solely to First Light Property Fund Limited. First Light Capital Limited remains the external Manager under the existing Management Agreement, responsible for day-to-day management, while the Board provides governance oversight, strategic direction and independent review of the Manager’s performance on shareholders’ behalf.
Good governance is also supported by strong alignment between directors and investors: both Toby Hunn and Randolph van der Burgh have invested personally in FLPFL through Class B Shares, aligning their financial interests with the wider shareholder base.
As Directors of FLPFL, Toby Hunn, Randolph van der Burgh and Philip Kean each owe statutory and fiduciary duties to First Light Property Fund Limited and all shareholders collectively, exercising independent judgement in the Company’s best interests.
Board Composition
The FLPFL Constitution allows a Board of two to five Directors: the external Manager may appoint up to two Directors and one Independent Director, and shareholders up to two additional Directors by ordinary resolution.
The Board now comprises:
- Toby Hunn – Director
- Randolph van der Burgh – Director
- Philip Kean – Independent Non-Executive Director (effective 1 September 2026)
The Board believes this structure balances fund knowledge, property expertise and independent oversight, proportionate to FLPFL’s size and stage of development.
First Light Capital – Management Continuity
Separately, David Nicoll has agreed to continue as a consultant to the wider First Light Capital business for a further three years. This role relates to First Light Capital Limited’s overall business, including FLPFL and its other managed syndicates, rather than to FLPFL specifically. David Nicoll is not a member of the FLPFL Board, and this consultancy does not constitute a directorship or Board appointment.
Looking Ahead
The appointment of Philip Kean, together with the enhanced governance framework, marks another step in FLPFL’s evolution, strengthening governance and accountability and positioning the Company for its next phase of growth while delivering sustainable long-term value for shareholders.