The RFM Board boasts collective expertise in funds management, financial planning and agribusiness. The Board comprises four members, three of whom are independent.

The RFM Board

Guy Paynter

Non-Executive Chairman

Guy Paynter is a former director of broking firm JB Were.  Guy brings to RFM more than 30 years of experience in corporate finance. Guy is a former member of the Australian Securities Exchange (ASX) and a former associate of the Securities Institute of Australia (now known as the Financial Services Institute of Australasia).

Guy’s agricultural interests include cattle breeding in the Upper Hunter region in New South Wales.

Guy holds a Bachelor of Laws from The University of Melbourne.

Guy is a member of the RFM Audit Committee and the RFM Remuneration Committee.

David Bryant

Managing Director

David Bryant established RFM in February 1997 and since that time has led the team that is responsible for the acquisition of large-scale agricultural property assets and associated water entitlements. RFM manages approximately $1.5 billion of agricultural assets.

David is responsible for leading the RFM management team, maintaining key commercial relationships and sourcing new business opportunities.

David holds a Diploma of Financial Planning from the Royal Melbourne Institute of Technology (RMIT) University and a Master of Agribusiness from The University of Melbourne.

Michael Carroll

Non-Executive Director

Michael Carroll serves in a board and advisory capacity for a range of agribusiness entities. Michael is Chairman of Viridis Ag Pty Ltd and Australian Rural Leadership Foundation and a Director of  Paraway Pastoral Company Ltd, Genetics Australia Co-operative Ltd, Regional Investment Corporation. Former board positions include RFM Poultry, Select Harvests Ltd, Elders Ltd, Sunny Queen Australia Pty Ltd, Tassal Group Ltd, the Australian Farm Institute, Warrnambool Cheese and Butter Factory Company Holdings Ltd, Queensland Sugar Ltd, Rural Finance Corporation of Victoria, Meat and Livestock Australia and the Geoffrey Gardiner Dairy Foundation.


Michael’s executive experience includes establishing and leading the National Australia Bank’s Agribusiness division and as a Senior Adviser in NAB’s internal investment banking and corporate advisory team. Prior to that Michael worked for Monsanto Agricultural Products and a biotechnology venture capital company.


Michael holds a Bachelor of Agricultural Science from La Trobe University and a Master of Business Administration (MBA) from The University of Melbourne’s Melbourne Business School. Michael has completed the Advanced Management Program at Harvard Business School, Boston, and is a Fellow of the Australian Institute of Company Directors.


Michael is the Chair of the Audit Committee and the Remuneration Committee.

Andrea Lemmon

Non-Executive Director

Andrea Lemmon was employed by Rural Funds Management Limited (RFM) from its inception in 1997 until her retirement in October 2018. During her tenure with RFM, Andrea held a variety of senior executive roles and was responsible for overseeing RFM’s investment into the macadamia industry.

In August 2020, Andrea was appointed the Chair of Marquis Macadamias Ltd , Australia’s largest macadamia processor. Andrea is also a non-executive Director of Marquis Marketing, the company responsible for marketing around 25% of the global macadamia crop.

Additionally, Andrea’s extensive experience consists of previously serving as a non-executive director of Perth Markets Ltd and Market City Operator.

Andrea holds a Diploma in Financial Planning from Deakin University.  

Andrea is a member of the RFM Audit Committee and the RFM Remuneration Committee. 

Julian Widdup

Non-Executive Director

Julian Widdup has been involved in the financial services industry for over 25 years. Julian’s current Directorships include Australian Catholic Superannuation & Retirement Fund, Screen Canberra and Cultural Facilities Corporation.

Julian is a former executive of infrastructure investment management companies, Palisade Investment Partners and Access Capital Advisers (now Whitehelm Capital) where he was responsible for the acquisition and asset management of major infrastructure assets, risk management, portfolio construction, institutional client management and overseeing all aspects of investment operations. Previously Julian had worked with Towers Perrin (now Willis Towers Watson) as an asset consultant, the Australian Bureau of Statistics and the Insurance and Superannuation Commission (now APRA).

Julian brings extensive experience to the RFM board having previously served as a director of Palisade Investment Partners, Darwin International Airport, Alice Springs Airport, NZ timberland company Taumata Plantations Limited, Regional Livestock Exchange Investment Company, Merredin Energy power generation company, Victorian AgriBioscience Research Facility, Casey Hospital in Melbourne and Mater Hospital in Newcastle.

Julian holds a Bachelor of Economics, a Master of Business Administration and University Medal from the Australian National University, is a Fellow of the Institute of Actuaries of Australia and a Fellow of the Australian Institute of Company Directors.

Julian is a member of the RFM Audit Committee and the RFM Remuneration Committee.