Board of Directors

Stephen Young - Managing Director


Stephen Young, is the Executive Chairman of E&A Limited and its Group Companies. Stephen has a Bachelor of Economics, is a Chartered Accountant and a Fellow of the Institute of Company Directors.

Stephen has more than 30 years experience including large corporate advisory, corporate recovery, business turnaround, listed public and private advisory and board engagements.

Stephen was a senior employee and partner of Allert Heard & Co, a specialist corporate recovery firm and a member of the Ferrier Hodgson Group from 1979 to 1989. Stephen was Managing Partner of Arthur Andersen’s Adelaide office following their merger with Allert Heard & Co from 1989 to 1997. Stephen was a member of the Arthur Andersen Worldwide Advisory Council for a two year term from 1991 and held a number of national and international leadership positions within the firm.

Stephen has been retained on a number of listed public company boards often in a “turnaround” capacity, Government business enterprises, sporting and charitable boards including Adelaide Football Club, A Raptis & Sons Pty Ltd (current), ASC Pty Ltd (formerly Australian Submarine Corporation), Adelaide University Council (current), aiLimited, Common Ground (current), ETSA Corporation, Land Management Corporation, Michell Australia Group, Shaw and Smith (current) and the Premier’s Roundtable (SA).

Mark Vartuli - Executive Director

M.Comm. B.Com. FCA.

Mark Vartuli is the Managing Director of Equity & Advisory and specialises in providing commercial advice in relation to capital raisings, mergers and acquisitions, divestments, infrastructure projects and corporate restructures. Mark is also experienced in performing valuations for both public and private companies for purposes of purchase, sale, equity raising and independent expert reports to shareholders. Mark has advised on the majority of transactions undertaken by Equity & Advisory.

Prior to joining Equity & Advisory in April 1998, Mark worked for Arthur Andersen in their Audit and Business Advisory Division and is a qualified Chartered Accountant and holds a Masters in Commerce Degree.

John Nicholls - Non Executive Director & Chairman

B.Comm M.B.A.

Mr Nicholls has over 30 years’ experience as a Chairman, Director and Chief Executive of listed and private companies across the Asia Pacific with direct industry experience encompassing manufacturing, non-ferrous and ferrous fabrication, mining services and waste management including being chairman of ASX listed Brandrill Limited (a ASX mining services company).

Mr Nicholls holds a B.Comm and a M.B.A. from the University of New South Wales.

Michael Abbott - Non Executive Director


Michael is a Barrister resident in South Australia. He graduated with a law degree from The University of Adelaide in 1965 and commenced in private practice in 1966. He is a past President of the South Australian Bar Association and has appeared as Counsel in a number of significant cases and Royal Commissions in Australia. In 2006 he represented six of the Officers and Employees of AWB at the Cole Commission into Iraqi wheat payments in Sydney. Michael also acted for the Non-Executive Directors of the State Bank of South Australia and Beneficial Finance Pty Ltd during the Royal Commission into the State Bank of South Australia and in the subsequent litigation against the bank’s Directors. He has lectured on corporate responsibility, the fiduciary duties of Directors and other topics relating to the role of directors.

Michael Terlet - Non Executive Director


Michael Terlet is Chairman of Australia’s largest privately owned water company, United Water International Pty Ltd, Water Industry Alliance, ACHA Hospital Group, Land Management Corporation, Statewide Super and Tidswell Financial Services Ltd.

Michael was responsible for the formation and growth of Australia’s largest private sector defence and aerospace company, AWA Defence Industries, from 1978 to 1992. In 1991, he was recognised and made an officer of the General Order of Australia for contributions to industry and export. He has undertaken a number of directorships in both private and public companies and has served as Chairman of SA Centre for Manufacturing, Defence Manufacturing Council SA (MTIA) and South Australian Small Business Advisory council, SDS Corporation Ltd and as President of the South Australian Employers Chamber of Commerce and Industry and the Engineering Employers Association.

David Klingberg - Non Executive Director

AO, FTSE, D UniSA, B.Tech (Civil), FIEAust, FAusIMM, FAICD, KSJ

David is an Engineer with over 40 years experience in project development and business management and governance. He holds a number of non executive Board appointments with both private and public bodies. He is a Director of Codan Limited, Centrex Metals Limited and Barossa Infrastructure Limited, and is a business advisor to a number of South Australian Companies.

Formerly Managing Director of Kinhill Limited, one of Australia’s largest professional engineering firms operating as Consultants and Contractors in the Resources and public Infrastructure sectors, David developed substantial professional expertise in project evaluation, management and systems and in the structuring of major infrastructure projects. David is a qualified engineer.