4. Debby Blakey

Where some institutional investors like to use their influence behind closed doors, Blakey, the chief executive of industry super fund giant HESTA, believes in a much more public form of advocacy. There’s an argument to call Blakey the conscience of the Australian market.

While she emerged as a vocal critic of Qantas as its reputation plunged to earth, it was at Woodside where Blakey made her biggest stand, pressing the company over its climate action plan and manoeuvring for changes at board level. The climate plan failed and Woodside has been forced to step up efforts to show it is actually putting money behind its emissions reduction plan. Blakey has also been outspoken on a range of gender and remuneration issues.

5. Gina Rinehart

Australia’s richest person and The Australian Financial Review’s reigning business person of the year has no shortage of views on everything from tax policy and education to the energy transition.

The boots made by her company Rossi adorn the feet of various politicians, and she’s close with Peter Dutton, but it’s in mining where Rinehart still holds the most sway.

In recent years, Rinehart has poured money into the critical minerals sector, and several of the companies have landed government support.

In March, an ASX-listed mining minnow Arafura in which she owns a stake received an $840 million package of loans and grants to support its development of a rare earths refinery and mine. Rinehart-backed Liontown Resources has also scored government support.

6. Andrew Forrest

China’s spluttering economy might be weighing on iron ore prices, and the energy transition feels like it’s stalled, but Forrest’s appetite for change is undiminished. While his mining and green energy giant Fortescue has been forced to recalibrate its energy goals – it will focus on producing renewable power for the next few years, and delay its green hydrogen plans – the billionaire continues to wield his power. His sprawling private business Squadron Energy is one of the country’s biggest renewable energy developers, while Fortescue’s ambitious plan to sell green iron (iron ore turned into metal using renewable power) could eventually change Australia’s most important export market.

7. Shemara Wikramanayake

Ironically, it was a deal involving two other companies that provided a reminder of the raw power of Macquarie Group, the sprawling financial services empire run by CEO Wikramanayake. When ANZ’s takeover of Suncorp’s banking division was finally cleared early this year, a key reason was the “maverick” role Macquarie has played in the past decade injecting competition into the mortgage market – a playbook it is now using in deposits and business banking. Macquarie’s global reach makes Wikramanayake Australia’s most powerful voice in foreign capital markets; in September she led a trade delegation to the Philippines, as part of the government’s efforts to forge better trade relationships in south-east Asia.

8. Ken MacKenzie

As the chairman of BHP – and boss of the aforementioned Henry – MacKenzie has a claim on the title of Australia’s most powerful director. But he makes this list thanks to his role as the founder and principal of Australia’s exclusive school for new ASX chief executives.

The son of two academics, MacKenzie developed the Melbourne Business School course in 2019. The growing preponderance of capital allocation frameworks – one of MacKenzie’s great passions – in the results slide decks of listed companies is a symbol of its influence.

9. Kerry Stokes

The power of traditional media might have waned in recent years, but Stokes still packs a punch. In Western Australia, where his Seven West Media owns the dominant newspaper and television station, Stokes’ influence is unquestioned; the outlet’s support can make or break public figures in Perth. Nationally, Stokes’ very public support for Ben Roberts-Smith, and Seven West’s decision to pay disgraced former political staffer Bruce Lehrmann for an interview, have sparked controversy, but Seven’s sheer reach secures his place on this list.

10. John Mullen

As the chairman-elect of Qantas, Mullen will soon have ultimate authority over one of the real inner sanctums of Australian business: the Chairman’s Lounge.

But while Mullen didn’t officially take over at Qantas until September 16, he’s already made his mark, clawing back more than $9 million in bonus payments owed to former CEO Alan Joyce and flagging a very different approach to Qantas’ involvement in big social issues such as the Voice. Mullen is also chairman of Treasury Wine Estates and industrial giant Brambles, giving him one of the most high-profiled director portfolios in the country.

The panel who decided the 2023 corporate power list included James Thomson, James Chessell, Kylar Loussikian, Vesna Poljak, Anthony Macdonald and Jennifer Hewett.

The AFR Magazine annual Power issue is out Friday, September 27, inside The Australian Financial Review. Follow AFR Mag on Instagram.