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Picture of Wayne Swan

Wayne Swan

Deputy Prime Minister and Treasurer

3 December 2007 - 27 June 2013

22 March 2011

NO.021

Joint Media Release
with
Senator Penny Wong
Minister for Finance and Deregulation

Future Fund Board of Guardians - Appointments

The Minister for Finance and Deregulation, Senator Penny Wong, and Treasurer Wayne Swan today announced new appointments to the Future Fund Board of Guardians.

Four Future Fund Board members were due to conclude their terms in early April, having all been appointed at the commencement of the Future Fund in 2006.

The appointments strike a balance between ensuring ongoing stability and renewal of the seven-member Board, by appointing two new members and re-appointing two members for reduced terms.

  • Mr David Murray AO is re-appointed to the position of Chair of the Board for a further term of one year;
  • Dr John Mulcahy is re-appointed for a further term of four years;
  • Ms Carol Austin is appointed for a term of five years; and
  • Mr Stephen Fitzgerald is appointed for a term of five years.

Mr Murray has successfully led the Board since its inception. He has also been making a valuable contribution as the Chair of the International Forum of Sovereign Wealth Funds.

Mr Murray informed the Government some time ago that, for personal reasons, he did not wish to be re-appointed for a full five-year term. The Government is pleased that Mr Murray has agreed to stay on for a period of one year to work with the Government, Future Fund agency management and Board members during the transition.

Mr Murray will work to maintain the Fund’s post global financial crisis returns and complete development of its corporate governance model. The Government acknowledges Mr Murray’s commitment and appreciates his willingness to position the Fund for its next phase of development.

The Government has decided to re-appoint Dr Mulcahy for four more years. Dr Mulcahy has been a Board member since the Fund’s inception and brings experience that will assist in maintaining continuity and retention of corporate knowledge.

The Government is also pleased to announce Ms Austin and Mr Fitzgerald as new Board appointments.

Ms Austin has been involved in the investment industry for over 30 years, working as an economist, in corporate affairs and in business development. She is currently Investment Services Director for Contango Asset Management and on the Board of HSBC Bank Australia. She has held senior positions with Rothschild Australia Asset Management, Commonwealth Funds Management, BHP and the Reserve Bank of Australia.

Mr Fitzgerald is Co-Chief Executive Officer and Managing Director of Goldman Sachs & Partners Australia. Mr Fitzgerald has had a long career with Goldman Sachs internationally where he held senior positions in London, Tokyo and Hong Kong. Mr Fitzgerald has substantial experience in asset management both in Australia and internationally.

These two new appointments will replace Jeffrey Browne and Trevor Rowe AM from early April. Mr Browne has made a valuable contribution to corporate governance issues, as well as capital market transactions. Both Mr Browne and Mr Rowe have made a valuable contribution to the establishment and growth of the Fund. The Government thanks Mr Browne and Mr Rowe for their efforts and wishes them well in the future.

Since its establishment in April 2006 the Board of Guardians has had the important responsibility of investing funds on behalf of the Commonwealth. It has performed this task well, particularly given the challenges created by global financial crisis. It currently manages more than $90 billion and is one of the world’s major sovereign wealth funds.

In the space of five years the Board, led by Mr Murray, has created an organisation that is highly regarded both in Australia and around the world as skilled, well governed and transparent.

The Government looks forward to working with a cohesive and strong Board to further enhance the Fund’s reputation and performance.

22 March 2011