The Federal Government has promised that the new Future Fund will have minimal restrictions on its investment strategy.
The Government made the promise while announcing the appointment of six people to the Future Fund Board of Guardians, all of whom have extensive financial services experience.
Jeffrey Browne, Susan Doyle, Robert Elstone, Dr John Mulcahy, Trevor Rowe AM and Brian Watson will join the board’s chair, David Murray, at their first meeting, to take place in coming weeks.
The Future Fund is an important part of the Government’s policies to strengthen its budget position and prepare for Australia’s ageing population.
The board members have been selected for their investment management and corporate governance expertise.
Browne was a New York partner and Australian offices managing partner of the legal firm Sullivan & Cromwell, with extensive capital market transactions experience.
He has also acted for the Federal and State Governments in relation to international bond offerings and privatisations.
Doyle is the Commonwealth Superannuation Scheme and the Public Sector Superannuation Scheme board’s chair, and has many years experience with superannuation and investments.
Elstone is managing director of SFE Corporation, the holding company of the Sydney Futures Exchange, as well as the National Australia Bank’s director.
He has extensive knowledge of the corporate world, with particular experience in derivative markets.
Dr Mulcahy is Suncorp’s chief executive officer and managing director, and has broad proficiency in retail financial services.
He has served senior roles in the Commonwealth Bank, Lend Lease Property Investment Services, and Civil and Civic.
Rowe is N M Rothschild & Sons’ investment banking chair in Australia and also the chair of QIC, formerly known as the Queensland Investment Corporation.
He is the chancellor of Bond University and the Australian Stock Exchange director, and has much experience in financial management, investments and corporate governance.
Watson is the executive chairman of independent private equity investment management firm, Georgica Associates, with extensive experience in private equity investment activities and the provision of corporate advisory services related to the private equity sector.
All appointments to the board, including the chair, are on a part-time basis, and the Remuneration Tribunal will determine members’ remuneration.
