Future Fund chair appointed to replace Costello

29 January 2024
| By Rhea Nath |
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The $211 billion Future Fund has appointed a new chair to replace Peter Costello, who will step down next month after 14 years.

In a statement this morning, Treasurer Jim Chalmers said the government has appointed Greg Combet to the role.

He said: “Combet has a distinguished career and extensive experience in investment and superannuation, government and the climate and energy transformation. His appointment will bring deep, diverse experience and fresh leadership to the Future Fund.”

Combet was chair of IFM Investors for a decade until last year, and was appointed as chair of Industry Super Australia (ISA) from 2017 until last year. He is also a former minister for climate change, industry and innovation.

Last year, he took up the position of chair of the Net Zero Economy Agency and will continue this role until his appointment to Future Fund in mid-2024.

Costello was first appointed to the fund in December 2009, before being named acting chairman in January 2014, and chairman with effect from February 2014 for a five-year term. He was then reappointed as chairman for another five-year term from February 2019.

Chalmers said: “I want to thank Peter Costello for his role in establishing the Future Fund, but also for his leadership and his contribution to the board over the past 14 years.”

Before Combet takes on the role, Chalmers said Macquarie Group veteran, Mary Reemst, will perform the role of acting chair, beginning on 4 February. She joined the Future Fund board in October 2023.

It is also understood Rosemary Vilgan and Nicola Wakefield-Evans will start five-year terms as part-time members of the board. They will commence in their roles on 4 February and 1 March respectively.

Vilgan is the chair at Commonwealth Bank Officers Superannuation Corporation and the former chief executive of QSuper. Wakefield-Evans has a legal background and spent over 20 years at King & Wood Mallesons.

The fund recently announced it has surpassed its annual return target to reach a record value of $211.9 billion after an investment return of 8 per cent added $15.6 billion to the Future Fund in 2023.







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