Joint Media Release

72/2009
1 November 2009

Costello to Be Appointed to Future Fund Board

The Minister for Finance and Deregulation, Lindsay Tanner and the Treasurer, Wayne Swan today announced that the Government intends to appoint the former Treasurer Peter Costello to the Future Fund Board of Guardians.

Mr Costello, Treasurer from 1996 to 2007 will provide the board with unique expertise in governance, international finance and macro economic conditions.

"To have the experience of someone like Mr Costello on the Future Fund board will be of great benefit,” Lindsay Tanner said.

Mr Costello will fill the position on the board that will become vacant when the term of Mr John Paterson expires on 17 December 2009.

Lindsay Tanner said Mr Paterson was held in high regard by the Government and had made a valuable contribution to the board since his appointment in 2006, serving as chair of the board’s Audit Committee.

“I would like to thank Mr Paterson on behalf of the government for his hard work and the expertise he has brought to the Future Fund board during the funds’ establishment phase,” Lindsay Tanner said.

Chairman of the Future Fund board of Guardians David Murray thanked Mr Paterson for his work over the past three years.

“John Paterson has made an outstanding contribution to the Future Fund during his time as a member of the Board and as Chair of the Audit Committee,” Mr Murray said.

“His knowledge of markets, understanding of governance, and his experience in the proper and effective conduct of transactions, has been of immense value.  

“He has played a critical role in the development of the Portfolio and in promoting a culture of excellence and market focus in pursuit of the Board’s mandate.”

Mr Costello’s appointment will be progressed over the next six weeks before an official appointment is made on 18 December 2009.

Back to top