Hon. J.B. Hockey MP
Senator the Hon. Mathias Cormann
Minister for Finance
Date: Wednesday, 18 December 2013
Mr David Gonski AC has announced that he will leave his position as Chairman of the Future Fund Board of Guardians in January to take up a position as Chairman of the ANZ Bank.
Mr Gonski has served as Chairman of the Future Fund Board of Guardians with distinction since April 2012.
He leaves the Future Fund very well placed to continue its strong performance and maximise returns over the long term.
The Future Fund is now in its eighth year of operation with an investment portfolio that has grown to over $90 billion.
In its 2012-13 annual report the Future Fund reported a strong performance with a 15.4 per cent annual return.
In its portfolio update as of 30 September 2013, the Future Fund reported returns of 9.7 per cent per annum over 3 years, and 8.2 per cent over five years.
These exceeded the Fund's target returns of 7.0 per cent and 6.8 per cent for the same periods.
The Government is very grateful to Mr Gonski for his outstanding performance as only the second Chairman of the Future Fund Board of Guardians.
He remains one of the most eminent directors in corporate Australia and we wish him well in his role at the ANZ Bank.
For Mr Hockey: Gemma Daley 0418 148 821
For Senator Cormann: Karen Wu 0428 350 139