Appointments to the Future Fund Board of Guardians

MC 74/18

Senator the Hon. Mathias Cormann
Minister for Finance and the Public Service
Leader of the Government in the Senate
Senator for Western Australia

The Hon. Josh Frydenberg MP
Deputy Leader of the Liberal Party
Federal Member for Kooyong

Date: Monday, 12 November 2018

The Coalition Government has reappointed the Hon Peter Costello AC as Chairman of the Future Fund Board of Guardians, as well as reappointed John Poynton AO and appointed John Fraser as members.

They join Ms Carolyn Kay, Dr Jane Wilson, Ms Erin Flaherty and Mr Michael Wachtel on the Board of Guardians.

Mr Costello was first appointed as a member of the Future Fund Board of Guardians in 2009 and as Chair in February 2014. Over that period, the value of Future Fund investments has grown from $67.6 billion to $148.8 billion or around 120 per cent. Prior to his appointment, Mr Costello served Australia with distinction as our longest serving Federal Treasurer from 1996 to 2007. As Treasurer, he delivered 10 Budget surpluses and oversaw the establishment of the Future Fund in 2006.

Mr Poynton brings more than 40 years of experience in the financial services industry to the Future Fund Board. He is currently Chair of Jindalee Partners P/L, a Non-Executive Director of Burswood Limited (Crown Perth), Chair of Strike Energy Limited and Executive Chair of Sabien Cyber Limited. Mr Poynton also previously served as a Director of the Export Finance and Insurance Corporation, a member of the Higher Education Endowment Fund Advisory Board and a member of the Payment Systems Board of the RBA.

Both Mr Costello and Mr Poynton will be reappointed to their respective positions for a period of five years from 4 February 2019.

The Government has also appointed Mr John Fraser to the Future Fund Board of Guardians for a period of five years from 12 November 2018. Mr Fraser was previously the Secretary to the Department of the Treasury for three-and-a-half years. In this role, he was also Chair of the Global Infrastructure Hub, a member of the Reserve Bank of Australia Board and a member of the Board of the Australian Council of Financial Regulators. He has also previously served as Chair and CEO of UBS Global Asset Management in London, for more than a decade. Mr Fraser has substantial experience and expertise at the highest levels of corporate business and public service. He has significant expertise in the management of investments in financial assets and corporate governance.

All three appointees will make a valuable contribution to the Future Fund Board.


Media Contact(s)

For Minister Cormann: Karen Wu - 0428 350 139
For the Treasurer: Danielle McKay - 02 6277 7340