The federal government has announced the new make-up of the Future Fund board of guardians.
The task of having to formulate a new board structure came about because four of the original members are set to conclude their terms in early April.
In selecting the new board, the government decided to reappoint two members and replace two others.
David Murray was reappointed as chair of the board for a reduced term of one year, while Dr John Mulcahy was reappointed for a further four-year term.
Carol Austin and Stephen Fitzgerald were appointed for full five-year terms as replacements for former board members Jeffery Browne and Trevor Rowe.
Finance Minister Penny Wong and Treasurer Wayne Swan said the structure of the new board represented a balance reflecting the renewal of the members as well as ongoing stability for future operations.
Murray has agreed to continue over a significantly reduced term of one year after informing the government he did not want to serve another five years on the board due to personal reasons.
His focus will be to complete the development of the fund’s corporate governance model and to generate strong returns in the post-global financial crisis environment.
The reappointment of Mulcahy was designed to maintain continuity and retention of the board’s corporate knowledge.
Austin’s selection as a new board member will bring over 30 years’ investment industry experience to the Future Fund. She currently sits on the board of HSBC Bank Australia and is investment services director with Contango Asset Management. She has also performed senior roles at Commonwealth Funds Management, Rothchilds Australia, BHP and the Reserve Bank of Australia.
Local and international asset management experience will be offered by Fitzgerald when he takes his place on the Future Fund board. He is currently Goldman Sachs & Partners Australia co-chief executive and has held positions within the global organisation in London, Tokyo and Hong Kong.
