The Future Fund Board of Guardians (the Board) consists of a Chair and up to six other members. Board members are appointed by the responsible Ministers and selected for their expertise in investing in financial assets, managing investments and corporate governance. Each Guardian is appointed on a part time basis for a term of up to five years.

Mr David Murray AO (Chair)
Mr Murray was first appointed on 3 April 2006 for five years and reappointed for one year from 3 April 2011.

Mr Murray spent 39 years at the Commonwealth Bank of Australia (CBA) holding the role of Chief Executive Officer from 1992 until his retirement in 2005. Mr Murray has substantial experience in the finance and banking sector and considerable knowledge of financial markets. He also has strong corporate governance credentials having guided CBA through a number of major changes, including privatisation in 1996. In 2003 Mr Murray was awarded the Centenary Medal for his contribution in the areas of banking and corporate governance. He was appointed an Officer of the Order of Australia in 2007. Mr Murray is Chair of the International Forum of Sovereign Wealth Funds.

Ms Carol Austin
Ms Austin was appointed on 3 April 2011 for a period of five years.

Ms Austin is Investment Services Director for Contango Asset Management and a member of the Boards of HSBC Bank Australia and the Tasmanian Public Finance Corporation. She has held senior positions with Rothschild Australia Asset Management, Commonwealth Funds Management, BHP and the Reserve Bank of Australia.

Hon Peter Costello AC
Mr Costello was appointed on 18 December 2009 and his appointment expires on 2 April 2014.

Mr Costello served as a member of the House of Representatives from 1990 to 2009 and was Treasurer of the Commonwealth of Australia from March 1996 to December 2007. He served as Chair of the APEC Finance Ministers in 2007 and Chair of the G20 in 2006. He was a committee member of the International Monetary Fund, a Governor of the World Bank and the Asian Development Bank for approximately 10 years. He currently serves on an Independent Advisory Board to the World Bank. Prior to entering Parliament, Mr Costello was a practising barrister. In 2011 he was appointed a Companion of the Order of Australia for eminent service to the Parliament of Australia, particularly through the development of landmark economic policy reforms and representative roles with global financial organisations.

Ms Susan Doyle
Ms Doyle was first appointed on 3 April 2006 and reappointed effective 3 April 2009 for four years.

Ms Doyle was Chair of the Australian Reward Investment Alliance (ARIA) until July 2009. Ms Doyle has had an extensive executive career in the funds management industry, particularly in the equities and fixed interest sectors, working with Commonwealth Funds Management, Suncorp Metway and Insurance Australia Group.

Mr Stephen Fitzgerald
Mr Fitzgerald was appointed on 3 April 2011 for a period of five years.

Mr Fitzgerald is Chairman of Goldman Sachs Australia and New Zealand and formerly Co-Chief Executive of Goldman Sachs & Partners Australia. He has had a long career with Goldman Sachs including senior roles in London, Tokyo and Hong Kong and has substantial experience in asset management in Australia and internationally.

Dr John Mulcahy
Dr Mulcahy was first appointed on 3 April 2006 for five years and reappointed for four years from 3 April 2011.

Dr Mulcahy has broad corporate experience and expertise in retail financial services. He was Chief Executive Officer and Managing Director of Suncorp and previously held a number of senior roles in the Commonwealth Bank including the role of Group Executive, Investment and Insurance Services. Prior to joining the Commonwealth Bank he was Chief Executive of Lend Lease Property Investment Services and Chief Executive of Civil and Civic.

Mr Brian Watson
Mr Watson was first appointed on 3 April 2006 and reappointed effective 3 April 2009 for three years.

Mr Watson has extensive experience in finance and investment management. Mr Watson spent 16 years with JP Morgan & Co in a number of senior roles, including Global Head of Equity Capital Markets and Global Head of Private Equity, both based in New York, and Chairman of JP Morgan Australia. Mr Watson has held various positions on Australian Government Boards including Chairman of the Pooled Development Funds Registration Boaord and Deputy Chairman of Innovation Australia. He was Chairman of the Government's Venture Capital Review conducted in 2005.