Future Fund | Board of Guardians

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Board of Guardians

The Board of Guardians is responsible for deciding how to invest the assets of each fund.

The Board consists of a Chair and six other members. Members are appointed by the responsible Ministers, in accordance with legislation, and selected for their expertise in investing in financial assets, managing investments and corporate governance.

Board members are appointed on a part time basis for a term of up to five years and are eligible to be reappointed.

Hon Peter Costello AC (Chairman)

Mr Costello was first appointed to the Board with effect from 18 December 2009. Mr Costello was appointed acting Chairman on 11 January 2014 and Chairman with effect from 4 February 2014 for a five-year term. He was reappointed as Chairman for another five-year term with effect from 4 February 2019.

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 has been Chair of the G20 Central Bank Governors and Finance Ministers, the OECD Ministerial Council, the APEC Finance Ministers, and a Governor of the IMF, World Bank and Asian Development Bank.
He has served as Chairman of the Independent Advisory Board to the World Bank. Mr Costello is the Chairman of Nine Entertainment Co. Mr Costello was appointed a Companion of the Order of Australia in 2011 for eminent service to the Parliament of Australia through the development of landmark economic policy reforms.

Ms Carolyn Kay

Ms Kay was appointed with effect from 14 April 2015 for a five-year term. She was re-appointed for a further three-year term with effect from 14 April 2020.

Ms Kay has more than 30 years’ experience in the finance sector both in executive and nonexecutive roles. As an executive Ms Kay worked as a banker and as a lawyer at Morgan Stanley, JP Morgan and Linklaters & Paines in London, New York and Australia. She has served as a non-executive director of enterprises across a broad range of industries. Ms Kay is currently a Director of Scentre Group and Myer Family Investments and in the not-for-profit sector, the General Sir John Monash Scholarship Foundation and Sydney Grammar School. Most recently Ms Kay served on the Panel of the Commonwealth Government’s Retirement Income Review. She was awarded a Centenary Medal for services to business.

Mr John Poynton AO

Mr Poynton was appointed with effect from 4 February 2014 for a five-year term. He was re-appointed for another five-year term with effect from 4 February 2019.

Mr Poynton is Chairman of Poynton Stavrianou, Strike Energy Limited and Crown Perth. He is Deputy Chair of Sapien Cyber Limited and a Director of Crown Resorts Limited. He has previously served on the boards of a number of ASX listed companies, Federal Government boards, education institutions and not-for-profit enterprises. Mr Poynton was appointed an Officer of the Order of Australia for services to the community and business and is a past recipient of a Western Australian Citizen of the Year award in the Industry and Commerce category. From 2014 to 2018, Mr Poynton was Chair of Giving West and Chair of the Council of Christ Church Grammar School. He holds a Bachelor of Commerce and an honourary Doctor of Commerce from the University of Western Australia.

Dr Jane Wilson

Dr Wilson was appointed with effect from 14 April 2015 for a five-year term. She was re-appointed for a further one-year term with effect from 14 April 2020.

Dr Wilson has had a distinguished career as an independent Director with a background in finance, banking and medicine. Dr Wilson is a Non-Executive Director of Transurban, Costa Group Holdings and an independent Director of Sonic Healthcare Ltd. She is also Co-Chair of the Australian Government Advisory Board on Technology and Healthcare Competitiveness. Dr Wilson was Deputy Chancellor of the University of Queensland and has previously served on boards of ASX-listed companies, Government owned Corporations and not-for-profit companies. Dr Wilson was awarded the 2016 Australian Institute of Company Directors Queensland Gold Medal Award for contribution to business and the wider community. She holds a Bachelor of Medicine and an Honorary Doctor of Business from the University of Queensland and an MBA from the Harvard Business School.

Ms Erin Flaherty

Ms Flaherty was appointed with effect from 3 April 2016 for a five-year term.

Ms Flaherty has extensive experience in corporate governance, finance, infrastructure and law, including most recently as an Executive Director at Infrastructure NSW and Deputy Chief Executive Officer at Reliance Rail. Ms Flaherty was also an inaugural member of the Sydney Metro Authority, the independent body established to oversee the Sydney
Metro rail project. Her current appointments include Chair of Moorebank Intermodal Company, Non-Executive Director of Primewest Group Limited and Non-Executive Director of the Police & Citizens Youth Clubs NSW, the Australian Chamber Orchestra and a Trustee of the Sydney Cricket & Sports Grounds Trust. Ms Flaherty is also National Chair, Professional Scholarship Selection Committee for the Australian-American Fulbright Commission. She holds a Bachelor of Arts (Politics) and a Bachelor of Jurisprudence and Law from the University of Western Australia and a Masters of Law from Sydney University.

Mr Michael Wachtel

Mr Wachtel was appointed with effect from 3 April 2016 for a five-year term.

Mr Wachtel’s primary business experience is global in nature and predominantly in the area of large complex international business. Through various leadership roles in the professional services industry he has extensive experience in organisational leadership, finance, risk management and governance, including as a former Chair (Asia Pacific & Oceania) of Ernst & Young (EY) and a member of the EY Global Governance Council & Global Risk Executive Committee. He is a Non-Executive Director of SEEK, Pact Group Holdings Limited and the St Vincent’s Medical Research Institute and a past President of the International Fiscal Association (IFA Australia). He holds Bachelors of Commerce and Law from the University of Cape Town and a Masters of Law from The London School of Economics.

Mr John Fraser

Mr Fraser was appointed with effect from 12 November 2018 for a five-year term.

Mr Fraser has more than 40 years’ experience in leadership roles in economics, public policy, capital markets and asset management in Australia and overseas. Mr Fraser is a Non-Executive Director of Judo Bank. He was Secretary to the Australian Treasury from 2015 to July 2018, serving as a member of the Board of the Reserve Bank of Australia, a member of the Australian Council of Financial Regulators and Chair of the G20 Global Infrastructure Hub. Prior to this, Mr Fraser was Chairman and CEO of UBS Global Asset Management based in London, a member of the UBS Group Executive Board and Chairman of UBS Saudi Arabia. He has also served as a Director of AMP Limited and the Australian Stock Exchange and as Chairman of Victorian Funds Management Corporation. Prior to 1993, Mr Fraser held a number of senior positions with the Treasury over 20 years, including postings at the International Monetary Fund and the Australian Embassy in the United States. In 2001 he received a Centenary medal for service to Australian society through business and economics.