Australia Government Appoints Australia Ex-Minister Greg Combet as New Chair of $177 Billion Sovereign Wealth Fund Future Fund, Fund Future Reported +8% in 2023 & +8.2% Average Yearly Return in the Last 10 Years, Greg Combet was Australia Ex-Minister for Industry & Innovation & Ex-Minister of Climate Change & Energy Efficiency
10th February 2024 | Hong Kong
The Australia government has appointed Australia former minister Greg Combet as the new Chair of Australia $177 billion sovereign wealth fund Future Fund, which reported +8% in 2023 and +8.2% average yearly return in the last 10 years. Greg Combet was Australia ex-Minister for Industry & Innovation & ex-Minister of Climate Change & Energy Efficiency. Announcement: “Mr Combet is currently Chair of the Net Zero Economy Agency (NZEA) and will continue in this important role over the coming months, with the expectation that he will start as Chair of the Future Fund around mid‑year. The Government will work with the NZEA on the recruitment of a new Chair. In the interim, the Government has appointed Ms Mary Reemst as Acting Chair of the Future Fund. Ms Reemst has a wealth of executive experience and will commence her role as Acting Chair on 4 February 2024, until Mr Combet commences. The Government has appointed Ms Nicola Wakefield Evans AM and Ms Rosemary Vilgan as part‑time members of the Board for five‑year terms. Ms Wakefield Evans has extensive experience in capital markets, corporate finance, the energy sector and corporate law. She was a Partner for over 20 years at King & Wood Mallesons and has over 12 years’ experience in non‑executive director roles, including at Macquarie, Lendlease, Viva Energy, Metlife Australia and the Clean Energy Finance Corporation. Ms Wakefield Evans is also the Chair of 30 per cent Club Australia, an organisation that supports increasing gender balance on boards and at senior management levels. Ms Wakefield Evans will commence on the Board on 1 March 2024. Ms Vilgan has a strong background in investment and a broad range of experience in executive and non‑executive roles. She is currently the Chair of Commonwealth Bank Officers Superannuation Corporation and the Vincent Fairfax Family Foundation and a member of the Queensland Treasury Corporation Capital Markets Board. Ms Vilgan was previously the CEO of QSuper Group and was the 2013 Telstra Australian Business woman of the Year. She has been a board member across a diverse range of organisations including New Zealand’s sovereign wealth fund and was awarded an honorary doctorate for her services as a Council member and Deputy Chancellor of Queensland University of Technology. Ms Vilgan will commence on the Board on 4 February 2024. These two new member appointments will increase the representation of women on the Future Fund and continue the Government’s strong track record of appointing women to senior roles in Australia’s most important economic and financial institutions. The appointments will help refresh and renew the Fund and help maintain the high level of skills and experience on the Board. The Government pays tribute to Peter Costello for his role in establishing the Future Fund and his leadership and contribution to the board over the past 14 years. We would also like to thank outgoing Board members John Poynton and John Fraser for their contribution to the success of the Fund.”
“ Australia Government Appoints Australia Ex-Minister Greg Combet as New Chair of $177 Billion Sovereign Wealth Fund Future Fund, Fund Future Reported +8% in 2023 & +8.2% Average Yearly Return in the Last 10 Years, Greg Combet was Australia Ex-Minister for Industry & Innovation & Ex-Minister of Climate Change & Energy Efficiency “
Australia Government Appoints Australia Ex-Minister Greg Combet as New Chair of $177 Billion Sovereign Wealth Fund Future Fund, Fund Future Reported +8% in 2023 & +8.2% Average Yearly Return in the Last 10 Years, Greg Combet was Australia Ex-Minister for Industry & Innovation & Ex-Minister of Climate Change & Energy Efficiency
29th January 2024 – The Albanese Government has appointed the Hon Greg Combet AM as Chair of the Future Fund Board of Guardians for a five‑year term. Mr Combet has a distinguished career and extensive experience in investment and superannuation, government and the climate and energy transformation. His appointment will bring deep, diverse experience and fresh leadership to the Future Fund.
Mr Combet has served as Chair of IFM Investors, a Trustee of AustralianSuper and Superannuation Trust of Australia and has extensive experience as a non‑executive director in the financial sector. He was formerly a Federal Minister including Minister for Climate Change and Energy Efficiency and served on the Executive Board of the National COVID‑19 Coordination Commission (NCCC) under the previous Coalition Government.
Mr Combet is currently Chair of the Net Zero Economy Agency (NZEA) and will continue in this important role over the coming months, with the expectation that he will start as Chair of the Future Fund around mid‑year. The Government will work with the NZEA on the recruitment of a new Chair.
In the interim, the Government has appointed Ms Mary Reemst as Acting Chair of the Future Fund. Ms Reemst has a wealth of executive experience and will commence her role as Acting Chair on 4 February 2024, until Mr Combet commences. The Government has appointed Ms Nicola Wakefield Evans AM and Ms Rosemary Vilgan as part‑time members of the Board for five‑year terms. Ms Wakefield Evans has extensive experience in capital markets, corporate finance, the energy sector and corporate law. She was a Partner for over 20 years at King & Wood Mallesons and has over 12 years’ experience in non‑executive director roles, including at Macquarie, Lendlease, Viva Energy, Metlife Australia and the Clean Energy Finance Corporation. Ms Wakefield Evans is also the Chair of 30 per cent Club Australia, an organisation that supports increasing gender balance on boards and at senior management levels. Ms Wakefield Evans will commence on the Board on 1 March 2024. Ms Vilgan has a strong background in investment and a broad range of experience in executive and non‑executive roles. She is currently the Chair of Commonwealth Bank Officers Superannuation Corporation and the Vincent Fairfax Family Foundation and a member of the Queensland Treasury Corporation Capital Markets Board. Ms Vilgan was previously the CEO of QSuper Group and was the 2013 Telstra Australian Business woman of the Year.
She has been a board member across a diverse range of organisations including New Zealand’s sovereign wealth fund and was awarded an honorary doctorate for her services as a Council member and Deputy Chancellor of Queensland University of Technology. Ms Vilgan will commence on the Board on 4 February 2024.
These two new member appointments will increase the representation of women on the Future Fund and continue the Government’s strong track record of appointing women to senior roles in Australia’s most important economic and financial institutions.
The appointments will help refresh and renew the Fund and help maintain the high level of skills and experience on the Board.
The Government pays tribute to Peter Costello for his role in establishing the Future Fund and his leadership and contribution to the board over the past 14 years. We would also like to thank outgoing Board members John Poynton and John Fraser for their contribution to the success of the Fund.
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