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Greg Combet, a former Australian Labor government minister and current head of the Australian Government’s Net Zero Economy Authority, will replace the chair of the country’s largest sovereign wealth fund, the Future Fund, later this year.
Australian Finance Minister Jim Chalmers announced Mr Combet’s appointment on 29 January. Mr. Combet resigned as Chairman of IFM Investors in July 2023 to launch the Net Zero Economy Agency. Chalmers said Combet would “refresh and renew” the agency, which had assets of A$206.1 billion ($135.67 billion) as of June 30, 2023.
“Greg Combet is a man of extraordinary breadth, depth, character and experience,” Chalmers said. “He is the perfect appointee to lead the Future Fund into the future.”
Mr Costello, a former Australian treasurer, founded the Future Fund in 2006 and served on its board from 2009 to 2014, serving as chair for five consecutive years from February 2014.
The NZEA, which launched in July 2023, told CIO’s sister publication FS Sustainability that Mr Combet will complete a 12-month appointment as chair before taking up his role at the Future Fund. acknowledged.
Combet is a standout in the superannuation industry. In 2018, he became Chairman of Industry Super Australia. He also served as a trustee of AustralianSuper and the Superannuation Trust of Australia.
Former Macquarie Group chief executive Mary Riemst has been appointed interim chair of the Future Fund, taking up the role on 4 February. Mr. Riemst was appointed to the Future Fund Guardian Board in October 2023 for a five-year term.
The Government has also appointed Nicola Wakefield-Evans and Rosemary Virgun as non-executive members of the Future Fund Board for a five-year term, replacing outgoing John Fraser and John Poynton. Ta.
Costello was recognized by Mr. Chalmers for his foundational role in establishing the Future Fund and for his significant contributions during his tenure as leader. In October 2023, Mr Costello notified the Government of his intention to step down as Chair of the Future Fund at the end of his term.
This article was originally published in our sister publication FS Sustainability. FS Sustainability is owned by ISS STOXX, as is CIO.
Tags: Australian Future Fund, Greg Combet, Peter Costello
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