Register  
Future Fund chair back for a year, two new board members
Wednesday, 23 March 2011 1:05pm

Future Fund chairman David Murray has signed on for a further 12 months at the sovereign wealth fund amid controversy over an alleged board split, it was announced yesterday.

Treasurer Wayne Swan re-appointed Murray for a further year, saying in a press release that the chairman did not want another full five-year term for personal reasons.

It was reported in the mainstream media that fellow board member Trevor Rowe had been fighting Murray's reappointment.

Trevor Rowe is to leave the board early next month after his current term concludes, the Federal Government said in its statement.

Murray had often polarised opinion and had been an outspoken advocate of shareholder democracy, at one time insisting on changes to Telstra's board.

Shadow Treasurer Joe Hockey said the Federal Government should have re-appointed Murray for a full five-year term or looked for someone else.

Wayne Swan's office did not comment other than to refer to the press release.

Shadow Assistant Treasurer Senator Mathias Cormann weighed in saying the Government decision was the worst of both worlds.

"It's indecisive. The Future Fund is very important with billions in taxpayer's dollars. There ought to be long-term certainty," he said.

In new appointments to the Future Fund's management, Goldman Sachs Australia managing director Stephen Fitzgerald will join Contango Asset Management investment services director Carol Austin on the board.

The pair will replace Trevor Rowe and Jeffrey Browne from early next month.

David Murray said both men had made important contributions to the fund, thanked them for their work and welcomed the new members.

"With these appointments, for the first time since its inception, the Board has a spread of Board member terms that achieves a suitable balance between continuity and renewal," he said.

The Government also reappointed board member John Mulcahy for a further four years.

The Future Fund reports that it has $71.7 billion in funds under management. Including the Education Investment Fund, Building Australia Fund and Health and Hospitals Fund assets, it manages more than $90 billion in taxpayer funds.

Blogs
Follow the industry experts.
Christopher Page
Christopher Page
Managing Director

The age of SMSFs
The growth of the number and volume of self-managed super funds (SMSFs) seems to have no end. As the sector reaches the one million ...read more
 
Benjamin Ong
Benjamin Ong
Chief Economist

Reflation, rotation and the taper
'Tis being my final type (drivel, to some gentle readers) for the year, we'll take a look back at the 2013 that was to seek the lessons ... read more
 
Alex Dunnin
Alex Dunnin
Director of Research & Editorial Services

BRUMBIE: Walk quietly but carry a big stick
It's now a few weeks since Financial System Inquiry (FSI) chief David Murray handed down his interim report and already sectional advance ... read more
News Search   
VideoBrought to you by
Platinum Asset Management
Reflecting on more than three decades in the industry, Platinum Asset Management managing director Kerr Neilson says one of the changes in the industry has the been the erosion of the information advantage ... Watch video
MAX 2014 Highlights
The annual MAX forum places all the movers and shakers in financial services when it comes to sales, marketing and distribution. Find out the recipe of those who are taking the lead. Watch the video n ... Watch video
AMP Capital Australian Equity Concentrated Fund
We invite you to watch our latest video program on FSiTV featuring AMP Capital's Co-Head of Australian Fundamental Equities Gian Pandit, as interviewed by Mark Smith, deputy editor of Financial Standard. In ... Watch video
Who wants to be a RockStar 2014 Highlights
Count's Chris Mekhail was crowned 2014 Rockstar this year for his soaring rendition of Swedish House Mafia hit 'Don't You Worry Child' at the annual Who wants to be a RockStar event organised by the Finance ... Watch video
Get it
Daily
FREE to your inbox, get the Financial Standard Daily Email.
Get the Free
iPad app
Download the Financial Standard iPad app for FREE
Industry
Events
SEP
02
SEP
10
Risk and Liquidity Forum
11
Liability Driven Investing Forum
OCT
07
Major Market Players Symposium
15
Investment Performance Measurement, Attribution & Risk Management
20
Family Office Forum
News
Bites
Advertisement

$245 (inc GST) for 1 year
 
 
Copyright © 1992-2014 Rainmaker Group
All material on this site is subject to copyright. All rights reserved. No part of this material may be reproduced, translated, transmitted, framed or stored in a retrieval system for public or private use without the written permission of the publisher.
Link to something HMizPv3H