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New board director at AFIC

The $9 billion LIC has added a former KPMG executive to its board.

Australian Foundation Investment Company has appointed Julie Fahey as a non-executive director effective April 22.

Fahey spent 10 years at KPMG as a partner, during which her roles included national lead partner telecommunications, media and technology, and national managing partner for markets.

She has 30 years of experience in technology including at Western Mining, Exxon, Roy Morgan, General Motors and SAP.

She is currently a non-executive director at Seek, IRESS, Vocus, Datacom and CenlTex.

AFIC has been running since 1928 and at March end had assets of $6.3 billion and market cap of $8.3 billion.

It invests in S&P/ASX 200 Accumulation Index companies for a 13bps per year fees.

At March end, it had a $110 million shareholding in Seek.

AFIC's five biggest holdings include Commonwealth Bank of Australia ($680.2 million), BHP ($607.6 million), CSL ($578.3 million), Wesfarmers ($288.3 million), Westpac ($379.5 million).

Its 10-year return is 9.6% p.a. to benchmark's 9.5% including franking.

Read more: AFICJulie Fahey