Greg Combet will leave the Net Zero Economy Agency to take on the role of chair of the Future Fund Board from mid-2024. Photo: Wikicommons.
Former Labor Minister Greg Combet has been appointed chair of the Future Fund Board of Guardians, effective mid-2024.
The announcement by Treasurer Jim Chalmers and Minister for Finance Senator Katy Gallagher sees Mr Combet appointed for five years. Mr Combet is currently chair of the Net Zero Economy Agency (NZEA) – a position he only took on in mid-2023 and is expected to leave when he assumes the new role.
Mary Reemst will serve as acting chair from 5 February until Mr Combet takes over.
Mr Combet was the secretary of the Australian Council for Trade Unions (ACTU) from 2000 to 2007. From 2007 to 2013 as the Federal Member for Charlton in the Hunter region of NSW, Mr Combet served as Minister for Defence Industry and Minister for Climate Change, Industry and Innovation in the Rudd and Gillard Governments, before leaving politics at the 2013 election.
Since then, he has served as chair of IFM Investors, a trustee of AustralianSuper and the Superannuation Trust of Australia, and in non‑executive director roles in the financial sector. He also served on the executive board of the National COVID‑19 Coordination Commission (NCCC) under the previous Coalition Government.
The government also announced the appointments of Nicola Wakefield Evans and Rosemary Vilgan as part‑time members of the board for five‑year terms.
Ms Wakefield Evans has experience in capital markets, corporate finance, the energy sector and corporate law. She was a partner for over 20 years at King & Wood Mallesons. She 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 Vilgan has a background in investment in executive and non‑executive roles. She is currently the chair of the Commonwealth Bank Officers Superannuation Corporation and the Vincent Fairfax Family Foundation, and is 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 Businesswoman of the Year.
The government acknowledged former Liberal Treasurer Peter Costello for establishing the Future Fund and for his leadership and contribution to the board over the past 14 years, as well as the contributions of outgoing board members John Poynton and John Fraser.
Mr Chalmers said Greg Combet is a person of extraordinary breadth and depth, character and experience, and is the perfect appointment to lead the Future Fund.
“We are very pleased, Katy Gallagher and I, to make this appointment today after it went through the Cabinet last week. What we’ve been able to do here is ensure that we can renew and refresh a really important economic institution with an appointment of this calibre,” he said.
“Greg will bring deep, diverse experience and fresh leadership to the Future Fund.”
He said that Mr Combet, Ms Wakefield Evans and Ms Vilgan were important appointments.
“The Finance Minister and I have put a lot of thought, a lot of time, a lot of consultation into these appointments to get the optimal blend of skills and experience and to also ensure that we’ve got the best kind of fresh leadership that can help modernise the Future Fund for the future,” he said.
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