David Gonski, one of Australia’s most high-profile businessmen, will be the next chairman of the $73 billion Future Fund.
Treasurer Wayne Swan on Tuesday confirmed Mr Gonski would take over the chairmanship of the fund’s board of guardians on April 3 for a five-year term.
Morgan Stanley Australia chief executive Steven Harker has also been appointed to the board for five years.
“These appointments will bring a unique combination of experience and strategic insight across business, corporate governance and investment markets, and will position the board well for the opportunities and challenges ahead,” Mr Swan said in a joint statement with Finance Minister Penny Wong.
Mr Gonski will replace the outspoken David Murray, who is due to step down in the coming weeks.
In making the announcement, Mr Swan praised Mr Gonski’s extensive experience in business, law, investment banking and corporate governance.
Mr Gonski is the chairman of ASX Group, Investec Bank, Coca-Cola Amatil and Ingeus Ltd.
He is also a director of Singapore Airlines and recently led a review of school education for the federal government.
Mr Gonski will step down from the board and chairmanship of the ASX Group by June 30. His Singapore Airlines position ends in July.
Mr Swan thanked Mr Murray for this service, saying he had set a high standard of governance and transparency.
Mr Harker is also a director of Australian Financial Markets Association.
He replaces Brian Watson on the board.
The Future Fund was established in 2006 to help the government meet the cost of public sector superannuation liabilities in the future.
Opposition finance spokesman Andrew Robb said he understood Mr Gonski had recommended to the government that former Liberal treasurer Peter Costello be appointed to the Future Fund chairmanship.
“It appears that petty politics has stood in the way of Mr Costello’s appointment,” Mr Robb said in a statement.
“This is no reflection on Mr Gonski who is a person of great substance and ability, and his appointment is welcomed.”
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