Peter Costello Is Replacing David Gonski As Acting Chairman Of The Future Fund

Howard Government Treasurer Peter Costello will return to the Future Fund as acting chairman following David Gonski’s decision to step down today.

Gonski is relinquishing his role at the Future Fund to avoid any potential conflicts of interest as he joins the ANZ Group’s Board of Directors in February and assumes the ANZ chair in May.

The AFR reports that Costello will start as acting chair on January 11 “for a period of 3 months or until a permanent chairman is appointed … early in the new year”.

Costello founded the Australian Government Future Fund in 2006 to eventually fully fund future superannuation payments of public servants.

The fund originally had $18 billion in seed capital from government surpluses and the sale of Telstra shares. It was chaired by former Commonwealth Bank CEO David Murray until Gonski’s appointment in April 2012 and reported $91.71 billion in assets as of September.

“It has been a privilege and honour to serve on the Future Fund,” Gonski said this morning. “I appreciate the support of the two Ministers of Finance under whom I have served and that of my fellow Guardians.

“I admire the commitment and dedication of management, entrusted with the responsibility to develop and effectively grow this significant strategic investment organisation which benefits Australia.”

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