Greg Combet, a former Australian Labor Party government minister and current chair of the Australian government’s Net Zero Economy Agency, is set to replace Peter Costello as chair of the Future Fund, the country’s largest sovereign wealth fund, later this year.
Australian Treasurer Jim Chalmers announced on January 29 the appointment of Combet, who in July 2023 relinquished his role as chair of IFM Investors to inaugurate the Net Zero Economy Agency. Chalmers said Combet would “refresh and renew” the institution, which had A$206.1 billion ($135.67 billion) in assets as of June 30, 2023.
“Greg Combet is a person of extraordinary breadth and depth and character and experience,” Chalmers said. “He is the perfect appointment to take the Future Fund into the future.”
Costello, a former Australia treasurer, set up the Future Fund in 2006, served on its board from 2009 to 2014 and has served consecutive five-year terms as chair since February 2014.
The NZEA, which launched in July 2023, confirmed to CIO sister publication FS Sustainability that Combet will complete his 12-month appointment as its chair prior to taking up his role with the Future Fund.
Combet has been prominent in the superannuation industry. In 2018, he became chair of Industry Super Australia. He has also served as a trustee of AustralianSuper and of Superannuation Trust of Australia.
Former Macquarie Group chief executive Mary Reemst has been designated as the interim chair of the Future Fund, assuming the position on February 4. Reemst was appointed to the Future Fund Board of Guardians for a five-year term in October 2023.
The government also appointed Nicola Wakefield Evans and Rosemary Vilgan as part-time members of the Future Fund board, serving five-year terms in place of the outgoing John Fraser and John Poynton.
Costello received commendation from Chalmers for his foundational role in establishing the Future Fund and for his significant contributions during his leadership tenure. In October 2023, Costello notified the government of his intention to step down as chair of the Future Fund at the end of his term.
This article initially appeared in our sister publication, Financial Standard , which, like CIO, is owned by ISS STOXX.