The $13 billion HESTA industry fund has hired the former company secretary of the Australian Wheat Board as an investment analyst, overseeing the fund’s implementation of the United Nations Principles for Responsible Investment.
Dr Richard Fuller was hired earlier this year by HESTA as the fourth member of the super fund’s investment team. Fuller resigned from his position as AWB’s company secretary in April 2006 after giving evidence at the Cole Inquiry. The Cole Inquiry was the Royal Commission set up by the Australian Federal Government in November 2005 to investigate Australian companies involved in illegal transactions to Iraq outside the UN Oil-For-Food Program. While he was investigated and named in the final report of the inquiry in November 2006, “Report of the Oil-for-Food Inquiry”, for possibly contravening sections 180, 181, 1307 and 1309 of the Corporations Act 2001, ultimately Cole made “no adverse findings against Dr Fuller”. HESTA chief investment officer Robert Fowler declined to comment on Fuller’s appointment, which took effect six months ago.
Future Fund chief investment officer Ben Samild said that FY24 has been a great year for alpha creation, thanks to strong returns in equities and, unusually, across multiple hedge fund strategies all at the same time. He reflected the past few years have been “a difficult time to be an asset owner and to generate positive returns for risk assets” but the Future Fund is tracking well of its long-term mandate.
Simon Hoyle and Darcy SongSeptember 4, 2024
