David Gonski, said by many to be the best-connected man in corporate Australia, will become chairman of the $73 billion Future Fund next month. Founded in 2006 to meet public sector superannuation liabilities, the fund has averaged 4.2 per cent returns per annum.
The 58-year-old Gonski will assume the role at the Melbourne-based fund on April 3 when David Murray, the former chief executive of Commonwealth Bank of Australia, steps down, says an Australian Government statement.
Steve Harker, the head of Morgan Stanley’s Australian operations, will also join the Future Fund board on April 3.
The 56-year-old Harker replaces Brian Watson, who was global head of equity capital market and private equity at JPMorgan.
Both appointments are for five-year periods. There are seven Future Fund board members who are known as guardians.
A lawyer by training, Gonski has served as adviser to Kerry Packer and the Government, recently chairing a body that examined Australian education.
Gonski will resign from the board of the ASX Group on June 30 and as a director of Singapore Airlines in July. He is the chancellor of the University of New South Wales.
The Future Fund was established in 2006 to help the government meet the public sector superannuation liabilities. The boarmanages about $90 billion in financial assets of the Future Fund and other nation-building funds.
The Furtue Fund has averaged returns of 4.2 per cent a year.