Paul Costello has been appointed as a employer representative director of the Qantas Super Board.

He will join four other employer nominated directors all of whom are appointed for an indefinite period of time, subject to a formal performance assessment process every year.

He joins following General Sir Peter Cosgrove’s departure in January, which led to “a thorough external search” and a “rigorous selection process”, according to a spokesperson for the fund.

Anne Ward, chairman of Qantas Super, said she was delighted to have the former managing director of the Future Fund and the CEO of the New Zealand Superannuation Fund join the board. She listed Costello’s attributes as his experience in investments, governance, operations and superannuation policy.

He is currently a non-executive director of AIA Australia Pty and a member of the RBA Payment System Board. Until recently, he was chairman of the Blackstone Group in Australia and New Zealand.

General Sir Peter Cosgrove, who stepped down from both the Qantas Board and the Qantas Super Board to become Australia’s Governor-General, was chair of the member services committee at Qantas Super, a role which oversaw new products, administration and communications.

The Qantas Super board is scheduled to meet six times a year, but met on 13 occasions in 2012-13 to consider new regulation. It has 10 trustees, five of whom are employee nominated and serve limited terms.

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