Chair of the Future Fund and former federal treasurer, Peter Costello, has advised the federal government that he will not be seeking a third term as the Fund’s Chair.

Costello told the government of his decision a fortnight ago.

“We thank Mr Costello for his significant contribution as a board member and then Chair over the past 14 years. He leaves with the Government’s appreciation and respect,” said federal treasurer, Jim Chalmers.

When he was treasurer in the Howard government, Costello played a key role in establishing the Fund in 2006 and was first appointed to its board in December 2009. His first five-year term as Chair began in February 2014.

According to Chalmers, under Costello’s leadership the Fund’s portfolio has grown steadily and is today worth more than $200 billion, achieving an average annual return of 8.8% per annum during the 10 years.

Costello served as a member of the House of Representatives from 1990 to 2009 and was treasurer from March 1996 to December 2007.

He has also served as Chair of the G20 Central Bank Governors and Finance Ministers, the OECD Ministerial Council, the APEC Finance Ministers, and a Governor of the IMF, World Bank and Asian Development Bank.

A merit-based recruitment process will now begin to find and appoint a replacement Chair.

In related news, the federal government has appointed Mary Reemst to the Future Fund Board of Guardians for a five‑year term.

Reemst worked for the Macquarie Group for more than 20 years, with seven of those years spent as CEO and 11 years as the Global Head of Credit.

Reemst has also previously been a board member of the Australian Bankers’ Association, the Australian Financial Markets Association and the Financial Markets Foundation for Children.

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