Ex-Macquarie banker appointed to Future Fund
Former Macquarie banker Mary Reemst has been appointed by the federal government to the Future Fund board to oversee more than $250 billion of investments, making her one of a handful of potential contenders to succeed Peter Costello as chairman.
Ms Reemst worked for Macquarie Group for more than 20 years until 2021, including as its global head of credit and chief executive of its licensed banking subsidiary, Macquarie Bank. She also has extensive philanthropy and charity experience.
Mary Reemst has been appointed to the Future Fund board of guardians. James Alcock
Treasurer Jim Chalmers and Finance Minister Katy Gallagher announced her appointment to Australia’s sovereign wealth fund board for a term of five years on Thursday.
The seven-member Future Fund board of guardians is due to have a new chairman named before Mr Costello’s term expires in February next year.
Mr Costello, who was treasurer for 11 years and founder of the fund, was originally appointed to the board in 2009 by Labor prime minister Kevin Rudd and has been chairman since 2014.
It is understood he is not seeking reappointment as chairman. Mr Costello is also chairman of Nine, publisher of The Australian Financial Review.
The government is considering existing board members and outsiders as potential replacements as Future Fund chairman.
Future Fund chairman Peter Costello is due to step down in February. Natalie Boog
Current board member Patricia Cross, a former Commonwealth Superannuation Corporation chairwoman and former National Australia Bank director, had been considered the leading internal candidate.
Ms Reemst’s addition provides another option to the government.
The five-year term of former Treasury secretary and former UBS Global Asset
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