Future Generation Australia (ASX: FGX) is delighted to announce that Dr Philip Lowe, Governor of the Reserve Bank of Australia (RBA) from 2016 to 2023, has joined the company’s Board of Directors as an independent director, effective today, and will become its new Chair following the company’s Annual General Meeting in May 2024.
Dr Lowe will assume the role from former NSW Premier Mike Baird AO, who will remain on the Future Generation Australia Board as an independent director. It is Dr Lowe’s first board appointment since leaving the RBA.
Future Generation Australia, founded in 2014, is Australia’s first listed investment company to provide both investment returns for shareholders and vital investment in Australian not-for-profits, by harnessing the generosity of the finance community. To date, Future Generation Australia and its sister company Future Generation Global (ASX: FGG) have together invested $75.8 million in their social impact partners and other not-for-profits with a focus on children and youth at risk and youth mental health.
Dr Lowe said: “I think the Future Generation model is brilliant. I’ve always strived to be associated with organisations that enhance the welfare of Australians, so it’s a privilege to work with Future Generation Australia’s shareholders and pro bono fund managers to support our most vulnerable youth.”
Mr Baird said: “Phil is one of the finest financial leaders in the country and has demonstrated great integrity throughout his 43 years at the RBA. I am delighted to be working alongside him as a director and believe he will continue to make a huge contribution to Australia – as Future Generation Australia’s Chair and beyond.”
Geoff Wilson AO, Founder and Director of the Future Generation companies, said: “We are excited to work with Phil, who brings a deep understanding of financial markets coupled with a focus on providing both economic and social dividends to the community. His leadership, experience and intellect will add to the Board to help young Australians while delivering returns for shareholders.
“I’d also like to thank Mike for his outstanding leadership of Future Generation Australia for almost two years. Under him, our social investment in youth at risk has grown to $37.8 million and we have continued to deliver on our mission to provide both social and investment returns for our shareholders.”
Caroline Gurney, CEO of Future Generation, said: “Phil had a front-row seat for the Hawke-Keating reforms, the Global Financial Crisis and the economic policy response to Covid-19 – he’s seen it all. To have him bring that level of experience to the Future Generation Australia Board will be invaluable for our shareholders and fund managers. It says a lot about Phil that he – like all our directors – has agreed to waive all usual director fees, so that we can maximise our social investment without compromising shareholder returns.”
Read the media coverage in The Australian Financial Review, The Australian, Channel 9 News, Money Management and Capital Brief.
