Former federal treasurer Peter Costello has been named chairman of the Future Fund, while Perth business leader John Poynton has been appointed as a member of the board.
Mr Costello was responsible for establishing the Future Fund in 2006 in the final term of the Howard government.
The fund is designed to deliver investment returns on budget surplus contributions, with the aim of helping to meet the costs of public sector superannuation liabilities.
Future Fund assets currently stand at more than $96.5 billion.
Mr Costello, who had been acting chairman since the departure of David Gonski last month, served as treasurer in the Howard government for 11 years.
Meanwhile, Mr Poynton will serve a five-year term as one of six members of the fund's board of guardians.
The Azure Capital chair and Crown Perth director previously served as a director of the Export Finance Insurance Corporation, a member of the Higher Education Endowment Fund and a member of the Reserve Bank of Australia's payment systems board.
"Mr Poynton is an outstanding professional with very high standing in his field of expertise," Treasurer Joe Hockey said.
"He will make a valuable contribution to the Future Fund board."