Despite there being no firm launch date for the mutualisation of $9 billion fund manager GESB, a seven-member board has been unveiled that includes the who's who of the corporate world.
Despite there being no firm launch date for the mutualisation of $9 billion fund manager GESB, a seven-member board has been unveiled that includes the who's who of the corporate world.
Chairman Wayne Osborn today revealed the fund manager's inaugural board, saying the experience of the seven members will provide a strong foundation.
On the board are former executive vice president of Woodside Keith Spence, former Alinta and HBF director Fiona Harris and Macquarie Bank director Peter Warne.
Board member of Macquarie ABN Amro Investments Australia Andre Morony is also on the GESB board, as is Verve deputy chairman Harvey Collins and current GESB chief executive and former BankWest chief financial officer Michele Dolin.
"The skills and experience of the directors underline the strength of the organisation and its ambitions under the new member-owned structure," Mr Osborn said.
"We look forward to continuing to deliver sound long-term returns, competitive fees and great service."
GESB Mutual was set for launch on July 1, which would have seen most funds from the former Government Employees Superannuation Board handed over to 290,000 members.
However then Treasurer Eric Ripper stopped the transaction at the 11th hour with no concrete explanation yet given.
Under the previous government, GESB Mutual was set for launch sometime in November, however may change now that the Liberal Party has been elected.
Below is the full announcement:
The Chair of GESB Mutual Ltd, Wayne Osborn, is pleased to announce the appointment of its inaugural Board.
The new seven member board brings a wealth of commercial and financial services experience to GESB as the organisation undergoes its planned transition to a mutual.
GESB Mutual will be a new member-owned organisation open to all Western Australians and will be the largest wealth management fund headquartered in WA, with over 290,000 members.
The new Directors are:
Peter Warne (Director of Macquarie Bank, ASX Ltd and Sydney Futures Exchange Ltd);
Keith Spence (Non-executive director Clough and Geodynamics and former executive vice president of Woodside Energy);
Andre Morony (Board member of Macquarie Private Capital Group and ABN AMRO Investments Australia; former chief economist and chief investment officer at BT Group; former chief investment officer of ARIA);
Fiona Harris (Former Board member of HBF and Alinta, former chair of GESB);
Harvey Collins (Non-executive director of Navitas Ltd and HBF, deputy chairman of Verve and GESB director)
Managing director Michele Dolin - current GESB chief executive officer and former general manager and chief financial officer with Bankwest.
"The calibre and experience of our Board is in line with our leading market position and will provide a strong foundation for the future," Mr Osborn said.
"The skills and experience of the directors underline the strength of the organisation and its ambitions under the new member-owned structure.
"We look forward to continuing to deliver sound long-term returns, competitive fees and great service.
"I am very much looking forward to working with my fellow directors of GESB Mutual Ltd and believe their financial and commercial credentials will assist us and our members to make the most of our opportunities that lie ahead."
GESB is currently working with State Treasury to finalise the transition to GESB Mutual.
The appointments are effective from transition date.
