The Board is supported by the Future Fund Management Agency. Employed under the Public Service Act 1999, the Agency comprises professionals from a range of sectors including finance, investment, legal and corporate services, who are responsible for making recommendations to the Board on the most appropriate investment strategy for each fund, and for the implementation of these strategies.

The Chair of the Board is the Accountable Authority for the Agency, although operational management has been delegated to the Chief Executive Officer. In 2018-19 the Chair of the Board and the Accountable Authority for the Agency was Hon Peter Costello AC.

The Agency’s Management Committee, led by the Chief Executive Officer, is accountable for the operations of the Agency. At 30 June 2019 the Management Committee comprised the Chief Executive Officer, General Counsel and Chief Risk Officer, Chief Culture Officer, Chief Operating Officer, Chief Financial Officer, Chief Investment Officer, and Chief Technology Officer.

Mr David Neal, Chief Executive Officer

Mr Neal joined the Future Fund in 2007 as the organisation’s first Chief Investment Officer where he established the Fund’s investment team and built and designed the Fund’s investment model, including its distinctive ‘one team’ investment approach.

Mr Neal was appointed as Chief Executive Officer of the Future Fund Management Agency in 2014 and is responsible for the leadership and strategic direction of the Agency and supporting the Future Fund Board of Guardians.

Prior to joining the Future Fund, Mr Neal spent 15 years with Willis Towers Watson where he started his career in the United Kingdom. He went on to establish and lead the firm’s investment consulting business in Australia, building it into one of the leading investment consulting businesses in the country. As Head of Investment Consulting at Willis Towers Watson Australia Mr Neal led the team providing advisory services to the Future Fund when it was first established in 2006.

Mr Neal is a Director of Perth Airport, a member of the MSCI Advisory Council, and a member of the ASIC External Advisory Committee. He holds a Master of Arts (Hons) in Electronic and Structural Materials Engineering from St Edmund Hall, Oxford University.

Dr Raphael Arndt, Chief Investment Officer

Dr Arndt has held the role of Chief Investment Officer since 1 September 2014. In March 2018 Dr Arndt took on a number of responsibilities previously held by the Chief Investment Strategist. Prior to his appointment as Chief Investment Officer, Dr Arndt had been Head of Infrastructure and Timberland since 2008.

Dr Arndt is Chair of the Investment Committee and a Board Member of the Melbourne Lord Mayor’s Charitable Foundation. He has previously been an Investment Director with Hastings Funds Management and has also held infrastructure policy positions with both the private sector and the Victorian Department of Treasury and Finance. Dr Arndt started his career as an engineer working with Ove Arup & Partners.

Mr Richard Large, Chief Technology Officer

Mr Large joined the Future Fund in 2019. He was formerly Global Head of Business Systems at Aberdeen Asset Management for 15 years and has over 25 years of experience in the Investment Management industry. Mr Large has implemented investment capabilities to support portfolio management for a wide range of asset types including Equities, Fixed Income, Multi-Asset, Quants, Private Equity, Fund of Funds and Property. He previously held senior technology and operations roles at Prudential Portfolio Managers and M&G Investments.

Mr Paul Mann, Chief Financial Officer

Mr Mann commenced his role as Chief Financial Officer in 2007. He served as acting Managing Director between 1 March and 4 August 2014. He is a CFA Charterholder and a Chartered Accountant with an extensive audit background in financial services gained at PricewaterhouseCoopers in Australia and the United Kingdom. He also has five years’ experience in the provision of fund accounting and tax reporting services to investment clients gained at National Custodian Services in Melbourne.

Mr Gordon McKellar, Chief Operating Officer

Mr McKellar joined the Future Fund in 2007. He has over 30 years’ of operational experience in funds management and asset servicing. He was previously Head of Operations at BNP Paribas Securities Services and prior to this held a number of operational and client management roles with Deutsche Bank and Bankers Trust in Edinburgh, New York and Sydney.

Ms Elizabeth McPherson, Chief Culture Officer

Ms McPherson joined the Future Fund in 2010 and has held the position of Chief Culture Officer since 2014. In 2016 Ms McPherson’s responsibilities of people, culture and communication were expanded to include strategic project management and in March 2018 change management and planning was added to create a business unit focused on organisational development.

Ms McPherson has a Masters in Leadership, Postgraduate qualifications in Change Management and in Employee Relations as well as undergraduate qualifications in HR and Business. Ms McPherson was part of the Promina Insurance leadership team when it merged with Suncorp in 2007 and remained with Suncorp until 2010, leading organisational design and change management initiatives. Previously she worked with CSL and Wesfarmers, Mandarin Oriental Hotel Group Hong Kong and with the South African Government.

Mr Cameron Price, General Counsel and Chief Risk Officer

Mr Price joined the Future Fund in March 2014 as General Counsel. He took up the additional position of Chief Risk Officer in March 2018. Previously he was a Partner and Board member at law firm Allens Linklaters, where he had 25 years of experience in corporate law, with particular expertise in mergers and acquisitions, private equity, equity capital markets and corporate governance.