Former RBA governor Lowe announces new role

Lowe was governor of the RBA from 2016–23, when he was replaced by Michele Bullock.

It has now been announced that he will join the board of Future Generation Australia as its new chair, effective immediately.

He will take over the role from former NSW premier Mike Baird, who has held the role for the past two years, although Baird will remain on the board as an independent director.

Future Generation, which listed on the ASX in 2014, is a listed investment company providing investment returns for shareholders and investment in Australian not-for-profits. To date, it has invested $75.8 million in its social impact partners alongside sister company Future Generation Global.

Lowe said: “I think the Future Generation model is brilliant. I have 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.”

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.

“I would 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.”

[Related: Lowe departs; reflects on his challenges as governor]