City of Canterbury general manager James (Jim) Montague will replace John Beacroft as director on the board of Local Government Super.
Montague's 48 years of local government experience includes 31 years as general manager of one of NSW's largest councils — Canterbury.
He was awarded the Public Service Medal in the 2006 Queen's Birthday Honours.
"Jim brings to the Board an unrivalled track record of service in local government and I'm certain we will benefit from his extensive experience and his intimate knowledge of local government," chair of Local Government Super Bruce Miller said.
Miller thanked Beacroft for the contribution he made to the fund over the last five years.
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.