How our Board is appointed

VFMC has an independent Board of Directors whose members are appointed by the Governor in Council. The Treasurer appoints the Chair and Deputy Chair.

Roles and responsibilities

The role and responsibilities of the Board of Directors is set out in the Board Charter. The Board’s role is to provide overall strategic guidance and effective oversight of management.

The Board is responsible for strategic planning, the annual budget, investment policy, risk management procedures, compliance controls and the effective monitoring of client mandates and management.

read Board Charter

Standing committees

To effect the efficient performance of these duties the Board is assisted by the Audit, Risk and Compliance Committee and the People Committee.

read Audit, Risk and Compliance Committee Charter

read People Committee Charter

Board members

Lisa Gay

Chair - Appointed November 2023 (appointed as Director May 2016)

Lisa Gay is a highly regarded legal and compliance professional with financial services experience in funds management, investment banking and stockbroking.

She is a non-executive director of Computershare Limited and Koda Capital, and a member of the Council of Trustees of the National Gallery of Victoria and Board Member of Fed Square. Lisa was formerly Deputy Chair of the Indigenous Land Corporation, Chair of Voyages Indigenous Tourism Australia, Chair of the Australian Securities and Investment Commission’s Markets Disciplinary Panel and a non-executive director at Interim Melbourne Arts Precinct Board.

From 1990-2010, Lisa was General Counsel and Managing Director of the Goldman Sachs Group Australia and its predecessor JBWere & Son.

Lisa was appointed as Director in May 2016 and Chair in November 2023.


Updated 23/11/2023

Tom Considine

Director - Appointed June 2021

Tom Considine has extensive experience in infrastructure, commercial policy and strategy, public sector financial management and risk management.

He is a partner in the advisory and investment business with the Sayers Group. Prior to this, Tom held a number of executive roles in the public sector, including Interim CEO, Suburban Rail Loop Authority, Group Head, Advisory and Civic Infrastructure at Development Victoria, and Chief of Staff to the Treasurer of Victoria.

Tom holds a Bachelor of Arts from Monash University and a Master of Business Administration from the University of Melbourne.

Updated 24/08/2022

David Martine PSM

Director - Appointed September 2014

David Martine has extensive budget, finance, policy and organisational leadership experience and has been involved in wide ranging strategic policy reform.

He is a director of Treasury Corporation Victoria, a member of the Infrastructure Victoria Board, and a member of the Advisory Board, Tax and Transfer Policy Institute – Crawford School of Public Policy at ANU.

David is currently Secretary of the Victorian Department of Treasury and Finance. He leads the department providing economic, policy and service delivery advice to the Victorian Government. Before this, David worked as a senior executive in the Commonwealth public sector, providing strategic advice to governments on a range of economic and other policy issues.

David has a Bachelor of Economics (Honours) from Monash University and a Master of Business Administration.

Updated 24/08/2022

Andrew Nicolaou

Director - Appointed September 2020

Andrew Nicolaou is a highly experienced risk management, assurance, consulting and regulation professional in financial services and government.

He is the Chair of the Audit Committees at Department of Transport, Grampians Wimmera Mallee Water, Fire Rescue Victoria and the Victorian Parliament. He is also a member of the Audit Committee for Education in Victoria and has served on the Audit Committee of State Trustees.

Andrew previously specialised in the financial institutions of government, with senior roles covering the Treasury portfolio in Victoria over a period of 30 plus years. He provided services to TAC, VWA, VMIA, Rural Finance and DTF. Andrew also supported the Victorian Treasury in the development and implementation of the Financial Management compliance, risk management and prudential assurance regimes.

Andrew is a Fellow of the Institute of Chartered Accountants, a Graduate of the Australian Institute of Company Directors and a Fellow of the Institute of Public Administration Australia.

Update 24/08/2022

Fiona Trafford-Walker

Director - appointed August 2018

Fiona Trafford-Walker is a non-executive director and Chair of the Audit Committee of Link Administration Holdings, a non-executive Director and Chair of the Audit and Risk Committee at the Prospa Group, a non-executive director and Chair of the Audit and Risk Committee at FleetPartners and a non-executive director at Perpetual Limited. She is a member of the Investment Committee at the Walter and Eliza Hall Institute and a Strategic Advisor to the Australian Retirement Trust Investment Committee.

Fiona is a former Investment Director at Frontier Advisors, where she previously held the positions of Managing Director and Director of Consulting. In 2013, Fiona was named as the inaugural ‘Woman of the Year’ in the Money Management/ Super Review Women in Financial Services Awards, as well as one of the top 10 global Asset Consultants by the US financial journal Chief Investment Officer from 2013 to 2016 inclusive, and again in 2019. She was announced as a winner in The Australian Financial Review and Westpac 100 Women of Influence Awards for 2016 in the Board/ management category. Fiona holds a Bachelor of Economics (First Class Honours) from James Cook University, receiving a University Medal, a Master of Finance from RMIT and is a Graduate of the Australian Institute of Company Directors.

Updated 14/09/2023

Maria Wilton AM

Director - Appointed January 2017

Maria Wilton has broad experience in business, finance and governance having held leadership positions in investment management and superannuation.

Maria is Chair of Spirit Super and Growth Farms Australia Pty Ltd, a Governor of the global Chartered Financial Analyst Institute, Deputy Chair of Infrastructure Victoria, Director of Dexus Wholesale Property Fund and Member of the State Investment Advisory Board (Qld).

Maria holds a Bachelor of Economics from the University of Tasmania, is a Chartered Financial Analyst charter holder and a Fellow of the Australian Institute of Company Directors.

Updated 14/09/2023


Lisa Gray

Director - Appointed January 2022

Lisa Gray is an accomplished CEO and company director of large, distributed customer businesses across private and public sectors. With more than 30 years experience, Lisa has led strategic, digital and cultural transformations, through multiple business cycles, delivering substantial business value.

Currently, Lisa is a non-executive director of ING Bank (Australia) where she is Chair of the Risk Committee.

Lisa was the CEO, VFMC from 2016 to September 2021. Prior to working with Government, Lisa had an extensive career in the Financial Services sector. Her more recent senior executive roles were at NAB including Group Executive, Enterprise Services and Transformation and Group Executive, Personal Banking. Before joining NAB, Lisa was CEO, MLC Insurance and Managing Director, Plum Financial Services.

Lisa’s qualifications include an Advanced Management Program from INSEAD, MBA from University of Melbourne and Columbia University (NY), Graduate Diploma in Management from RMIT, and a Bachelor of Town and Regional Planning (Hons) from University of Melbourne. She is a Graduate of the Australian Institute of Company Directors and a member of Chief Executive Women.

Updated 24/08/2022

VFMC news

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