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

James MacKenzie

Chair - Appointed June 2015

James MacKenzie is an experienced Australian company director. He currently serves as President of the Victorian Arts Centre Trust and Chairman of Development Victoria and Slater & Gordon Lawyers.

James was previously Chairman of the Transport Accident Commission (TAC) and Worksafe Victoria, Managing Director of Funds Management and Insurance at the ANZ Banking Group, Chief Executive Officer of Norwich Union Australia, and TAC Chief Executive Officer. He has been a member of the COAG Business Advisory Forum and a previous director of VFMC.

James has a Bachelor of Business from Swinburne University, and is a Fellow of the Australian Institute of Company Directors and the Institute of Chartered Accountants in Australia.

In 2001, he was awarded the Centenary Medal for services to Public Administration.

Updated 14/05/2018

Paula Benson

Director - Appointed May 2016

Paula Benson is a leading corporate affairs professional and non-executive director with almost 20 years’ experience in financial services, media, resources, infrastructure and the education sector.

Paula has held senior roles in business and the media including: Executive General Manager Corporate Affairs at National Australia Bank (NAB); General Manager, Corporate Responsibility, NAB; General Manager Corporate Affairs at Alcoa of Australia; Manager Public Affairs RMIT University; and Producer of A Current Affair, Channel 9.

Paula is the Chair of Ovarian Cancer Australia and a Trustee of the Melbourne Convention and Exhibition Trust. She is a former director of the Port of Melbourne Corporation, the Royal Women’s Hospital Foundation and Regional Arts Victoria. She holds a Master of Arts in Journalism from the University of Technology, Sydney and a Bachelor of Arts from the University of New South Wales.

Updated 14/05/2018

John Fitzgerald

Director - Appointed January 2013

John Fitzgerald is a Non–Executive Chairman of Evolution Rail Pty Ltd, Suburban Land Agency (ACT), InfraNexus Management Pty Ltd and Canberra Transport Light Rail and a Director on Barangaroo Delivery Authority. Previously he was a Specialist Advisor to KPMG on the infrastructure and government sectors and interim CEO at Infrastructure Australia.

His previous board positions include the Port of Melbourne Corporation, Infrastructure Partnerships Australia, Sydney Convention Exhibition and Entertainment Centre Project and Department of Treasury and Finance (Victoria) (DTF). John was a Deputy Secretary, Commercial Division, at DTF and previously held senior management positions in the banking industry.

He has a Master of Public Infrastructure – Research (First Class Honours) from the University of Melbourne and is a Fellow of the Australian Institute of Company Directors and the Institute of Public Administration Australia (Victoria).

Updated 14/05/2018

Lisa Gay

Director - Appointed 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, Koda Capital and a member of the Council of Trustees of the National Gallery of Victoria.

Ms Gay was formerly Deputy Chair of the Indigenous Land Corporation, Chair of Voyages Indigenous Tourism Australia and Chair of the Australian Securities and Investment Commission’s Markets Disciplinary Panel. From 1990 -2010 Ms Gay was General Counsel and Managing Director of the Goldman Sachs Group Australia and its predecessor JBWere & Son.

Updated 14/05/2018

David Martine

Director - Appointed September 2014

David Martine is Secretary of the Victorian Department of Treasury & 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. He has extensive budget, finance, policy and organisational leadership experience and was involved in wide ranging strategic policy reform.

David is a director of Treasury Corporation Victoria and a member of the Infrastructure Victoria Board.

He has a Bachelor of Economics (Honours) from Monash University and completed a Masters of Business Administration in 2005.

Updated 14/05/2018

Elana Rubin

Director – Appointed August 2015

Elana Rubin has extensive experience in funds management, property, infrastructure and insurance. She is currently the Chair of Victorian Managed Insurance Authority (VMIA) and is a director of Mirvac, AfterPay Touch Group and Slater and Gordon, and several unlisted organisations in the infrastructure, finance and insurance sectors.

Previous directorships include Chair of AustralianSuper, director of LaunchVic, MLC (Life and Administration and Asset Management), Infrastructure Australia, PPB Advisory, TAL Insurance, Climate Change Authority, Transport Accident Commission, ISPT, Chair of Victorian Rail Track Corporation and Chair of Worksafe (Vic). She recently retired from the AICD Victorian Council and the Committee for Melbourne.

Elana is a Fellow of the AICD, Finsia and IML, and is a member of Chief Executive Women.

Updated 14/05/2018

Maria Wilton AM

Director - Appointed January 2018

Maria Wilton AM has a thirty year history in the investment industry with leadership experience in asset management and superannuation.

Maria is a Member of the Board of Governors of the CFA Institute, Deputy Chair of Infrastructure Victoria and a Director of Victorian Funds Management Corporation. She is Chair of the National Diversity Committee and a Member of the Advocacy Council of the CFA Societies Australia. Maria is a Fellow of the Australian Institute of Company Directors and the Australian Institute of Superannuation Trustees.

Maria is the former Managing Director and Chair of Franklin Templeton Investments Australia and Senior Director of International Advisory Services – a role she held for 12 years. She was also previously a Board Member of the Financial Services Council, and a Trustee director of AGEST and Emergency Services & State Super. She has also been a Director of Melbourne Water, the Transport Accident Commission, the National Breast Cancer Foundation and Victoria Legal Aid (VLA).

Maria was appointed as a Member of the Order of Australia in the 2019 Australia Day Honours list as recognition of significant service to the business and finance sector, and to the community.  She holds a bachelor of economics from the University of Tasmania and is a Chartered Financial Analyst (CFA) charterholder.

Updated 11/04/2019


Fiona Trafford-Walker

Director - appointed August 2018

Fiona Trafford-Walker has over 25 years’ experience in investments, superannuation and governance. 

Fiona is a Non-Executive Director at the Link Group and with Prospa Advance Pty Ltd and chairs the audit and risk committees for both organisations.  Fiona is also an Investment Director at Frontier Advisors, where she previously held the positions of Managing Director and Director of Consulting.  Fiona provides strategic investment and governance advice across the Frontier client base, is a member of the Frontier Investment Committee and heads the governance advisory team.  She is also a member of the Investment Committee at the Walter and Eliza Hall Institute.   

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-based financial journal Chief Investment Officer from 2013 to 2016 inclusive.  She was also 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 with first class Honours from James Cook University of North Queensland, receiving a University Medal, a Master of Finance from RMIT and is a Graduate of the AICD.

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