Our Board

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Our Board

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 are 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.

View 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.

Audit, Risk & Compliance Committee Charter

People Committee Charter

Meet Our Board

Lisa Gay

Chair

Appointed November 2023 (Appointed as Director May 2016)

Lisa Gay is an experienced non-executive director and chair, with an extensive executive and legal background in funds management, investment banking and stockbroking.

She is currently a Non-Executive Director of Koda Capital and has previously held a number of significant board and leadership positions, including Non-Executive Director of Computershare, Member of the Council of Trustees of the National Gallery of Victoria, Deputy Chair of the Indigenous Land Corporation, Chair of Voyages Indigenous Tourism Australia, Chair of the Australian Securities and Investments Commission’s Markets Disciplinary Panel, Non-Executive Director of the Interim Melbourne Arts Precinct Corporation Board, and Board Member of Fed Square.

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

Last Updated 15/10/2026
Maria Wilton AM

Director & Chair of the Audit, Risk & Compliance Committee

Appointed December 2017

Maria Wilton has extensive global experience in business, finance and governance, having held leadership positions in global asset management companies and superannuation funds.

Maria is Independent Chair of the HESTA Investment Committee, Queensland Investment Corporation State Investments Committee and Growth Farms Australia Pty Ltd. She is an Independent Director of Dexus Wholesale Property Fund, HESTA and Brandon Capital.

She previously worked in leadership and senior executive roles at Franklin Templeton, BT Financial Group and J.P. Morgan. Before joining the investment industry she worked for the Commonwealth Treasury in an economic research capacity.

In 2019, Maria became a Member of the Order of Australia for significant service to business and finance and to the community.

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.

Last Updated 15/10/2026
Claire Rogers

Director

Appointed August 2024

Claire Rogers is a strategic leader with deep expertise in driving growth, innovation, and transformation across a broad range of financial services and for-purpose entities.

Claire is Chair of Australian Red Cross, and a Non-Executive Director of Melbourne Business School (MBS Limited), .au Domain Administration Limited (auDA) and Spiire Limited.

Claire was formerly Chair of Ridley College, Melbourne, and a Non-Executive Director of Payton Capital Ltd, Methodist Ladies College, Kew, and the Australian Council for International Development (ACFID).

Claire is Group Chair, CEO Mastermind and Managing Partner, Advisory Services at Mentorlist and co-founder and Non-Executive Director of Saas company Dutyof. care Solutions Pty Ltd trading as Oho.

Claire was Chief Executive of World Vision Australia, the country’s largest not-for-profit organisation, and held senior leadership roles in multiple divisions of ANZ, including Head of Digital Banking.

Claire has a BA from Melbourne University, an MBA from Melbourne Business School and is a member of the AICD, and Chief Executive Women.

Last Updated 15/10/2026
Tom Considine

Deputy Chair & Chair of the People Committee

Appointed June 2021

Tom Considine is a corporate advisor with deep experience across the public and private sectors. He is a Partner with Advisory and Investment firm KordaMentha and specialises in major infrastructure and property investments, strategic transactions, commercial negotiations, and complex public-private partnerships. He brings extensive experience in governance, risk oversight and capital management across large organisations.

Prior to joining KordaMentha, Tom was a Partner at Tenet Advisory and Investment where he led the Infrastructure Advisory practice. Tom has also held a number of senior executive roles in the Victorian public sector including Interim Chief Executive Officer of the Suburban Rail Loop Authority, Group Head of 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 Melbourne Business School.

Last Updated 15/10/2026
David Martine PSM

Director

Appointed September 2014

David Martine has extensive public finance, policy and organisational leadership experience across the public sector. He is a Director of Development Victoria and was previously a Director of Treasury Corporation of Victoria and Infrastructure Victoria.

David was the Secretary of the Victorian Department of Treasury and Finance for nearly ten years until December 2023. He led the department providing economic, policy and commercial advice to the Victorian Government. Prior to 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 was awarded the Public Service Medal (PSM) – Victoria in the Australia Day Honours 2019. This award recognises outstanding public service to social, microeconomic and public sector reform and innovation in Victoria.

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

Last Updated 15/10/2026
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 the Department of Transport and Planning, Department of Education, Grampians Wimmera Mallee Water and Fire Rescue Victoria.

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 the Transport Accident Commission, WorkSafe Victoria, Victorian Managed Insurance Authority, Rural Finance and the Department of Treasury and Finance. 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.

Last Updated 15/10/2026
Lisa Gay

Chair

Appointed November 2023 (Appointed as Director May 2016)

Lisa Gay is an experienced non-executive director and chair, with an extensive executive and legal background in funds management, investment banking and stockbroking.

She is currently a Non-Executive Director of Koda Capital and has previously held a number of significant board and leadership positions, including Non-Executive Director of Computershare, Member of the Council of Trustees of the National Gallery of Victoria, Deputy Chair of the Indigenous Land Corporation, Chair of Voyages Indigenous Tourism Australia, Chair of the Australian Securities and Investments Commission’s Markets Disciplinary Panel, Non-Executive Director of the Interim Melbourne Arts Precinct Corporation Board, and Board Member of Fed Square.

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

Last Updated 15/10/2026
Claire Rogers

Director

Appointed August 2024

Claire Rogers is a strategic leader with deep expertise in driving growth, innovation, and transformation across a broad range of financial services and for-purpose entities.

Claire is Chair of Australian Red Cross, and a Non-Executive Director of Melbourne Business School (MBS Limited), .au Domain Administration Limited (auDA) and Spiire Limited.

Claire was formerly Chair of Ridley College, Melbourne, and a Non-Executive Director of Payton Capital Ltd, Methodist Ladies College, Kew, and the Australian Council for International Development (ACFID).

Claire is Group Chair, CEO Mastermind and Managing Partner, Advisory Services at Mentorlist and co-founder and Non-Executive Director of Saas company Dutyof. care Solutions Pty Ltd trading as Oho.

Claire was Chief Executive of World Vision Australia, the country’s largest not-for-profit organisation, and held senior leadership roles in multiple divisions of ANZ, including Head of Digital Banking.

Claire has a BA from Melbourne University, an MBA from Melbourne Business School and is a member of the AICD, and Chief Executive Women.

Last Updated 15/10/2026
David Martine PSM

Director

Appointed September 2014

David Martine has extensive public finance, policy and organisational leadership experience across the public sector. He is a Director of Development Victoria and was previously a Director of Treasury Corporation of Victoria and Infrastructure Victoria.

David was the Secretary of the Victorian Department of Treasury and Finance for nearly ten years until December 2023. He led the department providing economic, policy and commercial advice to the Victorian Government. Prior to 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 was awarded the Public Service Medal (PSM) – Victoria in the Australia Day Honours 2019. This award recognises outstanding public service to social, microeconomic and public sector reform and innovation in Victoria.

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

Last Updated 15/10/2026
Maria Wilton AM

Director & Chair of the Audit, Risk & Compliance Committee

Appointed December 2017

Maria Wilton has extensive global experience in business, finance and governance, having held leadership positions in global asset management companies and superannuation funds.

Maria is Independent Chair of the HESTA Investment Committee, Queensland Investment Corporation State Investments Committee and Growth Farms Australia Pty Ltd. She is an Independent Director of Dexus Wholesale Property Fund, HESTA and Brandon Capital.

She previously worked in leadership and senior executive roles at Franklin Templeton, BT Financial Group and J.P. Morgan. Before joining the investment industry she worked for the Commonwealth Treasury in an economic research capacity.

In 2019, Maria became a Member of the Order of Australia for significant service to business and finance and to the community.

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.

Last Updated 15/10/2026
Tom Considine

Deputy Chair & Chair of the People Committee

Appointed June 2021

Tom Considine is a corporate advisor with deep experience across the public and private sectors. He is a Partner with Advisory and Investment firm KordaMentha and specialises in major infrastructure and property investments, strategic transactions, commercial negotiations, and complex public-private partnerships. He brings extensive experience in governance, risk oversight and capital management across large organisations.

Prior to joining KordaMentha, Tom was a Partner at Tenet Advisory and Investment where he led the Infrastructure Advisory practice. Tom has also held a number of senior executive roles in the Victorian public sector including Interim Chief Executive Officer of the Suburban Rail Loop Authority, Group Head of 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 Melbourne Business School.

Last Updated 15/10/2026
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 the Department of Transport and Planning, Department of Education, Grampians Wimmera Mallee Water and Fire Rescue Victoria.

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 the Transport Accident Commission, WorkSafe Victoria, Victorian Managed Insurance Authority, Rural Finance and the Department of Treasury and Finance. 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.

Last Updated 15/10/2026