Our Board

VFMC > Our Team > Our Board

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 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
Maria Wilton

Director & Chair of the Audit, Risk & Compliance Committee

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 & Chair of the People Committee

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
Chris Barrett

Director

Appointed December 2023

Chris leads the Department of Treasury And Finance in its role of providing economic, financial and resource management policy advice to the Government. Chris commenced as DTF Secretary in December 2023.

Chris joined DTF as Deputy Secretary of the Economic Division in January 2021. Chris was responsible for the provision of high-level economic and policy advice to Government on productivity, taxation and regulation, along with social, environmental and economic development issues.
Before this, Chris was the CEO of Invest Victoria, and led both the Victorian Government’s approach to investment attraction and the Economic Recovery Mission in response to coronavirus (COVID-19).

Chris’ career includes over two decades in public service in Melbourne, Canberra and internationally, including as Deputy Secretary, Policy and Cabinet in the Victorian Department of Premier and Cabinet.

In 2011, Chris was appointed Australian Ambassador to the Organisation for Economic Cooperation and Development (OECD) in Paris, where he led Australia’s engagement with the OECD and contributed to global best-practice public policy. Following on from his role with the OECD, Chris spent four years with the European Climate Foundation in Berlin, where, as Executive Director, Finance and Economics, he led an international philanthropic strategy on the economic and financial implications and opportunities of the low-carbon transition.

Updated 31/01/2024
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 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 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 has a Bachelor of Economics (Honours) from Monash University and a Master of Business Administration.


Updated 13/06/2024
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.

Updated 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
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
Lisa Gray

Director & Chair of the People Committee

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
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
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.

Updated 24/08/2022
Maria Wilton

Director & Chair of the Audit, Risk & Compliance Committee

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
Chris Barrett

Director

Appointed December 2023

Chris leads the Department of Treasury And Finance in its role of providing economic, financial and resource management policy advice to the Government. Chris commenced as DTF Secretary in December 2023.

Chris joined DTF as Deputy Secretary of the Economic Division in January 2021. Chris was responsible for the provision of high-level economic and policy advice to Government on productivity, taxation and regulation, along with social, environmental and economic development issues.
Before this, Chris was the CEO of Invest Victoria, and led both the Victorian Government’s approach to investment attraction and the Economic Recovery Mission in response to coronavirus (COVID-19).

Chris’ career includes over two decades in public service in Melbourne, Canberra and internationally, including as Deputy Secretary, Policy and Cabinet in the Victorian Department of Premier and Cabinet.

In 2011, Chris was appointed Australian Ambassador to the Organisation for Economic Cooperation and Development (OECD) in Paris, where he led Australia’s engagement with the OECD and contributed to global best-practice public policy. Following on from his role with the OECD, Chris spent four years with the European Climate Foundation in Berlin, where, as Executive Director, Finance and Economics, he led an international philanthropic strategy on the economic and financial implications and opportunities of the low-carbon transition.

Updated 31/01/2024
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 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 has a Bachelor of Economics (Honours) from Monash University and a Master of Business Administration.


Updated 13/06/2024
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