The Auckland Future Fund’s inaugural board has been named, with Chair Christopher Swasbrook and Directors David Callanan and Craig Stobo to lead the new regional wealth fund.
Auckland Future Fund lead councillor and Performance and Appointments Committee representative, Councillor Christine Fletcher, chaired the selection panel and says she’s pleased with the board’s calibre.
“The Auckland Future Fund is an investment for current and future Aucklanders. Once formally established, the fund will be an enduring asset for Auckland – enhancing our region’s resilience and helping fund services and infrastructure, while reducing our reliance on rates,” said Cr Fletcher.
Mr Swasbrook is the Founder and Managing Director of Elevation Capital and Co-Founder and Director of NZX-listed New Zealand Rural Land Company.
Mr Callanan has over 20 years’ experience in the financial services sector, including more than a decade in senior executive roles specialising in risk, compliance, legal and governance.
Mr Stobo is currently an independent Chair of the Financial Markets Authority, the Local Government Funding Agency and NZX-listed NZ Windfarms Ltd.
“We have selected Christopher, David and Craig based on their extensive experience in business, finance and investments. They were chosen from an impressive pool of over 80 candidates, which also reflects the high interest and support for the fund,” said Cr Fletcher.
“We know how important the inaugural board is in setting the Auckland Future Fund on the right path and realising Auckland Council’s vision for a fund that will provide for Aucklanders now and into the future.”
The future fund was confirmed in June through the council’s Long-term Plan 2024-2034. It is estimated to provide the council with around an additional $40 million of cash returns per year from 2025/2026.
The fund will initially be capitalised with the council’s remaining Auckland International Airport Limited shares.
As a Council-controlled Organisation (CCO), the Auckland Future Fund will operate under the high-level direction of the council, but through an independent structure.
This means the board will make all key decisions on how the fund will operate, once in place. Detailed governance arrangements for the Auckland Future Fund will be confirmed once the board have formally met.
Mayor Wayne Brown welcomed the new board and the value their expertise in business and investing will bring to the new Auckland Future Fund.
“The fund is a way for us to deliver greater physical and financial resilience for Auckland, protect the value of council’s intergenerational assets and enhance cash returns. I am really pleased to see this board in place and progressing the fund, which is a new strategy that will help us better deliver for Aucklanders,” the Mayor said.
