The Auckland Future Fund’s inaugural board is in place, with three experienced directors confirmed to lead the new regional wealth fund.
The future fund trustee’s board of directors includes Chair Christopher Swasbrook and Directors David Callanan and Craig Stobo. They will be formally inducted as a board this month for a three-year term.
Auckland Future Fund lead councillor and Performance and Appointments Committee representative, Councillor Christine Fletcher, chaired the selection panel and is 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 Mrs Fletcher.
“On that basis, 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.
"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 2025/26.
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 Auckland Future Fund board’s appointment was confirmed at the council’s Performance and Appointments Committee on 27 August 2024.
The Performance and Appointments Committee is responsible for appointments to the boards of Council-controlled Organisations, in accordance with the council’s Appointment and Remuneration Policy for Board Members and the Local Government Act.
About the board
Chair – Christopher Swasbrook
Christopher Swasbrook is the Founder and Managing Director of Elevation Capital and Co-Founder and Director of NZX-listed New Zealand Rural Land Company. He is also a Director of Bethunes Investments and McCashins Brewery.
Previously, he was Chair of NZX-listed Allied Farmers, Director of NZX-listed Mowbray Collectables, Director of NZX-listed Satara Co-Operative Group, and Director of Ruapehu Alpine Lifts.
Early in Mr Swasbrook’s financial markets career he became a Foundation Broker of the New Zealand Exchange (NZX) after having been a Full Member of the New Zealand Stock Exchange (NZSE). He became Partner and Co-Head of Institutional Equities at Goldman Sachs JBWere (NZ) in 2003.
Mr Swasbrook is currently a Board Member of the Financial Markets Authority (FMA), having previously served as a Member of the NZX Listing Subcommittee (2008-2023) and a Member of the New Zealand Markets Disciplinary Tribunal (2013-2023).
Since graduating from the University of Auckland with a Bachelor of Commerce (Economics) in 1996, he has undertaken Executive Education courses at Columbia University (New York), New York University (NYU), London School of Economics (LSE) and the Harvard Kennedy School in Boston, Massachusetts.
Born in Auckland, he has been a long-time supporter of business and arts communities and is an Inaugural Member and current Chair of the Auckland Art Gallery Toi o Tāmaki Advisory Board.
Director – David Callanan
David 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.
Before coming to New Zealand, he spent four years at PwC in Australia and the UK, and six years at the Citibank-State Street fund administration joint venture, CitiStreet Australia.
David joined Public Trust in 2019 and is currently the General Manager, Corporate Trustee Services. In this role David and his team oversee many of New Zealand’s leading managed investment scheme fund managers and KiwiSaver providers as supervisor and/or custodian, as well as fulfilling the responsibilities of trustee, security trustee, or statutory supervisor for various financial products and services.
David holds a Bachelor of Laws and holds post-graduate qualifications in risk management, assurance and governance. He is a Fellow of the Institute of Chartered Secretaries and Administrators, the global professional body for governance professionals.
David has lived in Auckland for almost 10 years and is raising three primary and intermediate school-aged boys on the North Shore.
Director – Craig Stobo
Craig Stobo is currently an independent Chair of the Financial Markets Authority, the Local Government Funding Agency and NZX-listed NZ Windfarms Ltd. His previous independent directorships included NZX-listed Precinct Properties and Fliway Group, and AIG Insurance NZ.
Craig has executive and governance experience in foreign policy, economics, investment banking, central and local government advisory, aquaculture, viticulture, wealth management, funds administration and funds management, including as co-founder and CEO of BT Funds Management.
Craig graduated BA Hons (First Class) from Otago and completed the Advanced Management Programme at The Wharton School, Philadelphia. He is an Associate Member of CFA Society NZ, a Chartered Fellow of the Institute of Directors, and a member of the NZ Initiative.
His pro bono work includes Chair of the Finance and Risk Committee of Cancer Society Auckland and Northern, Chair of the Waitaki Boys High School Foundation and is a Taumata of the University of Otago Business School.
Note: The selection panel was comprised of Councillor Christine Fletcher (panel chair); Mayor Wayne Brown; David Taipari – Houkura Independent Māori Statutory Board chair; Phil Wilson – Chief Executive and Jazz Singh – Chief of Staff, Mayoral Office.
