Jennifer Westacott to chair philanthropic fund

Former Business Council chief executive Jennifer Westacott has been named chair of Future Generation Global, the ASX-listed investment company that donates all management fees - so far $38million - to youth mental health charities.

She will replace acting chair industry stalwart Geoff Wilson, who founded Future Generation Global in 2015 to offer shareholders investment and social returns.

Westacott - who ran the Business Council from early 2011 until October 2023 - currently sits on the board of Wesfarmers; is chair of the Western Parkland City Authority, chancellor of Western Sydney University, and a patron of Mental Health Australia.

As for executive roles, she was a senior partner at KPMG, advising major corporations on climate change and sustainability.

She also held several senior leadership positions in the NSW and Victorian governments.

She has served as director general of the NSW Department of Infrastructure, Planning and Natural Resources, secretary of the Victorian Department of Education and Training and director of Housing in Victoria.

She was also the deputy director general of the NSW Department of Community Services and the deputy director general of the NSW Department of Housing.

Wilson - who will remain on the board as a non-independent director - said Westcott's tenure brings significant experience to Future Generation Global.

"Her successful tenure as Chief Executive of the Business Council of Australia and understanding that a prosperous business community gives rise to a strong and fairer society is completely in sync with the ethos of the Future Generation companies, Australia's first listed investment companies which deliver both investment and social returns," he said.

Westacott stated she had long argued Australia's approach to mental health needed to be more innovative.

"I believe that Future Generation Global's goal of delivering both shareholder and social returns can be achieved simultaneously, and our strategy of investing in wellbeing and prevention will lead to effective and sustainable long-term outcomes."

Caroline Gurney, chief executive of Future Generation, noted Westcott's passion for business and the community, her network, and her unrivalled understanding of how the public and private sectors intersect will be invaluable as the fund works to promote wellbeing and prevent mental health conditions in young Australians through investment.