The board of the National Reconstruction Fund Corporation (NRFC) has appointed Ivan Power as its inaugural CEO.
Power has more than 25 years’ experience in global investment and markets, with 20 years at Macquarie Group in Sydney and London, as head of group development and analysis.
The board said he also has “considerable experience working with early-stage companies and social ventures”.
Finance minister Katy Gallagher welcomed his appointment.
“Mr Power brings 25 years of experience to the NRFC and will help deliver a future made here in Australia.
“The NRF is getting on with the job of rebuilding Australian manufacturing and creating jobs,” Gallagher said.
Federal industry and science minister Ed Husic said Power’s appointment was a key step in scaling up the NRF to invest in the growth of Australia’s manufacturing capabilities.
“The NRF Board has made an outstanding choice in Ivan Power as the inaugural National Reconstruction Fund Corporation CEO, and I congratulate him on his appointment.
“Our plan for a future made in Australia demands high-calibre stewardship of the $15 billion investment the NRF will make into growing our industrial muscle, and that is what Ivan’s extensive experience in financial markets and global investment brings,” Husic said.
Power is a board member of Generation Australia, and a former board member of Lifesavers with Pride and The Westmead Institute for Medical Research. Generation Australia is transforming education to employment systems to improve employment outcomes across Australia.
He has worked with several governments and agencies, and gained experience creating productive links between government, business, and non-government organisations.
Power told The Australian Financial Review, “I am so conscious we are investing the money of Australian taxpayers. We’ve got to balance that against the really bold ambition that’s in the act and in the mandate that is diversifying and transforming Australian industry.”
Husic announced the NRF Board in August 2023 (see below), and since then it has held its first meeting, and launched the NRFC Investment Mandate.
The mandate requires the NRFC to target a rate of return of 2-3 per cent above the five-year Australian government bond rate over the medium to long term.
The NRF board will make independent decisions to provide finance, including debt and equity, to Australian-based investments in seven priority areas:
- Renewables and low emission technologies;
- medical science;
- transport;
- value-add in agriculture, forestry and fisheries;
- value-add in resources;
- defence capabilities; and
- enabling technologies.
NRFC Board Members
Martijn Wilder (chair) has more than 20 years’ experience as a leader in sustainable finance and climate change policy. He is the founder and CEO of Pollination and has previously held numerous high-profile positions including Australian Renewable Energy Agency chair, founding director of the Clean Energy Finance Corporation, director of the Climate Council, chair and governing board member of Renewable Energy and Energy Efficiency Partnership and chair of Low Carbon Australia.
Ahmed Fahour is currently chair of Invest Victoria. Throughout his 30-year career, he has served in senior executive and board roles across banking and financial services, management consulting and postal services, including as CEO and MD of Australia Post, Latitude Financial, NAB Australia and Citigroup Alternative Investments. Fahour has also supported and served on the board of not for profit and community organisations.
Dr Katharine Giles is the current CEO and MD of OncoRes Medical, a growth stage medical device development and manufacturing company located in Western Australia. She is also a venture partner at Brandon Capital Partners, a non-executive director of Sonic Healthcare and a member of the Curtin University Commercialisation Advisory Board.
Kelly O’Dwyer is currently a non-executive director of Barrenjoey, Equity Trustees, and HMC Capital. She was a member of the Australian Parliament for over nine years and held senior economic portfolios including Minister for Jobs and Industrial Relations and Minister for Revenue and Financial Services.
Daniel Petre is a technology industry executive, entrepreneur, and venture capitalist with a broad range of non-executive director experience. He is a co-founder and partner emeritus of AirTree, the chair of Vera Living, and a director of MetaOptima Technology Inc. Petre is also an adjunct professor at UNSW and a member of the UNSW Centre for Social Impact’s Advisory Council.
Kathryn Presser brings significant risk and governance expertise to the NRF Board, as well as finance and industry expertise. She is currently the chair of the South Australian Department of Treasury and Finance’s Risk and Performance Committee. Presser also holds several current non-executive director positions, including for the Australian Energy Market Operator, the Police Credit Union SA & NT, and Funds SA.
Karen Smith-Pomeroy is currently chair of the Regional Investment Corporation and the National Affordable Housing Consortium. She is also a non-executive director of Kina Securities Ltd, Stanwell Corporation Ltd, and Queensland Treasury Corporation Capital Markets Board.
Daniel Walton is a respected director and former senior union official with extensive professional expertise across workplace relations, manufacturing and the minerals and energy sectors. Walton is a director of AustralianSuper, has been co-chair of the NSW Renewable Energy Sector board, a member of the Commonwealth Agricultural Working Group and NSW State Government Minerals Industry Advisory Council. His position as secretary of the Australian Workers Union (AWU) ended in July.
