Appointment to Queensland Investment Corporation

Treasurer Curtis Pitt has announced the appointment of former CEO of AMP Capital, Stephen Dunne, to the board of the Queensland Investment Corporation.

Mr Pitt said Mr Dunne’s appointment would expand the board to nine members. 

“This will further deepen the QIC board’s skills especially in relation to capital markets,” he said.

“Mr Dunne has significant relevant market experience that will be of considerable benefit to QIC.

Mr Dunne was chief executive officer of AMP Capital from 2004 until his retirement in late 2015 and has more than 30 years of experience in investment management in Australia and overseas.

He has also served as a company director with AMP Capital Investors Holdings Limited and AMP Capital New Zealand, United Kingdom and Japan. In February 2016, he was appointed as a director of Cbus Super Fund and chair of the Cbus Board Investment Committee.

Mr Dunne’s term is until 30 September 2018.

“This is an exciting time for QIC as the state government’s independent investment manager,” Mr Pitt said.

“The recent acquisition by QIC of 80 per cent of North Australian Pastoral Company symbolises the long-term vision being applied by the QIC to its investment strategy.

“The QCI-owned Grand Central Shopping Centre in Toowoomba is an example of how its investments deliver real and direct benefits to Queenslanders.

“A training agreement struck between Grand Central and TAFE Queensland South West will provide 550 hospitality and retail training places for locals.

“The partnership will provide trained workers for the estimated 1,000 new jobs to be created by a $500 million redevelopment of the shopping centre.

“The QIC is also the largest shareholder in the Brisbane Airport and Port of Brisbane, and owns other major shopping centres on the Gold Coast, and in Logan, and Townsville.

“These are just a few of the investments the QIC has made over its 25-year history that benefit Queenslanders,” Mr Pitt said.