HomeCo recruits former cabinet minister Kelly O’Dwyer to board

The former cabinet minister has plans to join more boards as she begins a post-politics career.

Former cabinet minister Kelly O’Dwyer. Picture: Tim Carrafa

Former cabinet minister Kelly O’Dwyer is set to join the ranks of corporate directors after a sabbatical in the wake of leaving the world of politics ahead of last year’s tight federal election.

The one-time minister, who held portfolios ranging from jobs and industrial relations, revenue and financial services, and small business, as well as being assistant treasurer, left Canberra under her own steam, seeking more time with a young family.

But an invitation from shopping centre owner HomeCo, that is fast becoming an alternative asset manager as it spins off a real estate trust, has drawn her into the top ranks of corporate Australia.

HomeCo, which is already backed by some of Australia‘s wealthiest families, is shifting up a gear by raising $300m for the new spin-off and has tapped Ms O’Dwyer to join its board as it expands.

If all goes to plan, Ms O’Dwyer will be elected an independent non-executive director next month, resulting in a majority of independent directors on the HomeCo board.

The former minister, in parliament for more than nine years representing the Liberal party in the seat of Higgins, was elected at just 32, following in the footsteps of now Future Fund and Nine chairman Peter Costello.

The former treasurer is still known for his robust commentary, particularly on rising taxation levels, but Ms O’Dwyer appears focused on the shift back into a corporate role — she was previously a mergers and acquisitions lawyer at Freehills and headed a NAB wealth and institutional unit — after political life.

The “sabbatical” saw a refocus on interests like joining her daughter’s school board and to assist with fundraising for the Children’s Hospice of the Very Special Kids charity.

But the former minister sees ready parallels between cabinet decision-making and corporate boardrooms, citing experience of being involved in setting strategy and lines of accountability.

HomeCo’s rapid evolution since its float last year was another drawcard.

“I was also extremely interested in the journey that it is on to become an alternate asset fund manager,” Ms O’Dwyer said. “I really felt that I could add value to the board. I was keen to be involved in a company that is dynamic and entrepreneurial.”

The board seat would be her first in corporate Australia and she is leaving the option open of pursuing similar roles.

“I’m looking at where I can add value,” Ms O’Dwyer said, citing her familiarity with “dynamic, fast paced” environments which throw up “complex problems”. But Canberra-focused roles are off the table. “I didn’t move out of politics to do politics,” Ms O’Dwyer said.

The Australian Institute of Company Directors said 31.3 per cent of ASX 200 board seats were filled by women at the end of July.