Former RBA deputy Guy Debelle joins super fund Australian Retirement Trust

Guy Debelle, fresh from his stint at Fortescue Future Industries, will join Australia’s second largest super fund as an adviser.

Guy Debelle former Reserve Bank deputy governor. Picture: AAP Dean Lewins.

Former Reserve Bank deputy governor and Fortescue Future Industries director, Guy Debelle, is joining the $240bn Australian Retirement Trust as an advisor to its investment committee to help boost its investments around climate change.

Mr Debelle, who left the Reserve Bank early last year to become chief financial officer of Andrew Forrest’s green energy arm, Fortescue Future Industries — as subsidiary of iron ore giant, Fortescue Metals Group — is one of three new appointees to Australia’s second largest superannuation fund announced on Tuesday.

Australia’s second largest superannuation fund, which this week marks its first anniversary of its formation from the merger of QSuper and Sunsuper, ART has also announced the appointment of two new directors – former Future Fund managing director Mark Burgess and the former director-general of housing in Queensland, Linda Apelt.

ART chairman, former Queensland Treasurer Andrew Fraser, said all three were “exceptional leaders in their own right.”

He said the appointments would “bring a wealth of experience in investment markets in critical areas of focus and opportunity.”

“The collective national and international experience and insight of our new appointees will benefit the fund as we seek returns in Australia and abroad,” he said.

Mr Debelle, who worked at the Reserve Bank for 25 years, including six years as deputy governor, has had a longstanding interest in issues around climate change and the transition to green energy.

He resigned as chief financial officer of FFI in November after a bike accident, remaining as a director of the company.

While at the Reserve Bank, Mr Debelle also chaired the climate change working group of the Australian Council of Financial Advisers.

ART has 2.2 million members and net cash inflows of almost $20bn a year.

Mr Debelle’s appointment as investment adviser to the fund comes as Federal Treasurer Jim Chalmers has called on the superannuation sector to become more involved in national building projects such as social housing and more renewable energy projects.

But in an interview with The Australian this week, ART chief executive Bernard Reilly said that any investments made by the fund would have to “stack up” as being in the best financial interests of its members.