Jennifer Westacott to chair impact investment firm

The news: Former Business Council of Australia chief Jennifer Westacott has been named chair of the ASX-listed investment group Future Generation Global. She will take the role immediately from founder Geoff Wilson, who will remain on the board as a non-independent director.

The context: Wilson — also known for his investment house Wilson Asset Management — founded Future Generation Global in 2015. The firm gives investors access to global fund managers who forgo management and performance fees so donations can be made to children's causes such as mental health. Future Generation Global says it has donated $38 million to youth mental health.

Westacott led the Business Council for 12 years. She continues working in other roles including as a non-executive director of Wesfarmers and is chancellor of Western Sydney University.

What they said: "I have long argued Australia's approach to mental health needs 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," Westacott said.