media release 


28 February 2023  


HESTA announces change to its Investment Commitee and Board


HESTA has thanked Investment Committee Chair and Independent Director Mark Burgess for his important contribution to improving member outcomes, with the fund announcing he will leave the Board as his term comes to an end.


HESTA CEO Debby Blakey said, since joining the HESTA Board, Mr Burgess was part of a period of significant growth at the Fund, including the building of an internal team initially to manage Australian Equities and now fixed interest and cash.


“When Mark joined us, we were appointing a new CIO and were embarking on a bold and exciting vision for the future of investments at HESTA,” Ms Blakey said.


“Mark has been a much-valued source of insight and guidance over many years that’s supported us to keep building the capacity of our investment team to deliver strong, long-term investment performance for our more than one million members in the years ahead.”


HESTA Chair Nicola Roxon said Mr Burgess had overseen a significant period of change at the $70 billion industry fund, including the implementation of its internalisation strategy and ongoing leadership in responsible investment.


“As the inaugural Chair of HESTA’s Investment Committee, Mark has helped guide the realisation of our investment strategy that’s seen us continue as a leading global investor delivering strong, competitive, long-term returns for members,” Ms Roxon said.


“I’d like to thank Mark for his contribution that’s continued to build on the Fund’s focus on investment excellence with impact and strong track record of performance.”


HESTA’s MySuper-authorised investment option, Balanced Growth, has delivered an average return of 8.53% p.a. to members over 10 years as of 30 June 2022[1]. Independent Rating agency SuperRatings ranks Balanced Growth in its top 10 balanced investment options over 1, 3, 5, 7, and 10-year time periods[2].


In anticipation of the end of Mr Burgess’s term, the Fund began the recruitment process last year. HESTA is finalising the appointment, which is due to start from 1 July 2023, and is to both the HESTA Board as an independent Director and to Chair the Investment Committee.


Since joining the Fund, Mr Burgess has helped oversee landmark investment decisions, including the development of HESTA’s first Climate Change Transition Plan. This saw HESTA in 2020 become the first major Australian super fund to announce an ambition to reach net zero carbon emissions by 2050 across its portfolio. The Fund has subsequently lifted to 50% an interim target it set in 2020 to achieve a 33% reduction in normalised emissions by 2030 (against a 2020 baseline).[3]


Mr Burgess is due to step down from the Board at the end of June 2023.




[1] Investments may go up or down. Past performance is not a reliable indicator of future performance. Average annual return for the period

[2] Product ratings are only one factor to be considered when making a decision. See for more information.

[3] Scope 1 and 2 emissions per dollar invested.



Media contact:

Sam Riley

General Manager Media Relations

(03) 8660 1684


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