Future Generation Global (ASX: FGG) announced on 20 May 2026 that two of its long-serving Directors are retiring. The board also announced that Sarah Morgan and Geoffrey Raymond Wilson will not stand for re-election to the Board at the Annual General Meeting in 2026, meaning between both they have collectively given over 17 years of service.
Figure 1: Future Generation Global company logo [Courtesy: Seer Data]
The Company has moved quickly to address the transition. On the same date, two new appointments to its Audit and Risk Committee were also announced for continued governance before the AGM.
Two Long-Serving Directors Step Back
Sarah Morgan was a Board member for ten years and Geoffrey Raymond Wilson for seven, Future Generation Global confirmed. The two decided not to put themselves forward for re-election at the 2026 AGM.
Figure 2: Sarah Morgan, Director of Future Generation Global [Courtesy: LinkedIn]
Geoff Wilson AO, Founder and Director of the Future Generation companies and Chairman of Wilson Asset Management said Ms Morgan has played an important role in growing the Company over 10 years. Furthermore, he said that Ms Morgan’s financial expertise not only helped shape the Company throughout its formative years, but added long term value also.
Chair Recognises Geoffrey Raymond Wilson’s Governance Role
Jennifer Westacott AC, Chair of Future Generation Global, noted that Geoffrey Raymond Wilson brought meaningful contribution to the Board from the time he joined in 2019.
As Chair of the Audit and Risk Committee, he supported the Company’s investment goals and social impact objectives. Ms Westacott noted that his service helped the Company deliver on both fronts over his seven-year tenure.
The ARC Gets a New Chair and a New Member
With Geoffrey Raymond Wilson stepping down as ARC Chair, Future Generation Global has confirmed two immediate appointments to maintain committee strength.
Adelaide McDonald, Director of Future Generation Global and MDH, has been appointed Chair of the Audit and Risk Committee. Hanna Ebeling, newly appointed Director and CEO of Sefa, will join the ARC. Both appointments are effective 20 May 2026.
Adelaide McDonald Takes the Helm at the ARC
Adelaide McDonald brings over 17 years of experience in corporate advisory and equity research, with extensive listed investment company experience. She has held roles as a director at KPMG in the mergers and acquisitions practice, alongside positions at Wilson HTM and BDO.
Figure 3: Adelaide McDonald, Chair of the Audit and Risk Committee at Future Generation Global [Courtesy: LinkedIn]
Ms McDonald holds a Bachelor of Commerce and a Bachelor of Business Management from the University of Queensland. She has completed the CFA Program, holds the CFA Charter, and has served as a Director of Future Generation Global since February 2025.
Hanna Ebeling Joins From the Impact Finance World
Hanna Ebeling is CEO of Sefa, which provides flexible finance and tailored advice for impact-led organisations. Her career spans traditional banking with HSBC through to venture philanthropy in the Philippines.
She sits on the board of social enterprise at Vanguard Laundry and contributes to government and sector reference groups on for-purpose collaboration. Ms Ebeling holds a B.A. in Economics from the University of St. Gallen, Switzerland, is a CFA charter holder, and is a graduate of the Australian Institute of Company Directors.
What Future Generation Global Does
Future Generation Global was listed on the ASX in 2015. The Company provides shareholders with access to a low volatility, diversified global portfolio of equities that the Company believes has the potential to produce attractive total returns and substantial fully franked dividends.
The Company has a unique model, working with the top global fund managers all waiving management fees and performance fees. Under the structure, Future Generation Global can donate 1% of its net assets each year to Australian charities working with vulnerable children and youth mental health and women’s economic empowerment.
The Future Generation companies have contributed A$100 million to Australian not-for-profit organisations since inception.
FGG ASX Share Price
Future Generation Global (ASX: FGG) share price details as at 20 May 2026:
- Current share price: A$1.640 per share
- Market capitalisation: A$661.61 million
- 52-week range: A$1.380 to A$1.735 per share
Figure 4: Future Generation Global (ASX: FGG) share price chart [Courtesy: ASX]
Industry Outlook
Global equity markets move to broader leadership with the broad adoption of AI moving from infrastructure builders into practical enterprise users. As per Russell Investments’ 2026 Global Market Outlook, the market is shifting from resilience to reacceleration; improved earnings fundamentals across Europe, Japan and emerging markets.
For listed investment companies operating in this environment, a fee-free fund manager structure and a defined social mandate offer a differentiated position.
In the dynamic capital reallocation environment where quality earnings with visible long-term drivers are viewed as favourable, institutional interest in globally diversified strategies with measurable social outcomes is also growing well.
Future Direction and Impact on FGG Investors
The board restructure at Future Generation Global carries direct implications for the Company’s governance and the Future Generation Global stock outlook:
- Adelaide McDonald steps in as ARC Chair, bringing over 17 years of corporate advisory and equity research experience
- Hanna Ebeling joins the ARC, adding expertise in impact finance, blended capital, and community-led investment models
- Both new ARC members hold the CFA Charter, preserving the Committee’s level of financial rigour
- The transition maintains governance continuity without disrupting the Company’s investment or social impact operations
- The board renewal positions Future Generation Global ahead of the 2026 Annual General Meeting
- The Company continues to direct 1% of net assets annually to social impact partners, with no management or performance fees charged to shareholders
Frequently Asked Questions
Q1. Why did Sarah Morgan and Geoffrey Raymond Wilson leave the board?
Ans. Both Directors chose not to stand for re-election at the 2026 Annual General Meeting. Sarah Morgan served for ten years and Geoffrey Raymond Wilson for seven.
Q2. Who is Hanna Ebeling and why does her appointment matter?
Ans. Hanna Ebeling is the CEO of Sefa and a new Director of Future Generation Global. She joins the ARC with impact finance and blended capital expertise alongside a background at HSBC and in venture philanthropy.
Q3. What does Future Generation Global do for social impact?
Ans. The Company donates 1% of net assets each year to Australian not-for-profits focused on children, youth mental health, and women’s economic advancement. Since inception, the Future Generation companies have donated A$100 million.
Q4. What is the current Future Generation Global stock outlook for investors?
Ans. Future Generation Global stock trades at A$1.640 per share with a market capitalisation of A$661.61 million. The Future Generation Global stock outlook is supported by a zero-fee fund manager structure and a globally diversified portfolio entering a period of broader market leadership.
Disclaimer
This article is for information purposes only and should not be considered financial or investment advice. Content is based on the ASX Announcement dated 20 May 2026 by Future Generation Global Limited (‘FGG’) and additional sources. Share price and market capitalisation data shown, updated at the time of publication. The information is provided for general informational purposes only and does not constitute financial advice.
Sources
https://www.futuregeninvest.com.au
https://www.asx.com.au/markets/company/FGG
https://russellinvestments.com/content/ri/us/en/insights/global-market-outlook.html
Last modified: May 20, 2026
