AFIC Announces Leadership Changes

17/02/2026 11:31 NZDT, ADMINP

Australian Foundation Investment Company Limited (AFIC) today announces that Mark Freeman, Chief Executive Officer and Managing Director, has decided to retire at the end of the 2026 Financial Year. It also announces the appointment of Alison Gibson as his successor, effective 13 July 2026.

Alison Gibson will also replace Mark Freeman as Managing Director and CEO of Australian Investment Company Services Limited (“AICS”), which provides investment and administration services to AFIC (ASX: AFI) and three other listed investment companies: Djerriwarrh Investments Limited (ASX: DJW), Mirrabooka Investments Limited (ASX: MIR) and AMCIL Limited (ASX: AMH).

AFIC’s Chairman, Craig Drummond said, “Mr Freeman has been involved in the management of AFIC and the other three Listed Investment Companies (LIC’s) serviced by AICS for over 31 years. For the past 8 years Mark has been the Chief Executive Officer and Managing Director, and previously he spent 10 years as the Chief Investment Officer.

Mark has had a long and distinguished career in the industry. The Board would like to acknowledge Mark for his leadership and passion for our shareholders and thank him for successfully navigating the LIC’s through a period of significant change.

Listed investment companies offer a unique structure for investors. Mark has understood this and has been a very strong advocate for AFIC and its investment approach, which has delivered long term benefits to shareholders at a low cost.

Importantly Mark has also successfully maintained very strong relationships with the companies we invest in over many years. AFIC as long term investor often provides a different perspective to many others in the industry and Mark has been central to conveying these views.

Over Mark’s involvement with the LIC’s the funds under management have grown from a combined value of just over $1 billion to $12 billion with over 200,000 shareholders.

We wish Mark all the best for his future and his retirement.”

Mr Freeman said, “This has been a position of privilege that I have never taken for granted. These are unique investment vehicles with a strong sense of purpose as they are low cost and importantly, owned by and managed for the shareholders. The LIC structure enables a unique advantage of being able to take a truly long term view of a business for the benefit of our shareholders. With the great team that is in place I am extremely confident in the future of AFIC and the other LIC’s we manage and it is therefore the right time to consider the next chapter in my life.”

AFIC’s Chairman, Craig Drummond said, “Alison Gibson is well known to AFIC shareholders having been a portfolio manager with us from 2011 to 2021 when she left to join HESTA. Alison is an experienced investment professional with over 25 years’ experience across portfolio management, equity research and investment strategy within institutional and funds management organisations. She has a strong background in leading investment teams, setting clear investment frameworks and delivering long-term outcomes for stakeholders.

We look forward to welcoming Alison back to AFIC”

A Summary of key terms and conditions of employment for Ms Gibson is attached.

Please direct any enquiries to:

Geoff Driver

General Manager

(03) 9650 9911

Authorised by the Board of Australian Foundation Investment Company Limited.

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