AFIC Announces Leadership Changes

17 February 2026


The Manager
ASX Market Announcements
Australian Securities Exchange
Exchange Centre
Level 4
20 Bridge Street
Sydney NSW 2000


Electronic Lodgement

AFIC Announces Leadership Changes
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.
-ENDS-

For more information visit www.afi.com.au

Summary of key terms and conditions of employment with Australian Investment
Company Services Limited

1. Appointment

Appointed as the Managing Director and Chief Executive Officer effective July 2026.

2. Term
This is a permanent full-time appointment with no fixed term.

4. Remuneration
Ms Gibson’s remuneration on commencement will be as follows:

• Fixed Remuneration
Base salary of A$850,000 (gross) per annum inclusive of compulsory superannuation
contributions, director’s fees and any fringe benefits if applicable.

• Annual At-Risk Incentive
Annual Incentive Plan is 100% of the Fixed Remuneration

The Annual Incentives may be subject to transitionary arrangements.

5. Post-employment restrictions
Ms Gibson is subject to non-compete and non-solicitation restrictions for a period of 6 months
following notice of termination.

6. Termination
Ms Gibson may resign at any time on giving 6 months' notice and AICS may terminate Ms
Gibson 's employment on giving 6 months' notice. AICS will pay all remuneration due to Ms
Gibson during the notice period and any statutory entitlements owing to Ms Gibson on
termination of her employment.