Peter Costello to Ken Henry: stay away from NAB chief executive appointment

Future Fund chairman Peter Costello has slammed the transition process underway at the National Australia Bank and says outgoing chairman Ken Henry should not have a role in appointing a new chief executive to replace Andrew Thorburn. 

Mr Costello, a former Liberal Treasurer and chairman of Nine Entertainment, said it was appropriate that Mr Henry and Mr Thorburn were leaving but said Dr Henry should "go first" to allow a new chairman to make the decision.

Both Dr Henry and Mr Thorburn were forced to resign last Thursday after commissioner Kenneth Hayne said in the Royal Commission's final report he was not confident "that the lessons of the past had been learned". 

ABC's Peter Ryan says the Future Fund posted a 5.8 percent return in the year to December 31, 2018.