Both Mr Costello and Mr Poynton will perform these positions for a five-year period.
Mr Costello has been a member of the Future Fund board since 2009, and has been acting chairman since last month, following the departure of David Gonski last month.
He is the longest serving federal treasurer in Australia and was responsible for the establishment of the Future Fund in 2006.
Mr Poynton has over 40 years of experience in the financial services industry and is currently the chair of Azure Capital and director of Crown Perth.
Mr Poynton was also director of the Export Finance Insurance Corporation, a member of the Higher Education Endowment Fund and served as a member of the Payment Systems Board of the RBA.
The Future Fund was set up as part of the Coalition government’s commitment to strengthen the financial position of the Commonwealth and to prepare for the challenges associated with an ageing population.
