Rowe to cut Queensland government tie

Mr Rowe, who has been chairman of the corporation for eight years, said he decided to resign after several discussions with the state Treasurer, Andrew Fraser. His resignation will take effect when his current term expires in September.

Mr Rowe's myriad of directorships have come under scrutiny as Queensland reels from a series of corruption scandals that have called into question the relationship between business and government in the state.

In addition to his role with the corporation, Mr Rowe is chairman of BrisConnections, the listed company that won the $4.8 billion government tender to build the AirportLink toll road. The Queensland Investment Corporation is also an investor in BrisConnections.

Mr Rowe is also chairman of Rothschilds Australia, recently appointed to advise the Queensland Government on its sale of $15 billion worth of assets. He recently stepped down as chancellor of Bond University.

Mr Rowe's business links extend beyond the border. A director of the Australian Stock Exchange, he is also one of the guardians of the Federal Government's Future Fund and chairs the United Group.

But it is the uproar surrounding the political lobbying firm Mr Rowe co-founded, Enhance Corporate, that has led to the unravelling of his numerous and lucrative directorships.

Run by the former Labor deputy premier Jim Elder, Enhance sacked the executive Ross Daley this week after it was revealed he received a personal $1 million success fee from a property company, Trinity Group.

Mr Daley was paid the money for luring $100 million worth of business from Sunsuper to Trinity, chaired by a former Labor treasurer, Keith de Lacey. The Queensland Premier, Anna Bligh, now plans to legislate against the payment of success fees to government lobbyists.

In a statement last night Mr Fraser thanked Mr Rowe for his service as chairman of the corporation. Mr Rowe has led the organisation through challenging times with firm leadership. He leaves an organisation in robust shape to confront the challenges ahead.

Sources suggested the Government was unlikely to have reappointed Mr Rowe for a third term.

Mr Rowe said the corporation was well placed to deal with the aftermath of the financial crisis. "I am confident ... the current momentum will continue and look forward to seeing QIC remain as a pre-eminent global funds management organisation."