The appointment, to be ratified at LIC's annual meeting on October 22, has been recommended by the board.
Foote, a professional director, will replace Jason Dale who retires from the board after a six-year stint.
Foote is currently a director and chair of the audit and risk committees of Z Energy Limited, BNZ Life Insurance Limited and the New Zealand Local Government Funding Agency and is a director of Transpower New Zealand.
Recommending Foote to shareholders, LIC's board says she has "a strong analytical and strategic focus, coupled with a critical awareness of corporate governance and risk management".
"With qualifications in both law and accounting, Abby's career has straddled both disciplines, focusing on corporate finance and commercial transactions.
"She has a breadth of experience in a number of diverse areas including mergers and acquisitions, treasury and structured finance transactions, telecommunications, management of large projects and strategic development and implementation."
If elected, Foote will chair LIC's audit, finance and risk committee.
The LIC board can invite up to three people to serve on the board.
LIC's annual meeting will be held in Hamilton.
