Former senior minister Teo Chee Hean served on GIC’s board for 14 years. - Photo: Lianhe Zaobao
SINGAPORE: Former senior minister Teo Chee Hean will step down from the GIC board and as chairman of its International Advisory Board on June 30, ahead of his appointment as Temasek’s chairman.
Teo served on GIC’s board for 14 years, having been appointed as a director in 2010 and later as chairman of the International Advisory Board in 2015.
He is set to join Temasek’s board as deputy chairman on July 1, before taking over as chairman from Lim Boon Heng on Oct 9.
Senior Minister Lee Hsien Loong, who is also chairman of GIC, said on June 10 that Teo’s insights on geopolitical developments and risks have guided GIC’s global investment strategies and the development of its investment framework, as the sovereign wealth fund responded to an “increasingly complex global environment”.
“(Mr Teo’s) valuable perspectives on the GIC Board and guidance to GIC’s senior management have improved GIC’s long-term investment capabilities and organisational resilience,” said SM Lee.
He added: “GIC adopted more robust investment management processes, strengthened its investment discipline and organisational values, and built new partnerships, as we adopted new strategies and navigated new challenges and opportunities.”
SM Lee said that GIC’s International Advisory Board has been a valuable platform for its international advisors to share their global and regional perspectives, and to discuss longer-term market developments and the macroeconomic landscape.
“Under (Mr Teo’s) guidance, GIC has engaged our advisers to synthesise critical insights for our investment policy reviews, risk management framework, and investment governance,” he said. “These have helped sharpen GIC’s performance over the years.”
GIC chief executive Lim Chow Kiat said that Teo “generously contributed” his wealth of experience in public policy and global affairs to the firm.
“His geopolitical insights were particularly important, given the growing complexity and salience of these issues for GIC,” said Lim.
“Mr Teo’s dedication to Singapore was another invaluable asset, helping GIC as a sovereign wealth fund to sharpen our investment discipline and organisational values.”
Teo, a key figure in Singapore’s third-generation leadership, served as deputy prime minister from 2009 to 2019 and as coordinating minister for national security from 2011. He was appointed senior minister in 2019.
He began his career in the navy in 1972, and rose to become chief of navy before leaving the armed forces in 1992 to enter politics.
His first Cabinet role was as minister of state for finance and communications. He later held ministerial portfolios in home affairs, defence, education and environment. - The Straits Times/ANN
