PerformanceNew Investment FrameworkEstablishment of an Investment Board

The annualised 20-year real rate of return for year ended 31 March 2013 was 4.0%. In USD nominal terms, GIC achieved an annualised return of 2.6%, 8.8% and 6.5% for 5-year, 10-year and 20-year time periods respectively.

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On 1 April 2013, GIC implemented a new investment framework that resulted from a review in 2012. There is now a Reference Portfolio comprising 65% global equities and 35% global bonds which reflects the amount of risk that the Government is prepared for the GIC to take in its long-term investment strategies; a simplified Policy Portfolio with six core asset classes that will drive the GIC’s returns over the long term; and an Active Portfolio which comprises a collection of skill-based strategies which seeks to add value to the Policy Portfolio within risk limits defined by the GIC Board.

 

This year’s report on investment performance is still based on the previous model. Subsequent annual reports will be based on the new investment framework.

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The Investment Review Committee was renamed the Investment Board in April 2013. This board committee comprises solely private sector experts who have had extensive experience with a large variety of investments in a range of geographies. Mr Ang Kong Hua chairs the Investment Board. Mr Peter Seah replaces Mr Ang as Chairman of the Human Resource and Organization Committee, and is also appointed Deputy Chairman of the Investment Strategies Committee.

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New Members to the International Advisory BoardLeadership Changes/ Managing DirectorsSHORTENING OF COMPANY NAME TO “GIC”

GIC welcomed three new members to the International Advisory Board – Mr Knut Kjaer, Mr Ng Kok Song and Mr David Denison. They also serve as advisors to various board committees.

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Mr Ng Kok Song retired as Group Chief Investment Officer on 1 February 2013. He is succeeded by Mr Lim Chow Kiat. Dr Jeffrey Jaensubhakij took over from Mr Lim Chow Kiat as President of GIC Asset Management on 1 April 2013. Mr Lim Kee Chong was appointed Deputy Group Chief Investment Officer on 1 April 2013. Four Managing Directors retired in the 12 months since July 2012 – Mr Wan Ismail, Ms Chen Soon Bin, Mr David Dickinson and Mr Michael Simcock. GIC thanks them for their services and wishes them well in their future endeavours. Four new Managing Directors were appointed from 1 July 2013 – Mr Sun Jianjun, Mr John Tang, Mr Tham Chiew Kit and Mr Bryan Yeo.

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GIC changed its legal name from "Government of Singapore Investment Corporation Private Limited" to "GIC Private Limited". The change formalised the widely-used brand name of "GIC" in the global investment community and markets that GIC operates in.

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