Governance

Empowered and accountable

Our Client, the Government of Singapore, holds the GIC Board and Management accountable for portfolio performance. The Board is responsible for long-term asset allocation and overall performance; GIC Management formulates and executes investment strategies. Additionally, the Client and Board do not direct or influence GIC’s decisions on individual investments.

GIC’s Mandate

GIC is a fund manager for the Government of Singapore. We do not own the assets that we manage. As a rule, GIC invests outside Singapore.

The Government, represented by the Ministry of Finance (MOF), mandates GIC to manage all assets in a single pool, on an unencumbered basis and without regard to their source, with the objective of achieving good long-term real returns. The Government gives GIC an investment mandate that stipulates the terms of appointment, investment objectives, risk parameters, investment horizon and guidelines for managing the reserves.

Role of the President of Singapore

Since 1991, the Constitution of Singapore has provided for the President of Singapore to be elected directly by Singaporeans every six years.

As a Fifth Schedule company, GIC is directly accountable in a number of key areas to the President, who is empowered to access any information needed to safeguard the country’s reserves.

Board of Directors

  • The President’s concurrence is needed for appointments to and removals from the GIC Board. This additional layer of control ensures that GIC appoints only people of integrity who are competent and can be trusted to safeguard these assets.

The Auditor-General of Singapore

  • The President appoints the Auditor-General of Singapore, who submits an annual report to the President and Parliament on his audit of the Government and other bodies managing public funds. This audit includes the Government’s portfolio managed by GIC and the main companies in the GIC Group.

Governance Structure

Board of Directors

Assumes responsibility for asset allocation and performance of the total portfolio. The Management executes investment strategies and regularly discusses overall portfolio performance with the GIC Board.

VIEW BOARD OF DIRECTORS >

International Advisory Board

Provides the GIC Board, Board Committees and Management with global and regional perspectives on geopolitical, economic and market developments and, in particular, the medium- to long-term outlook for investment opportunities around the world.

VIEW International Advisory Board >

Board Committees

Support the GIC Board in overseeing critical areas including strategic asset allocation, investment process, risk, audit, and human resource & organizational development.

Investment Strategies Committee
  • Assists the GIC Board in evaluating Management’s recommendations on asset allocation, and its oversight of overall portfolio performance
  • Recommends the key drivers for GIC’s return and risk outcomes
  • Does not approve individual investments

VIEW Investment Strategies committee >

Investment Board
  • Assists the GIC Board in its oversight of GIC’s investment process, with particular attention to large individual investments

VIEW Investment Board >

Risk Committee
  • Oversees the effectiveness of risk management policies and practices in the GIC Group

VIEW Risk committee >

Audit Committee
  • Assesses the effectiveness of internal control systems for safeguarding company assets and Client’s investment portfolios
  • Reviews the integrity of the financial reporting process, any significant ethics violations, non-compliance with regulatory and legal requirements, and issues of fraud and financial losses

VIEW Audit committee >

Human Resource & Organization Committee
  • Oversees organizational matters in GIC, including compensation policies, talent development, succession planning, and organizational development

VIEW human resource & organization committee >

Advisor Emeritus

These esteemed experts and industry practitioners have contributed significantly to GIC through their past appointments on our various Board Committees.

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