Empowered and accountable
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.
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.
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
Risk Committee
- Oversees the effectiveness of risk management policies and practices in the GIC Group
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
Human Resource & Organization Committee
- Oversees organizational matters in GIC, including compensation policies, talent development, succession planning, and organizational development
Advisor Emeritus
These esteemed experts and industry practitioners have contributed significantly to GIC through their past appointments on our various Board Committees.
Whistleblowing Policy
At GIC, we value our reputation for integrity and professionalism. In order to safeguard GIC’s reputation and uphold the highest standards of conduct, it is critical that GIC provides a channel for reporting any misconduct or unethical behavior relating to GIC.
If an employee, business partner, or any person believes that any wrongful, illegal, improper or unethical conduct relating to GIC has been, or is in the process of being committed by any GIC personnel and/or GIC’s business partners, such conduct should be reported to GIC immediately. The earlier any wrongdoing is reported, the easier it will be to take corrective action and mitigate any risks to GIC’s reputation. All reports will be treated with strict confidentiality and the identity of the whistleblower will be protected, unless the applicable law requires GIC to make the necessary disclosures (e.g. in the case of a police investigation).
It is critical that a whistleblower provides as much relevant information as possible (e.g. name(s) of the party(ies) involved, dates, times, locations, the specific conduct in question and any additional supporting information, documentation or other evidence). In order for thorough investigations to be carried out, adequate specific information is required.
Please send your report to either or both of the following persons:
Chief Executive Officer
Chairman, Audit Committee
