Governance

Board of Directors

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

Chairman

Chairman, GIC Board

 

Lee Hsien Loong has been Prime Minister of Singapore since 2004. He was previously Deputy Prime Minister and has also held ministerial appointments in Trade and Industry, Defence and Finance. Mr Lee chaired the Monetary Authority of Singapore from 1998 to 2004, where he shifted MAS towards a lighter supervisory touch. As Prime Minister, he launched SkillsFuture to support Singaporeans in embracing lifelong learning and skills, and the Smart Nation initiative to use technology to create a future of better living, more opportunities and stronger communities. Before entering politics, Mr Lee was a Brigadier-General in the Singapore Armed Forces.

 

Mr Lee has a BA (First Class Honours) in Mathematics and a Diploma in Computer Science from Cambridge University, as well as a Masters in Public Administration from Harvard University.

Lee Hsien Loong
Prime Minister

Directors

Director, GIC Board
Chairman, GIC Risk Committee
Member, GIC Investment Strategies Committee

 

Lim Hng Kiang, the Special Advisor to the Ministry of Trade and Industry,  chairs the GIC Risk Committee and sits on the Investment Strategies Committee. He is also Deputy Chairman of the Monetary Authority of Singapore. Mr Lim was Minister for Trade and Industry from 2004 until 2015, when the Ministry was carved into two portfolios. He was then appointed Minister for Trade and Industry (Trade) until he stepped down in May 2018. In his current appointment, Mr Lim provides advice on the Ministry’s economic strategies to grow Singapore’s capabilities and international economic space.  He has held Cabinet posts in National Development, Health, Foreign Affairs, Finance and the Prime Minister’s Office. Before entering politics in 1991, he was Deputy Secretary in the Ministry of National Development.

 

Mr Lim graduated from Cambridge University with First Class Honours (Distinction) in Engineering. He later earned a Masters in Public Administration from Harvard University.

Lim Hng Kiang
Special Advisor to
Ministry of Trade & Industry

Director, GIC Board
Chairman, GIC Investment Strategies Committee

 

Tharman Shanmugaratnam is Singapore’s Deputy Prime Minister and Coordinating Minister for Economic and Social Policies. He chairs the GIC Investment Strategies Committee, and is also Chairman of the Monetary Authority of Singapore. Tharman also chairs the Group of Thirty, an independent global council of economic and financial policy leaders, and the G20 Eminent Persons Group on Global Financial Governance. He led the International Monetary and Financial Committee (IMFC), the key policy forum of the IMF, from 2011-2014, and was its first Asian chair. He served as Minister for Finance for eight years, and as Minister for Education for five years.

 

Tharman studied Economics at the LSE and Cambridge University. He also holds a Masters in Public Administration from Harvard University where he was named a Lucius N Littauer Fellow.

Tharman Shanmugaratnam
Deputy Prime Minister & Coordinating Minister for Economic and Social Policies

Director, GIC Board
Chairman, GIC International Advisory Board

 

Teo Chee Hean has been Deputy Prime Minister of Singapore since 2009. He chairs the GIC International Advisory Board. He is currently Coordinating Minister for National Security, and also oversees the Prime Minister’s Office Strategy Group, including the National Population and Talent Division and the National Climate Change Secretariat. Mr Teo has held Cabinet positions in Home Affairs, Defence, Education, Finance, Environment, and Communications. Prior to entering politics in 1992, he was the Chief of Navy holding the rank of Rear Admiral.

 

Mr Teo graduated with a BSc (First Class Honours) in Electrical Engineering and Management Science from the University of Manchester. He holds an MSc (Distinction) in Computing Science from Imperial College and a Masters in Public Administration from Harvard University, where he was named a Littauer Fellow.

Teo Chee Hean
Deputy Prime Minister & Coordinating Minister for National Security

Director, GIC Board
Member, GIC Investment Strategies Committee

 

Heng Swee Keat is the Minister for Finance, and is a member of the GIC Investment Strategies Committee. He chairs the tripartite Future Economy Council which oversees the implementation of national strategies in areas such as skills and capabilities development, innovation and productivity, and industry transformation.  He is also the Chairman of the National Research Foundation. From 2011 to 2015, Mr Heng served as Minister for Education. Before entering politics in 2011, he was Managing Director of the Monetary Authority of Singapore. He also served as Permanent Secretary of the Ministry of Trade and Industry,  as well as CEO of the Trade Development Board. Between 1997 and 2000, he was Principal Private Secretary to then-Senior Minister Lee Kuan Yew.

 

Mr Heng has an MA in Economics from Cambridge University, and also holds a Masters in Public Administration from the Kennedy School of Government, Harvard University.

Heng Swee Keat
Minister for Finance

Director, GIC Board

Member, GIC Investment Strategies Committee

 

Lawrence Wong is the Minister for National Development and Second Minister for Finance. He is a member of the GIC Investment Strategies Committee and the Co-Chairman of the Singapore-Tianjin Economic and Trade Council. Mr Wong began his career as a civil servant, and his portfolio included the Director of Healthcare Finance at the Ministry of Health, the Chief Executive of the Energy Market Authority and the Principal Private Secretary to Prime Minister Lee Hsien Loong. He was elected a Member of Parliament in May 2011 and subsequently held positions in the Ministry of Defence, the Ministry of Education, the Ministry of Communications and Information, and the Ministry of Culture, Community and Youth.

 

Mr Wong obtained his Bachelor’s and Master’s degrees in Economics from the University of Wisconsin-Madison and the University of Michigan-Ann Arbor respectively. He also holds a Master’s degree in Public Administration from the Harvard Kennedy School.

Lawrence Wong
Minister for National Development and Second Minister for Finance

Director, GIC Board
Chairman, GIC Investment Board
Member, GIC Investment Strategies Committee

 

Ang Kong Hua is the Chairman of Sembcorp Industries. He chairs the GIC Investment Board and sits on the Investment Strategies Committee. He has helmed several of Singapore’s biggest companies, bringing years of experience spanning the manufacturing, services and financial sectors. Mr Ang started his career at the Economic Development Board. He then joined DBS Bank at its inception in 1968 and pioneered its investment banking division. From 1974, he was CEO of NSL (formerly NatSteel) until he retired in 2003, and stayed as its Executive Director until 2010. He was previously Chairman of Global Logistic Properties, Singapore Telecommunications and Singapore Post, Vice-Chairman of Neptune Orient Lines, and a Director of DBS Bank, CIMC Raffles Offshore (Singapore) and k1 Ventures.

 

Mr Ang holds a BSc (Honours) in Economics from the University of Hull.

Ang Kong Hua
Chairman
Sembcorp Industries Ltd

Director, GIC Board
Chairman, GIC Human Resource & Organization Committee
Deputy Chairman, GIC Investment Strategies Committee

 

Peter Seah Lim Huat is the Chairman of DBS Group Holdings. He chairs GIC’s Human Resource and Organization Committee, and is Deputy Chairman of the Investment Strategies Committee. He heads the boards of Singapore Airlines, Singapore Health Services, LaSalle College of the Arts, and chairs the National Wages Council. He was a banker for 33 years before retiring as Vice-Chairman and CEO of the former Overseas Union Bank in 2001. He was also President and CEO of the Singapore Technologies Group. Mr Seah also serves on the boards of Fullerton Financial Holdings and STT Communications.

 

Mr Seah graduated from the University of Singapore with a degree in Business Administration.

Peter Seah Lim Huat
Chairman
DBS Group Holdings Ltd

Director, GIC Board
Chairman, GIC Audit Committee
Member, GIC Human Resource & Organization Committee

 

Chew Choon Seng chairs the GIC Audit Committee and is a member of the Human Resource and Organization Committee. He was the CEO of Singapore Airlines from 2003 till his retirement in 2010, and a Governor of the International Air Transport Association from 2003 to 2010 and its Chairman in 2006 to 2007. He was a board director of the Singapore Exchange from 2004 and its Chairman from 2011 to 2016, and Chairman of the Singapore Tourism Board from 2011 to 2016. In 2017, he was appointed Chairman of the Council assigned to review Singapore’s Code of Corporate Governance.

 

Mr Chew graduated with a Bachelor of Mechanical Engineering (First Class Honours) from the University of Singapore. He also has an MSc in Operations Research and Management Studies from the Imperial College of Science and Technology, University of London.

Chew Choon Seng
Former Chairman
Singapore Exchange Ltd

Director, GIC Board
Member, GIC Investment Board
Member, GIC Human Resource & Organization Committee

 

Hsieh Fu Hua is the Co-Founder and Advisor to PrimePartners Group. He is a member of the GIC Investment Board and the Human Resource and Organization Committee. He also serves on the boards of several non-profit organizations. He is President of National Council of Social Service, Chairman of National Gallery Singapore, and Stewardship Asia Centre. He chairs the Board of Trustees of National University of Singapore, and has recently been appointed Chairman-designate to National University Health System. Mr Hsieh started his career in merchant banking and capital markets in 1974 when he joined Morgan Grenfell Asia Holdings upon graduation, eventually rising to head the organization. Subsequently he served as Group Managing Director of BNP Prime Peregrine Group Hong Kong, CEO of Singapore Exchange and President of Temasek Holdings. He also served as Chairman of UOB Group.

 

Mr Hsieh holds a Bachelor of Business Administration (Honours) from the University of Singapore.

Hsieh Fu Hua
Co-Founder and Advisor
PrimePartners Group

Director, GIC Board
Member, GIC Risk Committee
Member, GIC Audit Committee

 

Loh Boon Chye is the CEO of Singapore Exchange. He sits on the GIC Risk and Audit Committees. He has close to 30 years of experience in the financial industry and has played a key role in the development of Southeast Asia’s capital markets. Prior to SGX, he was Deputy President for Asia Pacific, Head of Asia Pacific Global Markets, and Country Executive for Singapore and Southeast Asia at Bank of America Merrill Lynch. He spent 17 years in Deutsche Bank where his last role was the Head of Corporate and Investment Banking for Asia Pacific. He started his career with the Monetary Authority of Singapore and Morgan Guaranty Trust Co. of New York.

 

Mr Loh holds a Bachelor of Engineering degree from the National University of Singapore.

Loh Boon Chye
Chief Executive Officer
Singapore Exchange Ltd

Director, GIC Board
Member, GIC Audit Commitee
Member, GIC Human Resource & Organization Committee

 

Gautam Banerjee is a Senior Managing Director and Chairman of Blackstone Singapore. He sits on the GIC Audit as well as the Human Resource and Organization Committees. Before joining Blackstone, Mr Banerjee spent over 30 years with PricewaterhouseCoopers, serving as Executive Chairman of PwC Singapore for nine years until he retired in 2012. He serves on the boards of Singapore Airlines, Singapore Telecommunications Ltd, Piramal Enterprises, and The Indian Hotels Company Limited, and is also the Vice-Chairman of the Singapore Business Federation.

 

Mr Banerjee has a BSc (Honours) in Accounting and Financial Analysis from the University of Warwick. He is a Fellow of the Institute of Chartered Accountants in England and Wales, the Institute of Singapore Chartered Accountants and the Singapore Institute of Directors.

Gautam Banerjee
Senior Managing Director and Chairman
Blackstone Singapore

Director, GIC Board

 

S Dhanabalan is a member of the Council of Presidential Advisers and a permanent member of the Presidential Council for Minority Rights. He chairs the Board of Trustees of Temasek Trust and Mandai Park Holdings. He was Chairman of Temasek Holdings, Singapore Airlines and DBS Group Holdings, and sat on the board of GIC from 1981 to 2005. Mr Dhanabalan joined the Civil Service in 1960, before moving to the newly-formed Economic Development Board in 1961. As the need for industrial capital grew, he was part of a small group that established the Development Bank of Singapore, where he served from 1968 to 1978. After entering politics in 1976, Mr Dhanabalan served as Minister for Foreign Affairs, National Development, Trade and Industry, Culture and Community Development.

 

Mr Dhanabalan holds a degree in Economics from the University of Malaya in Singapore.

S Dhanabalan
Member
Council of Presidential Advisers

Director, GIC Board
Member, GIC Investment Board

 

Koh Boon Hwee is the Chairman of Credence Partners Pte Ltd. He sits on the GIC Investment Board. He is also the Chairman of Sunningdale Tech, Yeo Hiap Seng, Far East Orchard, Rippledot Capital Advisers, the Securities Industry Council, Agilent Technologies and AAC Technologies. He started his career in 1977 at Hewlett-Packard and rose to become its Managing Director in Singapore from 1985 to 1990. From 1991 to 2000, he was Executive Chairman of the Wuthelam Group. Mr Koh was also the Chairman of Singapore Telecom, Singapore Airlines and DBS Bank at various times.

 

Mr Koh received his Bachelor’s Degree (First Class Honours) in Mechanical Engineering from the Imperial College of Science and Technology, University of London, and his MBA (Distinction) from Harvard Business School. He also received an honorary doctorate from Imperial College London.

Koh Boon Hwee
Chairman
Credence Partners Pte Ltd

Director, GIC Board

 

Dr Tony Tan Keng Yam has served as the Minister for Finance, Trade and Industry, Education and Deputy Prime Minister and Co-ordinating Minister for Security and Defence. He was the Chairman and CEO of OCBC Bank from 1992 to 1995. In September 2005, after leaving the Cabinet, Dr Tan was appointed Deputy Chairman and Executive Director of GIC, Chairman of the National Research Foundation and Chairman of SPH. In July 2011, Dr Tan contested in the Presidential Election and was sworn in as the seventh President of the Republic of Singapore on 1 September 2011 for a 6-year term. In September 2017, he was appointed the Honorary Patron and Distinguished Senior Fellow of Singapore Management University.

 

Dr Tan graduated from the University of Singapore with a First Class Honours Degree in Physics in 1962. He has a Master of Science degree from MIT and a PhD in Applied Mathematics from the University of Adelaide.

Dr Tony Tan Keng Yam
Special Advisor
GIC

GIC Advisor Emeritus

 

Seck Wai Kwong is the Chief Executive Officer, Asia Pacific at State Street Bank and Trust Company. He was a member of the GIC Risk Committee from 2010 to 2016. Prior to joining State Street in 2011, he was Chief Financial Officer of the Singapore Exchange for eight years, and has also held senior positions in the Monetary Authority of Singapore, GIC, Lehman Brothers and DBS Bank. He is a Trustee and chairs the Investment Committee at the Singapore Police Force’s pension fund. He is also a governor of the Singapore International School in Hong Kong. In addition, he serves on the Board of Regents of Trinity International University in Chicago and the Advisory Board of the Hong Kong University of Science and Technology Business School.

 

Mr Seck has an MBA from the Wharton School at the University of Pennsylvania. He graduated with First Class Honours in Economics from Monash University where he is a Vice Chancellor Professorial Fellow.

Seck Wai Kwong
Chief Executive Officer, Asia Pacific
State Street Bank and Trust Company

Director, GIC Board

 

Lim Chow Kiat was appointed Chief Executive Officer on 1 January 2017. He was previously Group Chief Investment Officer of GIC and Deputy Group President. He joined GIC as a portfolio manager upon graduation in 1993 and subsequently rose to head the Fixed Income, Currency and Commodities Department. He was President, Europe in 2009, overseeing investments and relationships in Europe, Africa and the Middle East before his appointment as President of GIC Asset Management in 2011. Mr Lim is the Chairman of Wealth Management Institute and serves on the boards of Nanyang Technological University, National Research Foundation, Enterprise Singapore and FCLT Global. He is also a member of Agence France Trésor’s Strategic Committee and International Advisory Council of Mizuho Financial Group.

 

Mr Lim holds a First Class Honours degree in Accountancy from Nanyang Technological University, Singapore.

Lim Chow Kiat
Chief Executive Officer

Director, GIC Board

 

Dr Jeffrey Jaensubhakij was appointed as Group Chief Investment Officer on 1 January 2017. He joined GIC in 1998 as a Senior Economist covering the US economy. He has held asset allocation portfolio responsibilities as Co-Head of Asset Allocation Strategy in the Economics and Strategy Department, and from 2003 to 2011 was Head of Total Return Equities and the US Equities teams based in GIC’s New York Office. In 2011, he was appointed President, Europe, responsible for coordinating GIC’s investment activities in Europe across public and private asset classes. He was appointed President, Public Markets and Director of Public Equities in 2013, and Deputy Group Chief Investment Officer in 2016.

 

Dr Jaensubhakij holds a BA in Economics from Cambridge University, as well as a Masters and a PhD in Economics from Stanford University.

 

Dr Jeffrey Jaensubhakij
Group Chief Investment Officer