GIC announces changes to its Board

01 Nov 2012

GIC today announced that Dr Richard Hu Tsu Tau will retire from the GIC Board with effect from 30 November 2012.
Dr Hu’s association with GIC started when he was appointed a director of the GIC Board in 1981. He was then Chairman and Chief Executive of Shell Group of companies and his appointment to the GIC Board, the first from the private sector, paved the way for other such appointments.
He also succeeded the first GIC Managing Director, Mr Yong Pung How, in 1983. In December 1984, Dr Hu stepped down as Managing Director and in 1985, he was appointed Minister for Finance. He held this cabinet position till 2001. In addition to being on the GIC Board, Dr Hu was also the founding Chairman of GIC Real Estate, the real estate arm of GIC, from 1999 when it was corporatised as a separate entity. Over the 10 years till 2009, under Dr Hu’s stewardship, the real estate group developed from a department investing mainly in US office properties to one of the most globally diversified real estate investors in the world.
Attached is a copy of the letter of appreciation from Mr Lee Hsien Loong, Chairman of GIC, to Dr Hu on his retirement from the Board.
Mr Lim Siong Guan, Group President, GIC, said, “On behalf of GIC, I would like to thank Dr Richard Hu for his invaluable contributions to GIC over the last 31 years as a Board director. GIC has benefitted tremendously from his keen insights, his steady hand and his ready help which has enabled GIC to hone its investment skills, as well as to develop its perspectives and leadership. ”
GIC also announced three new board appointments:
a) Mr Hsieh Fu Hua, with effect from 1 November 2012.
Mr Hsieh is currently an adviser to PrimePartners Group and a Director of United Overseas Bank Limited.
b) Mr Loh Boon Chye, with effect from 1 November 2012.
Mr Loh will assume the appointment of Deputy President Asia Pacific at Bank of America Merrill Lynch on 1 December 2012.
c) Mr Gautam Banerjee, with effect from 1 January 2013.
Mr Banerjee is Executive Chairman of PricewaterhouseCoopers (PwC) Singapore until his retirement on 31 December 2012.
Attached are short biographies on Messrs Hsieh, Loh and Banerjee.
Mr Lim added, “We are pleased to welcome Mr Hsieh, Mr Loh and Mr Banerjee to the GIC Board. They add to the private sector leadership and investment experience among Board directors, and GIC looks forward to tapping their experience and networks of contacts.”