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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.
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.
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 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.
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.
The International Advisory Board provides the GIC Board, Board Committees, and GIC Management with global and regional perspectives on geopolitical, economic, and market developments. It offers advice on a range of investment-related matters, in particular, global investment trends, emerging asset classes, and new growth opportunities.
The GIC Board and Management answer to our client, the government of Singapore, for portfolio performance. The Board is responsible for long-term asset allocation and overall performance, while the Management formulates and executes investment strategies. GIC acts autonomously on individual investments however, without influence from the Client or the Board.
The Investment Strategies Committee assists the GIC Board in evaluating Management’s recommendations on asset allocation, and its oversight of overall portfolio performance.
The Investment Board assists the GIC Board in its oversight of GIC’s investment process.
The Risk Committee advises the Board on risk matters and focuses on overseeing GIC’s risk policies and risk management.
The Audit Committee reviews and assesses the adequacy and effectiveness of the system of internal controls, including financial, operational and compliance controls, and risk management policies and procedures. It also supervises and evaluates the effectiveness of the internal audit function. The Committee also reviews the integrity of the financial reporting process and other related disclosures for GIC companies, significant ethics violations, impact of changes in the regulatory and legal environment, and issues of fraud and financial losses.
The Human Resource & Organization Committee discharges the Board’s responsibilities relating to the evaluation and approval of GIC’s compensation policies for the group and senior management, Managing Directors Scheme, and succession planning for key man appointments, as well as oversees organisational development.
The Investment Strategies Committee assists the GIC Board in evaluating Management’s recommendations on asset allocation, and its oversight of overall portfolio performance.
The Investment Board assists the GIC Board in its oversight of GIC’s investment process.
The Risk Committee advises the Board on risk matters and focuses on overseeing GIC’s risk policies and risk management.
The Audit Committee reviews and assesses the adequacy and effectiveness of the system of internal controls, including financial, operational and compliance controls, and risk management policies and procedures. It also supervises and evaluates the effectiveness of the internal audit function. The Committee also reviews the integrity of the financial reporting process and other related disclosures for GIC companies, significant ethics violations, impact of changes in the regulatory and legal environment, and issues of fraud and financial losses.
The Human Resource & Organization Committee discharges the Board’s responsibilities relating to the evaluation and approval of GIC’s compensation policies for the group and senior management, Managing Directors Scheme, and succession planning for key man appointments, as well as oversees organisational development.
These esteemed experts and industry practitioners have contributed significantly to GIC through their past appointments on our various Board Committees.
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
chiefexecutiveofficer at gic.com.sg
Chairman, Audit Committee
auditcommitteechairman at gic.com.sg
People are the heart of GIC. Our investment professionals manage the reserves for the long term, with the cooperation, collaboration, and support of our business professionals. Regardless of role or function, we are one GIC team — united in the common pursuit of investing for Singapore.
A portfolio as diversified and resilient as the country we serve.
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