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GIC is a fund manager for the Government of Singapore and does not own the assets that it manages. The Government, represented by the Ministry of Finance, mandates GIC to manage Singapore’s foreign reserves with the aim of achieving good long-term real returns. The mandate sets out the terms of appointment, investment objective, investment horizon, risk parameters, and investment 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. The President is independent of the Government and must not be a member of a political party.
The Constitution gives the President discretionary powers to protect the reserves not accumulated by a government during its current term of office. This is achieved using the two-key system: past reserves can be drawn down only in exceptional circumstances if the President, after consulting the Council of Presidential Advisers, agrees with the Government’s proposal to draw on the past reserves. Past reserves have been drawn to fund special Budget measures rolled out during the Global Financial Crisis and more significantly in response to the COVID-19 pandemic.
As a Fifth Schedule company under the Singapore Constitution—a category comprising key statutory boards and Government companies—GIC is directly accountable to the President of Singapore in several key areas. The President is empowered to access any information needed to safeguard the country’s reserves and has full information about the size of the reserves. No one may be appointed to or removed from the GIC Board without the President’s concurrence. This additional safeguard ensures that the GIC Board comprises people of integrity and competence who can be trusted to protect Singapore’s reserves.
The GIC Board is responsible for GIC’s overall performance and ensuring adherence to the risk and return objectives set by the Government. The Board is supported by five board committees that assist in specific areas of governance and oversight.
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 advises on a range of investment-related matters such as global investment trends, emerging asset classes, and new growth opportunities.
The Investment Strategies Committee assists the Board in overseeing portfolio performance and reviewing the key drivers for GIC’s return and risk outcomes, including the design of the Strategic Portfolio. It reviews and evaluates Management’s recommendations on GIC’s investment framework and does not decide on specific investment transactions.
The Investment Board provides oversight of GIC’s investment processes and its implementation, with particular attention to large individual investments. It is not involved in asset allocation decisions, which are the responsibility of the GIC Board. It also ensures GIC considers potential reputational risks arising from investment activities.
The Risk Committee advises the GIC Board on risk matters and supervises the effectiveness of risk management policies and practices. It reviews GIC’s risk profile and significant risk issues arising from operations and investments.
The Audit Committee reviews and assesses the adequacy and effectiveness of internal controls established by GIC Management. These include financial, operational, and compliance controls, as well as risk management policies and systems. It also supervises and evaluates the effectiveness of GIC’s internal audit function. The committee reviews the integrity of the financial reporting process and other related disclosures for GIC companies, significant ethics violations, the impact of changes in the regulatory and legal environment, and issues of fraud and financial loss.
The Human Resource & Organization Committee oversees organisational matters, including compensation policies, talent development, succession planning, and organisational development to ensure that people and organisational strategies are robust, future-ready, and aligned with GIC’s mission to preserve and enhance Singapore’s reserves.
The Investment Strategies Committee assists the Board in overseeing portfolio performance and reviewing the key drivers for GIC’s return and risk outcomes, including the design of the Strategic Portfolio. It reviews and evaluates Management’s recommendations on GIC’s investment framework and does not decide on specific investment transactions.
The Investment Board provides oversight of GIC’s investment processes and its implementation, with particular attention to large individual investments. It is not involved in asset allocation decisions, which are the responsibility of the GIC Board. It also ensures GIC considers potential reputational risks arising from investment activities.
The Risk Committee advises the GIC Board on risk matters and supervises the effectiveness of risk management policies and practices. It reviews GIC’s risk profile and significant risk issues arising from operations and investments.
The Audit Committee reviews and assesses the adequacy and effectiveness of internal controls established by GIC Management. These include financial, operational, and compliance controls, as well as risk management policies and systems. It also supervises and evaluates the effectiveness of GIC’s internal audit function. The committee reviews the integrity of the financial reporting process and other related disclosures for GIC companies, significant ethics violations, the impact of changes in the regulatory and legal environment, and issues of fraud and financial loss.
The Human Resource & Organization Committee oversees organisational matters, including compensation policies, talent development, succession planning, and organisational development to ensure that people and organisational strategies are robust, future-ready, and aligned with GIC’s mission to preserve and enhance Singapore’s reserves.
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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