Former Senior Minister Teo Chee Hean will step down from the board of directors of GIC and relinquish his role as chairman of the sovereign wealth fund’s International Advisory Board, effective June 30.
GIC announced the move on Tuesday (June 10), citing Teo’s upcoming appointment as chairman of Temasek Holdings. Teo, 70, retired from politics in April and did not contest in Singapore’s most recent General Election.
Temasek announced last week that Teo will succeed Mr Lim Boon Heng as its fifth chairman. He will first join the Temasek board as deputy chairman on July 1 and officially take over the top role on October 9.
Teo served on the GIC board for 14 years, having been first appointed as a director in December 2010. He was named chairman of the International Advisory Board in April 2015.
“During his tenure, Mr Teo helped GIC navigate significant developments including the aftermath of the global financial crisis, the COVID-19 pandemic, accelerating technological shifts and climate change, as well as rising geopolitical uncertainty,” GIC said in its statement.
His long-standing contributions were acknowledged in a letter from Senior Minister and GIC chairman Lee Hsien Loong, who expressed appreciation for Teo’s role in shaping GIC’s long-term investment direction and organisational strategy.
“Your insights on geopolitical developments and risks have guided GIC’s global investment strategies and the development of its investment framework, as GIC responded to an increasingly complex global environment,” Lee wrote.
He also credited Teo’s leadership for strengthening GIC’s investment discipline, building new global partnerships, and enhancing the organisation’s resilience during volatile periods such as the COVID-19 crisis.
Lee noted that he would miss Teo’s calm presence and thoughtful interventions during board deliberations, but acknowledged GIC’s strict policy that directors cannot serve on both GIC and Temasek boards at the same time.
“With regret, I accept your resignation from the GIC Board, and I wish you all the best in your new roles at Temasek,” he wrote.
Teo’s transition marks a significant shift in Singapore’s sovereign investment leadership, with his experience in government, defence, and national strategy expected to play a key role at Temasek as it enters its next phase of growth.
Shahriena Shukri is a journalist covering business and economic news in Malaysia, providing insights on market trends, corporate developments, and financial policies. More about Shahriena Shukri.
