Ho Ching to chair Temasek Trust from April 2022

TEMASEK Trust on Thursday announced that Ho Ching, the outgoing chief executive of Temasek Holdings, will be appointed to its board of directors on Oct 1.

Ms Ho will also succeed S Dhanabalan as chairman of Temasek Trust from Apr 1, 2022.

Mr Dhanabalan, who has been chairman of Temasek Trust since September 2015, will remain on the board and be designated chairman emeritus.

Temasek Trust was established by Temasek in 2007 to provide governance and financial oversight of Temasek's philanthropic endowments that fund the work of designated beneficiaries. These include Temasek Foundation, Stewardship Asia Centre and Temasek Life Sciences Laboratory.

"Ho Ching has a deep and passionate commitment to so many community causes, and has been instrumental in Temasek's own stewardship journey over the past two decades. The Board decided we would ask her to join us, and to continue that commitment by leading Temasek Trust next year," said Mr Dhanabalan.

"I see Ho Ching's passion as an asset to Temasek Trust, as we embark on the next chapter of our journey as an advocate, catalyst and investor, to drive the common good in Singapore, Asia and beyond," he added.

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Ms Ho, the wife of Prime Minister Lee Hsien Loong, said she was honoured to be invited to join the Board of Temasek Trust, and sees great opportunity for Temasek Trust to evolve its role given the scale it has now reached.

"I am very impressed by the remarkable progress that Temasek Trust has made since its founding over 10 years ago. Temasek Trust has enabled a steady and sustainable support for Temasek Foundation and other initiatives to deliver vitally important programmes in the communities in Singapore and around Asia," she said.

Prominent Temasek M&As under Ho Ching

MRT Corp, 2016: Acquired all the shares not already owned, via a scheme of arrangement, for S$1.2 billion.

Olam Intl: O32 0%, 2014: Made a cash offer for the agribusiness, raising its stake to 58.5 per cent. Stake last reported to be 54 per cent.

AS Watson, 2014: Bought about 25 per cent of the international health and beauty retailer for US$5.7 billion from Hong Kong tycoon Li Ka Shing's Hutchison Whampoa.

STATS ChipPAC, 2007: Made a cash offer for the global semiconductor wafer assembly and test operation, raising its stake from 35 per cent to 83 per cent. Cashed out in 2015.

Shin Corp, 2006: Bought 42 per cent in the company now known as Intouch Holdings. This stake has been pared down over time to 9 per cent.

Standard Chartered Bank, 2006: Bought 11.5 per cent from the Khoo Teck Puat estate. Raised stake over time to 16 per cent.

Neptune Orient Lines, 2004: Made an offer for the Singapore shipper, raising its stake from about 29 per cent to about 67 per cent for S$1.6 billion. Divested in 2016 to CMA CGM.

Apart from Ms Ho, Temasek Trust on Thursday also announced several other changes to its board of directors.

Benny Lim, Teo Ming Kian, and Tow Heng Tan will be appointed to the board of Temasek Trust with effect from Jan 1, 2022.

Current board directors include Ng Kee Choe, Chan Wai Ching and Cheo Hock Kuan, CEO of Temasek Trust. Fock Siew Wah stepped down from the board last month, for health considerations.

Meanwhile, Temasek Holdings announced some leadership changes.

Ajay Banga, executive chairman of Mastercard, will be appointed to its board of directors from Oct 1, while Jenny Lee, managing partner at multi-stage global venture capital firm GGV Capital will join the board from Jan 1, 2022.

Temasek Holdings had earlier also announced that Dilhan Pillay Sandrasegara will join the board as its executive director and CEO from Oct 1, following Ms Ho's retirement.  

READ MORE:

• Ho Ching: Widen investment options for retail investors to prepare them for 'retirement with dignity
• 'Five things to know about Temasek's leadership transition
• Temasek, DBS, JPMorgan joint venture Partior names new CEO, CTO