Lawrence Wong appointed to MAS board; Ong Ye Kung to step down

MINISTER of Finance Lawrence Wong has been appointed deputy chairman of the board of directors in the Monetary Authority of Singapore (MAS), under a slew of changes announced on Friday.

His appointment to the board will be for a term of three years from June 1, 2021 to May 31, 2024, together with Deborah Ong, who recently retired as a partner of PricewaterhouseCoopers Singapore.

Health Minister Ong Ye Kung, who has served as a member of the MAS board since Aug 29, 2016, will step down on May 31, 2021.

Lim Hng Kiang, who has served on the MAS board for 23 years and as its deputy chairman since 2006, will step down as deputy chairman on May 31, but remain as a member of the board.

Tharman Shanmugaratnam, Senior Minister and Coordinating Minister for Social Policies, has been re-appointed as chairman of the MAS board for a further term of three years, from June 1, 2021 to May 31, 2024.

Ravi Menon has been re-appointed as a member of the MAS board and as managing director of MAS for another term of two years, from June 1, 2021 to May 31, 2023.

Another three members of the MAS board have been reappointed for a further term of three years. They are:

• Heng Swee Keat, deputy prime minister and coordinating minister for Economic Policies;
• Peter Ong, chairman of Enterprise Singapore, who will also be re-appointed as Chairman of the Risk Committee;
• Professor Tan Chorh Chuan, chief health scientist, Ministry of Health, and executive director of the MOH Office for Healthcare Transformation.

Quek See Tiat, president of the Council for Estate Agencies and chairman of the Singapore Accounting Standards Council, has been re-appointed as member of the MAS Board for another term of one year, from June 1, 2021 to May 31, 2022. He will also be reappointed as chairman of the Audit Committee.