DPM Gan Kim Yong appointed director of GIC board

DEPUTY Prime Minister Gan Kim Yong has been appointed director of the GIC board and will begin his role on Oct 1, said the sovereign wealth fund on Tuesday (Sep 24).

Gan, who is also Singapore’s Minister for Trade and Industry, is chairman of the Monetary Authority of Singapore and is responsible for the strategy group in the Prime Minister’s Office.

GIC chief executive Lim Chow Kiat said that Gan’s “wide-ranging experience will add valuable insights to important asset allocation and other strategic decisions”.

Gan, 65, graduated from Cambridge University with Bachelor’s and Master’s degrees in engineering. He began his career in the Singapore Civil Service at the Ministry of Trade and Industry and the Ministry of Home Affairs.

In 1989, he left the civil service for the private sector and joined NatSteel, which produces reinforcement steel products and solutions for the construction industry. Gan became the company’s chief executive and president in 2005.

Over the years, he’s also held positions in the education, manpower and health ministries. He was sworn in as one of two deputy prime ministers in May this year.