GIC appoints two investment heads to group executive committee

[SINGAPORE] GIC has appointed Mark Ong, chief investment officer for public equities, and Boon Chin Hau, chief investment officer for infrastructure, to its group executive committee, the Singapore sovereign wealth fund said on Wednesday (Apr 1). 

The additions to its highest management body took effect on Wednesday, coinciding with GIC’s 45th anniversary.

The fund also appointed Bob Prince, co-chief investment officer of Bridgewater Associates, to its International Advisory Board (IAB). Prince will also serve in an advisory capacity to GIC’s Investment Strategies Committee.

The IAB provides the GIC board and management with perspectives on geopolitical and economic developments, as well as advice on global investment trends and emerging asset classes.

“As it enters its 45th year, GIC is reinforcing its ‘One GIC’ framework by ensuring its leadership and investment processes remain agile as it adapts to a more dynamic investment environment,” the fund said.

Shift in sustainability strategy

GIC noted that over the years, it has shifted its approach to sustainability, moving away from a centralised Sustainable Investment Fund towards the formation of focused sustainability teams within its asset departments.

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The sovereign wealth fund said its asset departments will be further integrating sustainability, allowing teams to work more closely to “better capture opportunities arising from climate change and broader sustainability trends”.

It will also strengthen the teams’ ability to “identify and manage sustainability risks”.

CEO Lim Chow Kiat said: “Today’s updates represent our conviction that long-term success comes from having clear leadership and tapping a global network of experts. We also wish to empower our teams to find opportunities from the bottom up.”