Hsieh Fu Hua replaces Peter Seah as National Wages Council chairman

[SINGAPORE] National Wages Council (NWC) chairman Peter Seah is stepping down from this role for “personal reasons”, said the Ministry of Manpower (MOM) on Wednesday (Aug 19).

“After deliberation, MOM has decided to accede to the request,” it said in a press statement.

Hsieh Fu Hua, who just 12 days ago was appointed deputy chairman of the NWC for the 2026/27 session, will replace Seah as chairman with immediate effect.

Seah has served as NWC chairman since 2015. Under his leadership, the council navigated the Covid-19 pandemic and built the “tripartite consensus that underpinned Singapore’s wage policies”. He is also the DBS chairman and Singapore Airlines chairman.

Hsieh comes armed with experience across the business, social and public sectors.

He currently serves as chairman of the National University of Singapore board of trustees and director on the GIC board.

He has previously served as president of the National Council of Social Service, CEO of Singapore Exchange and president of Temasek Holdings.

“His experience in bringing together diverse stakeholders and building consensus will be valuable in leading NWC’s upcoming tripartite deliberations on wage issues,” added MOM.

DBS planning successor for Seah

Separately, Bloomberg reported on Wednesday that DBS is working on a succession plan for Seah, who has been the Singapore bank’s chairman for more than 16 years.

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DBS chairman Peter Seah takes over NWC helm from Prof Lim Pin

The 79-year-old has fulfilled his responsibilities in guiding the country’s largest bank since he joined the DBS board in 2009 and became chairman a year later, according to people with knowledge of the matter who asked not to be identified as they were discussing private matters. 

Seah, a non-executive chairman, is also chairman of the board executive committee and DBS’ Hong Kong unit.

He is a member of the audit, board risk management, technology, compensation, management development and nominating committees, according to DBS’ website.

Seah was re-elected as chairman at the last annual shareholders’ meeting in March this year.   

“Mr Peter Seah remains non-executive chairman of DBS,” said the bank in response to queries from Bloomberg.