Lawrence Wong to become deputy chairman of GIC from Oct 1

Navene Elangovan

Published Mon, Sep 25, 2023 · 10:39 AM

Wong has also served as the chairman of GIC’s Investment Strategies Committee since Jul 7. PHOTO: AFP

DEPUTY Prime Minister Lawrence Wong will assume the post of deputy chairman of GIC from Oct 1.

“As deputy chairman, Mr Wong will assist the chairman to lead the board in overseeing GIC’s long-term asset allocation and portfolio performance,” announced the sovereign wealth investor on Monday (Sep 25).

Prime Minister Lee Hsien Loong is the current chairman of the GIC board.

Wong, who is also the finance minister, is currently a director of GIC. He was appointed to the post in November 2018.

Wong has also served as the chairman of GIC’s Investment Strategies Committee since Jul 7, 2023, after President Tharman Shanmugaratnam resigned to run for presidency.

The committee helps evaluate GIC management’s recommendations on asset allocations, with oversight on overall portfolio performance. Wong has been a member of the committee since August 2017.

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China makes up 22 per cent of the portfolio of Temasek, which is ranked among the top 10 investors in the world with net portfolio value of S$382 billion.

Temasek 'still excited' about China; GIC 'doubling down' on certain sectors

GIC owns about 12 per cent of Manila-based Emperador via its private equity arm Arran Investment, the people said. Based on the brandy maker’s current market value, the stake is worth S$950 million.

GIC considers selling stake in Emperador, sources say

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He is also the chairman of the Monetary Authority of Singapore and the Singapore Economic Development Board’s International Advisory Council.

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Lawrence Wong GIC Monetary Authority of Singapore

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