Lawrence Wong to replace Tharman as chairman of MAS, GIC committee
Gan Kim Yong, Minister for Trade and Industry, will succeed Wong as deputy chairman
DEPUTY Prime Minister Lawrence Wong will replace Tharman Shanmugaratnam as chairman of both the Monetary Authority of Singapore (MAS) and GIC’s Investment Strategies Committee (ISC).
Tharman will step down as MAS chairman from Jul 8. Wong, who is also Minister for Finance, will take over until his term ends on May 31, 2026, the central bank and financial regulatory authority said on Monday (Jul 3).
Wong has been deputy chairman of MAS since Jun 1, 2021, and he previously served as a member of the MAS Board from June 2011 to August 2016.
Gan Kim Yong, Minister for Trade and Industry, will succeed Wong as deputy chairman.
The announcement comes a month after Tharman said he will run in Singapore’s next presidential election.
Separately, GIC said in a press statement that Wong will become GIC ISC’s chairman, effective Jul 7. Wong has been a member of the ISC since Aug 1, 2017, and a GIC board director since Nov 1, 2018.
The ISC is a board committee which helps evaluate GIC management’s recommendations on asset allocation, with oversight on overall portfolio performance.
Wong’s appointment follows Tharman’s resignation as GIC deputy chairman and ISC chairman. Tharman, who is also Senior Minister and Coordinating Minister for Social Policies, has been GIC’s deputy chairman since 2019, and ISC chairman since 2011.
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