SINGAPORE: Former Senior Minister Teo Chee Hean has resigned from GIC’s board of directors and as chairman of its international advisory board, effective Jun 30, the sovereign wealth fund said on Tuesday (Jun 10).
Mr Teo, 70, retired from politics in April and did not contest in the recent General Election. Temasek Holdings announced last week that he will succeed Mr Lim Boon Heng as its fifth chairman.
He will first join Temasek’s board as deputy chairman on Jul 1, before taking the reins on Oct 9.
Mr Teo served on the GIC Board for 14 years. He was first appointed as a director in December 2010 and assumed the role of chairman of its International Advisory Board in April 2015.
“During his tenure, Mr Teo helped GIC navigate significant developments including the aftermath of the global financial crisis, the COVID-19 pandemic, accelerating technology and climate change, as well as rising geopolitical uncertainty,” said GIC in a news release.
In a letter to Mr Teo, Senior Minister and chairman of GIC Lee Hsien Loong wrote: “On behalf of the board of directors, management, and staff of GIC, I wish to express our heartfelt appreciation for your invaluable contributions on the GIC board for 14 years.”
As a director, Mr Teo helped steer GIC’s long-term investment strategy and policies, Mr Lee said.
“Your insights on geopolitical developments and risks have guided GIC’s global investment strategies and the development of its investment framework, as GIC responded to an increasingly complex global environment,” he added.
Through many significant events and developments, such as the global financial crisis and COVID-19 pandemic, Mr Teo’s “valuable perspectives” and guidance have improved GIC’s long-term investment capabilities and organisational resilience.
“GIC adopted more robust investment management processes, strengthened its investment discipline and organisational values, and built new partnerships, as we adopted new strategies and navigated new challenges and opportunities,” said Mr Lee.
Mr Lee said that he will miss Mr Teo’s “calm presence and thoughtful interventions” at GIC board deliberations.
“But there are good reasons why we have a strict policy not to allow directors to serve simultaneously on both the GIC and Temasek Holdings boards, and so it is with regret that I accept your resignation from the GIC Board,” said Mr Lee, wishing Mr Teo the best in his new roles at Temasek.
