Ex-Singapore deputy prime minister quits GIC board

Former Singapore Deputy Prime Minister Teo Chee Hean/ Photo credit: BT File

Former Singapore Deputy Prime Minister Teo Chee Hean will step down from GIC’s board of directors and as chairman of its International Advisory Board, effective June 30.

Teo, 70, has served on the board of Singapore’s sovereign wealth fund for 14 years, GIC said on June 10.

He was first appointed as a director in December 2010, and took on the role of chairman of the International Advisory Board in April 2015.

The news comes days after it was announced that Teo would become chairman of Singapore’s state investment company, Temasek.

On June 6, Temasek said that Teo would take over the role from Lim Boon Heng from October 9. Teo will first join the company’s board of directors as deputy chairman on July 1.

Senior Minister Lee Hsien Loong, who is chairman of GIC, said in a letter of appreciation for Teo that “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.”

“At a time when GIC’s task is more consequential and also more difficult than ever, I shall miss (Teo’s) calm presence and thoughtful interventions at GIC board deliberations,” Lee said.

During his tenure at GIC, Teo helped the sovereign wealth fund navigate significant developments including the aftermath of the global financial crisis, the Covid-19 pandemic, rapid technological and climate change, as well as rising geopolitical uncertainty, GIC said.

Lim Chow Kiat, chief executive of GIC, said: “(Teo’s) geopolitical insights were particularly important, given the growing complexity and salience of these issues for GIC.”

Teo announced his retirement from politics on April 23. During his 33-year political career, he served as deputy prime minister from 2009 to 2019, and as senior minister from 2019 to 2025.

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This story was republished with permission from The Business Times. It was moderately edited to reflect Tech in Asia’s editorial guidelines.