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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.
CEO of GIC Lim Chow Kiat also thanked the former senior minister for his service.
"Mr Teo generously contributed his wealth of experience in public policy and global affairs to GIC. His geopolitical insights were particularly important, given the growing complexity and salience of these issues for GIC."
He added that Mr Teo’s dedication to Singapore is an invaluable asset, helping the sovereign wealth fund to sharpen its investment discipline and organisational values.
"On behalf of the board and GIC, I extend our deep appreciation for his service and wish him well in his future roles," he said.
Mr Teo made his political debut in 1992 when he was part of a People’s Action Party team that contested and won a by-election in Marine Parade GRC. He then moved to contest Pasir Ris GRC during the 1997 polls and was subsequently re-elected in Pasir Ris-Punggol GRC five times.
During his time in government, Mr Teo helmed the home affairs, defence, education and environment ministries, among other roles. A core member of Singapore’s third-generation leadership team, he later served as deputy prime minister between 2009 and 2019 before being appointed as senior minister.
The political veteran also held the role of coordinating minister for national security from 2011 and oversaw other portfolios, such as the Smart Nation and Digital Government Group and the National Climate Change Secretariat, until he stepped down from politics.
