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Mr Lim Boon Heng, a former Cabinet minister, took the reins at NTUC Enterprise in 2012 and recently stepped down as chairman of Temasek.
Mr Lim Boon Heng (left) and Mr Tan Hee Teck. (Photos: NTUC Enterprise)
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SINGAPORE: NTUC Enterprise on Thursday (Oct 30) announced the retirement of its board chairman Mr Lim Boon Heng.
The announcement was made at its extraordinary general meeting (EGM) on Thursday, NTUC Enterprise said in a media release. Mr Lim will be succeeded by Mr Tan Hee Teck. Mr Tan was elected to the NTUC Enterprise Board, with the board supporting NTUC’s nomination of Mr Tan as the new Chairman of NTUC Enterprise, effective from Friday.
Under Mr Lim’s leadership, the revenue of the NTUC Enterprise portfolio grew from S$6.5 billion (US$5 billion) in 2014 to S$8.2 billion in 2024, with a net asset value of S$4.6 billion, across its three pillars of impact businesses, charities and financial investments, said NTUC Enterprise.
Mr Lim also led efforts to explore all options to secure Income’s future, including considering Allianz’s proposed offer for Income. Under the proposed deal, Allianz would have acquired a 51 per cent stake in Income for about S$2.2 billion.
However, the arrangement triggered a public outcry over whether Income would be able to continue its social mission. The deal was subsequently blocked by the government in October last year and Allianz withdrew its offer.
During his address, Mr Lim informed the EGM that NTUC Enterprise had conducted a review of its actions taken in relation to the corporatisation of Income and Allianz’s proposed offer for Income.
Legal firm Lee & Lee was engaged to assist with the review, and had found nothing to suggest that NTUC Enterprise’s actions in relation to the corporatisation of Income and Allianz’s proposed offer for Income were contrary to the provisions of the applicable laws and regulations considered, including the Co-operative Societies Act and Rules.
Mr Lim emphasised that NTUC Enterprise had always acted in good faith and had acted in accordance with applicable laws and regulations, and the conclusions in Lee & Lee’s review reinforced this.
At the same time, Mr Lim and the NTUC Enterprise Board acknowledged there were areas for improvement, said NTUC Enterprise.
"In particular, NTUC Enterprise could have been clearer and more explicit with stakeholders that there were opportunities to improve capital resilience, efficiency and optimisation with the Allianz’s proposed offer for Income.
"NTUC Enterprise could also have done better by being more proactive in public communications. NTUC Enterprise will take on board these observations to improve its processes."
"It is with some regret that what I have invested much time and thought in securing Income’s future through a strategic partnership has not come to fruition," shared Mr Lim.
"Unfortunately, Allianz’s proposed offer for Income was withdrawn and I take ultimate responsibility," he said.
"While this particular chapter in Income’s history – of Allianz’s proposed offer for Income, which was subsequently withdrawn in 2024 – is closed, there is still much work to be done going forward for the NTUC Enterprise Board to consider all strategic options that can future-proof Income, taking into account considerations of stakeholders."
On his retirement, Mr Lim said: “It has been a privilege to serve and lead NTUC Enterprise alongside directors and managements across the portfolio with wide experience, deep expertise, and strong alignment to the purpose and social mission of the NTUC.
"I thank my colleagues for their support and dedication. I am confident that the NTUC Enterprise portfolio will continue to grow from strength to strength in market competitiveness and financial resilience, anchored on purpose."
Mr Lim Boon Heng and Mr Tan Hee Teck at NTUC Enterprise's extraordinary general meeting. (Photo: NTUC Enterprise)
NTUC Secretary-General Ng Chee Meng called Mr Lim "a giant of the labour movement" and a selfless leader whose entire career has been devoted to Singapore.
"From his time as NTUC secretary-general, laying the groundwork for many of the progressive labour policies we see today, to his instrumental role in shaping NTUC Enterprise into the powerful force for social good it is now, his impact is immeasurable," said Mr Ng.
He added: "The foundation he built, based on a deep sense of mission and integrity, will continue to guide our efforts forward."
NTUC also paid tribute to Mr Lim, expressing its "deep appreciation and heartfelt thanks".
Mr Lim's leadership was "always always marked by his humility, integrity, and deep empathy for the everyday struggles of working families", it said in a media release.
NEW NTUC ENTERPRISE CHAIRMAN
NTUC Enterprise said Mr Tan’s extensive experience in both the private and public sectors positions him well to lead the organisation in its next phase of growth.
His decades of deep commercial experience, particularly his leadership in the successful bid to operate and develop Resorts World Sentosa, demonstrates his ability to drive growth and manage large-scale operations, it added.
"This commercial acumen will be invaluable in strengthening the financial resilience of the NTUC Enterprise portfolio, building on the foundation laid by Mr Lim."
Mr Tan is currently a lead independent director of Anext Bank.
He is also the President of the Singapore National Employers Federation, a member of the National Wages Council 2025/26, a board member of the Central Provident Fund Board of Singapore, and a member of the Singapore Economic Resilience Taskforce.
Mr Tan’s distinguished career in both the private and public sectors, as well as his commitment to enhance community welfare, aligns strongly with NTUC Enterprise’s purpose to enable better living and meet critical needs of working families in Singapore, said NTUC Enterprise.
"With his proven track record, he will guide NE (NTUC Enterprise) and its enterprises in supporting our labour movement’s mission to assist workers, their families, and all Singaporeans," NTUC said in its media release.
