Temasek chairman-designate Teo Chee Hean resigns from GIC board
[SINGAPORE] Former senior minister Teo Chee Hean will resign from GIC's board of directors and from his role as chairman of the GIC International Advisory Board, with effect from Jun 30.
Teo, 70, has served on the board of Singapore's sovereign wealth fund for 14 years, GIC said on Tuesday (Jun 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 Jun 6, Temasek said that Teo would take over the role from Lim Boon Heng from Oct 9. Teo will first join the company's board of directors as deputy chairman on Jul 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'.
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'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,' SM 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 Apr 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.
He was the coordinating minister for national security as well, and oversaw four units in the Prime Minister's Office: the Smart Nation and Digital Government Group, the National Security Coordination Secretariat, the National Population and Talent Division, and the National Climate Change Secretariat.
He was defence minister from 2003 to 2011, and home affairs minister from 2011 to 2015.
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