Growing Temasek: Lim Boon Heng's contributions as chairman over the years
Mr Lim Boon Heng, who was appointed chairman in 2013, will step down from his role in October. PHOTO: ST FILE
SINGAPORE – Temasek chairman Lim Boon Heng oversaw key changes during his tenure, including a board renewal, leadership transition and the development of the state investor's long-term strategy.
Mr Lim, who was appointed chairman in 2013, will step down from his role in October. He will be succeeded by former senior minister Teo Chee Hean, who will first join Temasek's board as deputy chairman on July 1, before taking the helm in October.
Here is what Temasek achieved during Mr Lim's tenure:
Growth as an international investor
Temasek established itself as a global investor, with its net portfolio value rising from $223 billion in March 2014 to $389 billion in March 2024.
Singapore's investment company also grew its footprint across Europe and the US, which now hosts six of its 13 international offices.
It expanded its global advisory network, supplementing its Temasek International Panel with three regional panels – the Temasek European Advisory Panel and the Temasek Americas Advisory Panel in 2016, as well as the the Temasek South-east Asia Advisory Panel in 2023.
Mr Lim, a former minister in the Prime Minister's Office and secretary-general of the National Trades Union Congress from 1993 to 2006 , oversaw the Temasek board's renewal process, including increasing its international representation.
He also oversaw Temasek's leadership transition in 2021, when Ms Ho Ching stepped down as executive director and chief executive.
Shaped Temasek's purpose, charter and T2030 Strategy
Under Mr Lim's leadership, Temasek launched its 'T2030' strategy in 2019 to build a resilient and forward-looking portfolio, and refreshed its Charter in 2024 to reaffirm its commitment to sustainable long-term returns.
Mr Lim also articulated Temasek's Purpose statement – So Every Generation Prospers – in 2021, strengthening the company's organisational alignment and direction.
Recognised for high standards of corporate governance and sustainability
Temasek was ranked first in Global Sovereign Wealth Fund's governance, sustainability and sesilience scoreboard in both 2023 and 2024.
Temasek expanded its sustainability initiatives during his tenure, including the annual Ecosperity conference which has been held since 2014, and has actively engaged its portfolio companies through forums such as the Temasek Roundtable.
Built resilience in the workforce and communities
Mr Lim launched the Temasek Tripartite Conversations to tackle issues such as artificial intelligence (AI) and green jobs, and marked Temasek's 50th anniversary in 2024 with a $150 million fund to support skills training and talent development in Singapore.
Temasek executive director and chief executive Dilhan Pillay Sandrasegara said on June 6 that the company has strengthened its position as a globally recognised investment company under Mr Lim's leadership.
'His championing of the Temasek Tripartite Conversations has been particularly meaningful –these dialogues have built important bridges between Temasek, our portfolio companies, and union representatives, creating a culture of trust and collaboration that fortifies the ecosystem with greater resilience,' he said.
During the Covid-19 pandemic, Temasek – together with its portfolio companies, Temasek Foundation and partners – led response efforts that included distributing essential supplies and medical equipment.
Mr Lim said he has been privileged to work with a capable and dedicated team 'unified by a strong sense of purpose and commitment to excellence'.
'I am always inspired by my colleagues' collective conviction that, like generations before us, we must always act today with tomorrow clearly in our minds,' he said.
'My deep gratitude goes to my fellow board members and the Temasek team as we continue to build resilience throughout Temasek, our portfolio companies, and our ecosystem. Together, we can navigate uncertainties and emerge stronger.'
Temasek, alongside sovereign wealth fund GIC and central bank the Monetary Authority of Singapore, is a significant contributor to Net Investment Returns Contribution, which is used for government spending.
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