Former senior minister Teo Chee Hean to be next Temasek chairman, taking over from Lim Boon Heng
SINGAPORE: Former senior minister Teo Chee Hean will be the new chairman for state investor Temasek Holdings, succeeding Lim Boon Heng, who will be stepping down on Oct 9, 2025.
Teo will first join Temasek's board as deputy chairman on July 1, before taking the helm in October.
Lim has served as the chairman for 12 years, notably guiding Temasek's global expansion and supporting the fight against the Covid-19 pandemic, among other efforts such as in corporate governance and sustainability.
In a separate statement, Prime Minister Lawrence Wong said: 'I thank Lim for his dedicated service at Temasek – under his stewardship, Temasek has expanded its global presence, strengthened its governance processes, and established itself as a leader in sustainable development.'
'I also welcome Teo as the incoming chairman. With his extensive experience in public service and deep understanding of Singapore's strategic priorities, I am confident he will build on Temasek's strong foundations, and steer its continued success in an increasingly complex global environment,' added Wong, who is also Finance Minister.
Temasek executive director and chief executive Dilhan Pillay Sandrasegara said on June 6 that Teo has had a 'remarkable' public service career across multiple domains.
'I'm pleased to welcome Teo Chee Hean as our fifth chairman... We are privileged that Temasek can benefit from his perspectives and extensive experiences, and we look forward to his stewardship as we navigate the opportunities and challenges ahead,' he said.
Teo, a key figure in Singapore's third-generation leadership, served as deputy prime minister from 2009 to 2019 and as Coordinating Minister for National Security from 2011. He was appointed Senior Minister in 2019.
He began his career in the navy in 1972 and rose to become chief of navy before leaving the armed forces in 1992 to enter politics.
His first Cabinet role was as minister of state for finance and communications. He later held ministerial portfolios in home affairs, defence, education and environment.
Temasek also announced on June 6 that Cheng Wai Keung, Stephen Lee and Bobby Chin will be retiring from the board in the coming months.
Cheng, who is deputy chairman, and Lee, a director, will step down on June 30 after nearly 14 years and eight years of service, respectively. Chin, also a director, will retire on July 31 after serving for 11 years.
Temasek has a net portfolio value of $389 billion as of March 21, 2024. It is a significant contributor to Net Investment Returns Contribution (NIRC), alongside sovereign wealth fund GIC and central bank Monetary Authority of Singapore, which is used for Government spending.
Teo noted that in an 'era of deepening global uncertainty', Temasek must remain clear minded on critical matters such as international relations, security and climate change.
'As a key Singapore institution with a global investment footprint, Temasek understands that its long-term success requires both addressing today's risks and opportunities and anticipating tomorrow's trends,' he said.
'I look forward to working with Temasek's Board, management team and members of the wider Temasek family to build on the achievements of Temasek and chart a path for its continued success in the new global environment.' - The Straits Times/ANN
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
an hour ago
- New Straits Times
Over 90pct of insurance premium adjustments under 10pct, says Finance Ministry
KUALA LUMPUR: More than 90 per cent of revised insurance policies saw premium increases of less than 10 per cent as of April 30, the Finance Ministry said. The ministry said that over 200,000 policies had benefited from deferred premium adjustments, while more than 14,000 lapsed policies were reinstated. "The adjustment of Medical and Health Insurance and Takaful (MHIT) premium rates is symptomatic of the broader issue of medical cost inflation, which is the main contributing factor. "This inflation is driven by factors such as the rise in non-communicable diseases, investment costs in cutting-edge medical technologies and the largely unchecked cost of providing and utilising healthcare services," he said. It said this in a written reply to Pang Hok Liong, addressing concerns over the government's action on rising private medical insurance premiums, which many Malaysians can no longer afford, forcing some to cancel their policies. The ministry attributed the spike in MHIT premiums in 2024 to a surge in claims following the Covid-19 pandemic, compounded by a delay in premium rate adjustments by insurance and takaful operators during the pandemic. In a separate response to Sim Tze Tzin (PH–Bayan Baru), the ministry said stakeholder engagement is ongoing to consider all views on the development of a basic MHIT product under the Reset strategy, aimed at tackling medical cost inflation and expanding access to affordable coverage. "While the basic MHIT product aims to enable more individuals to obtain affordable insurance coverage, the decision to purchase this product remains voluntary and subject to individual choice. "As with other insurance and takaful products, policyholders may pay the basic MHIT premiums using any financial resources at their disposal," it said. While contributors may use their Employees Provident Fund Sejahtera Account, previously known as Account 2 to pay for premiums, the ministry said there is no compulsion to do so. It said the product's framework has yet to be finalised, with the concept expected to be completed by December and implementation targeted by end-2026.
The Star
2 hours ago
- The Star
Melco Resorts eyes global casino expansion
New development: Bollywood actor Hrithik Roshan (centre) receives a present from chairman of John Keells Holdings Krishan Balendra (right) and Ho (left) during the opening ceremony of 'City of Dreams' in Colombo. The project is a US$1.2bil joint venture. — AFP HONG KONG: Melco Resorts & Entertainment Ltd is in talks to expand its brand beyond Macau, with plans to ramp up an asset-light strategy by teaming up with local partners to co-run multi-billion-dollar casino projects, chief executive officer Lawrence Ho says. The approach would help the group reduce debt and capture growth opportunities in emerging markets, Ho, who is also Melco's founder, said in a video interview with Bloomberg News from Colombo. He is in the Sri Lankan capital to open a casino resort – its first project under the new strategy. 'Having these new opportunities come up, our asset-light strategy allows us to do those and also have management fees and earnings before interest, taxes, depreciation and amortisation (Ebitda) associated with it, without committing serious capital,' Ho said. He didn't name the new markets the company is exploring, but said the group may reveal more details about its efforts within the next 12 to 18 months. Melco has racked up more than US$7bil of debt, the highest among Macau's six casino operators, after its global expansion was disrupted by three years of Covid curbs in China that limited tourism. The group is now focusing on reducing its borrowings as Macau's growth potential has been constrained by Beijing's crackdown on high rollers and tighter regulations. Melco is pursuing its asset-light strategy expansion as countries from the United Arab Emirates to Japan and Thailand look to boost tourism by legalising casinos. The group in February announced plans to explore a sale of its Manila resort to help cut debt and free up capital. Ho had previously described Thailand's casino legalisation efforts 'a generational opportunity'. However, Thailand's plan has stalled after the government withdrew the bill last month amid public opposition and political turmoil. The delay could benefit the group, Ho said, giving the company more time to cut debt and increase capital. City of Dreams Sri Lanka is a US$1.2bil joint development between Melco and the country's major conglomerate John Keells Holdings Plc. Melco has invested about US$125mil and will operate the gaming floors and some accommodations. The project includes 800 luxury hotel rooms and suites, convention facilities and premium retail spaces. The group also operates a casino resort in Cyprus and is exploring ways to recoup part of its investment, Ho said. Options include replacing some of the initial shareholders' loans with bank loans or bringing in strategic investors, he added. Melco posted US$378mil in adjusted property Ebitda for the three months ended June, up 25% year-on-year, and beating analysts' expectations. The performance follows a boom in Macau's non-gaming activities, including concerts and entertainment shows, as well as a bullish stock market in Hong Kong and mainland China. The company has stepped up its non-gaming offerings in Macau, including the May relaunch of the long-running show, The House of Dancing Water. The show, which takes place in a 2,000-seat theater, has helped boost footfall by about a third, Ho said, creating opportunities for the group to attract more visitors to its gaming floors. 'The House of Dancing Water has helped a lot on the non-gaming, including packages with hotels and restaurants,' said Ho. — Bloomberg
The Star
3 hours ago
- The Star
Banking sector likely to remain resilient in 2H25
PETALING JAYA: The banking sector appears poised to maintain its resilience into the second half of 2025, despite expectations of a quarter-on-quarter (q-o-q) uptick in loan loss provisioning (LLP) during the second quarter of financial year 2025 (2Q25). Industry-wide indicators show manageable risks amid stable credit trends and a modest slowdown in loan growth. According to CGS International (CGSI) Research, banks are likely to report increased LLP in 2Q25 compared to RM602.3mil in 1Q25, largely due to the absence of a one-off write-back in provisions by Hong Leong Bank Bhd (HLB) earlier in the year. 'We stick to our view that banks' LLP would increase q-o-q in 2Q25, mainly due to the non-recurrence of the write-back of RM399mil in management overlay by HLB in 1Q25,' said the brokerage. CGSI Research pointed out that total industry provisions rose by RM225.6mil in 2Q25, though the trend is not viewed as alarming. 'We are not overly concerned about our expected q-o-q increase in LLP as 2Q25 LLP would likely to be largely stable year-on-year (y-o-y) and the credit charge-off rate would likely stay low at around 15 basis points (bps). 'This is significantly below the pre-Covid-19 level of 25 bps (the average in 2018 to 2019),' it said. On the lending front, growth moderated slightly. Industry loan growth eased from 5.3% y-o-y at end-May 2025 to 5.1% at end-June, mainly driven by slower business loan momentum. Household loans, however, remained firm at 6% over the same period. 'We believe banks are on track to achieving our projected loan growth of between 4.5% and 5.5% for 2025, although it could come in closer to the lower end of the range, in our view,' CGSI Research stated. Specific loan segments offered mixed signals. 'The growth in residential mortgages and auto loans stabilised at 6.9% y-o-y and 6.4% y-o-y, respectively, at end-May 2025 and end-June 2025. 'Meanwhile, the growth momentum for credit card receivables eased slightly from 9.1% y-o-y at end-May 2025, to 8.8% y-o-y at end-June 2025,' CGSI Research noted. It expects auto loan growth to taper to about 5% in 2025, while residential mortgage expansion should remain steady at 6% to 7% y-o-y through the second half. In terms of asset quality, earlier concerns arising from a sharp rise in gross impaired loans (GIL) in May were allayed by a reversal in June. 'However, banks' GIL reversed course to decline by RM464mil, or minus 1.4% month-on-month, in June 2025,' CGSI Research explained. 'In our view, this seemingly erratic movement in GIL in May to June 2025 was caused by the classification of certain corporate loans as impaired in May 2025, that was rapidly followed by a reclassification back to non-impaired in June 2025 due to the repayment of the amount in arrears by the borrower,' it added. CGSI Research maintains an 'overweight' stance on Malaysian banks, with HLB as its top pick. Its optimistic view on the banking sector is premised on potential re-rating catalysts of ongoing write-backs in management overlay and expectations of increases in the dividend payout ratios for most banks. However, CGSI Research also warned of risks including weaker economic growth, rising inflation, and a resurgence in deposit competition. 'Any defaults of loan repayments by these companies could lift banks' GIL and LLP in 2025 to 2026,' it added.
