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The Star
3 days ago
- Business
- The Star
Growing Temasek: Lim Boon Heng's contributions as chairman over the years
Lim Boon Heng, who was appointed chairman in 2013, will step down from his role in October.- ST FILE Timothy Goh SINGAPORE:Temasek chairman Lim Boon Heng oversaw key changes during his tenure, including a board renewal, leadership transition and development of the state investor's long-term strategy. Appointed chairman in 2013, he will step down from his role in October. He will be succeeded by former senior minister Teo Chee Hean, who will join Temasek's board as deputy chairman on July 1, before taking the helm in October. Here is what Temasek achieved during Lim's tenure: 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 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 Temasek South-east Asia Advisory Panel in 2023. 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 Ho Ching stepped down as executive director and chief executive. Under 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. Lim articulated Temasek's Purpose statement – So Every Generation Prospers – in 2021, strengthening the company's organisational alignment and direction. Temasek was ranked first in the Global Sovereign Wealth Fund's governance, sustainability and resilience scoreboard in 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. 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 added. 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. 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 added. '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 Monetary Authority of Singapore, is a significant contributor to Net Investment Returns Contribution, which is used for government spending. - The Straits Times/ANN
Online Citizen
3 days ago
- Business
- Online Citizen
Teo Chee Hean to succeed Lim Boon Heng as Temasek chairman from October
Temasek Holdings announced on 6 June that former Senior Minister Teo Chee Hean will assume the role of chairman on 9 October 2025, following the conclusion of its third-quarter board meeting. He will first join Temasek's board of directors as deputy chairman on 1 July, according to a press release issued by the state investment firm. Teo will be Temasek's fifth chairman. His appointment follows his retirement from politics in April this year. He did not stand for re-election during the most recent General Election. Temasek highlighted Teo's experience over 53 years in public service, including military and ministerial appointments, and noted his involvement in policymaking on issues such as national security, digital governance, and climate change. Teo, 70, began his public service career in the Republic of Singapore Navy, rising to become Chief of Navy before entering politics in 1992. He first contested in Marine Parade GRC and later represented Pasir Ris-Punggol GRC in Parliament until his retirement. In Cabinet, he held portfolios in defence, education, home affairs, and the environment. Between 2009 and 2019, he served as Deputy Prime Minister and subsequently as Senior Minister and Coordinating Minister for National Security until stepping down. Temasek described Teo's strategic understanding of global and domestic issues as a valuable asset in a time of evolving global challenges. Prime Minister Lawrence Wong, who is also Minister for Finance, acknowledged Lim Boon Heng's tenure, thanking him for his service. He credited Lim with expanding Temasek's international presence, reinforcing governance standards, and promoting sustainability. The Prime Minister also expressed support for Teo's appointment, citing his familiarity with Singapore's strategic priorities and public service record. Lim, who has served as Temasek chairman since 2013, will retire after over a decade in the role. He joined the board in 2012, following his own retirement from politics in 2011. His earlier public service included positions such as Minister in the Prime Minister's Office and Secretary-General of the National Trades Union Congress. During Lim's chairmanship, Temasek's net portfolio value rose from S$223 billion (US$174 billion) in 2014 to S$389 billion (US$303 billion) in the latest financial year. The company also expanded its global presence, with close to half of its 13 offices now located in Europe and the United States. Exposure to developed markets doubled over this period. Temasek credited Lim with placing emphasis on leadership renewal and internationalisation, and for guiding the firm through a significant leadership change in 2021 when Dilhan Pillay succeeded Ho Ching as CEO. Under Lim's leadership, Temasek also launched initiatives such as the Ecosperity conference and Tripartite Conversations, which aim to advance sustainability and collaboration across its investment ecosystem. Temasek further acknowledged his role in shaping its T2030 strategy in 2019, a 10-year roadmap to build a resilient portfolio. Reflecting on his term, Lim said he was privileged to work with a team focused on long-term value and purpose. He welcomed Teo's appointment, noting the value of his experience in guiding Temasek through evolving global conditions. Lim remains the chairman of NTUC Enterprise Co-operative Limited. In response, Teo expressed appreciation for Lim's contributions and said that the global climate today requires clarity on strategic priorities such as security, international relations, and sustainability. He stated that he looked forward to supporting Temasek's leadership team in building on the company's achievements while adapting to the future. CEO Dilhan Pillay described Lim as a steward leader whose principles helped define Temasek's identity. He also welcomed Teo, noting that his experience would be instrumental as the firm navigates global shifts. Temasek also announced board retirements taking effect in the coming months. Deputy chairman Cheng Wai Keung and director Stephen Lee will retire on 30 June after nearly 14 and 8 years of service respectively. Director Bobby Chin will step down on 31 July after 11 years. Temasek said their contributions supported investment and portfolio decision-making and strengthened its global outlook on governance and risk.
Straits Times
3 days ago
- Business
- Straits Times
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. Join ST's WhatsApp Channel and get the latest news and must-reads.
