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Online Citizen
4 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
07-05-2025
- Business
- Straits Times
S'pore Navy to replace mine-hunting vessels with unmanned systems from 2027
SINGAPORE – The Republic of Singapore Navy (RSN) will begin operating a new fleet of unmanned systems from 2027 to detect and neutralise underwater mines, the latest in moves to modernise the Republic's naval capabilities and protect its vital sea lines. The new systems will be supplied by local technology and engineering firm ST Engineering, which announced on May 7 that it had been awarded Mindef contracts to deliver the suite of Mine Countermeasure (MCM) unmanned systems. The new capabilities include MCM Unmanned Surface Vessels (USVs), autonomous underwater vehicles (AUVs), and Command and Control (C2) infrastructure. Designed to operate in tandem, these systems will replace the Navy's Bedok-class MCM vessels, which will remain operational during the transition. The unmanned systems are intended to enhance the RSN's ability to identify and neutralise naval mines while keeping personnel at a safe distance, said ST Engineering. They will be equipped with advanced sensors and secure communications networks to transmit real-time data to the C2 Centre, where operators can monitor and control missions remotely, either from shore or a mothership. In a separate release on May 7, the Ministry of Defence said the MCM USVs will carry key payloads such as Towed Synthetic Aperture Sonars (TSAS) to detect mines, as well as systems to neutralise mines and weapons that are controlled remotely. The USVs will also feature autonomous navigation systems, which incorporate a locally developed collision detection and avoidance algorithm that allow the vessels to operate safely in the busy traffic of the Singapore Strait. 'Planned for progressive delivery from 2027 onwards, the acquisition of these capabilities will enhance the Republic of Singapore Navy's ability to respond to evolving maritime security threats,' said Mindef. ST Engineering added that it would also supply a highly realistic simulation system to allow navy personnel to train in a safe environment. The system will help users hone their operational skills by practising decision-making and carrying out a range of MCM scenarios safely, it said. The firm's president of digital systems Low Jin Phang said the suite of MCM unmanned systems builds on its success in delivering the Maritime Security (Marsec) USVs for the navy. The Marsec USVs have been patrolling Singapore's waters since January 2025, complementing manned ships such as the Littoral Mission Vessels and providing the RSN with greater operational flexibility. Three Marsec USVs have been delivered, with a fourth scheduled to join the fleet later this year. 'We aim to push the boundaries of USVs and AUVs for MCM operations with artificial intelligence, enabling real-time data analysis for faster, more informed decisions,' said Mr Low. Underwater mines have long been a challenge for maritime nations like Singapore, as they are inexpensive, relatively easy to deploy, and can disrupt both military and commercial traffic. The dangers have evolved to include improvised explosive devices that can be easily deployed by terrorists. The unmanned systems are intended to enhance the Navy's ability to identify and neutralise naval mines while keeping personnel at a safe distance. ST PHOTO: ARIFFIN JAMAR Navies have increasingly turned to unmanned MCM systems to reduce the risk to personnel while improving the efficiency of mine-clearing operations. They include the United States, which operates the Knifefish unmanned underwater vehicle that is designed to detect and classify naval mines in deep and shallow waters without endangering divers or crewed vessels. Singapore's four Bedok-class MCM vessels, all commissioned in 1995, received a midlife upgrade in 2014 to augment its mine detection and disposal capabilities. In 2021, the navy proved that USVs it was testing could successfully identify and neutralise an underwater threat remotely, with the validation reportedly a world-first capability. Join ST's WhatsApp Channel and get the latest news and must-reads.
