[SINGAPORE] Former senior minister Teo Chee Hean is resigning from GIC’s board of directors and his role as chairman of the GIC International Advisory Board, effective 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 a week after it was announced that Teo would be taking over as chairman of Singapore’s state investment company, Temasek Holdings.
On Jun 6, Temasek announced that Teo would become its board chairman, taking over from Lim Boon Heng. Teo will first join its 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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Lee said: “At a time when GIC’s task is more consequential and also more difficult than ever, I shall miss your calm presence and thoughtful interventions at GIC board deliberations.”
During Teo’s tenure at GIC, he helped it navigate significant developments including the aftermath of the Global Financial Crisis, the Covid-19 pandemic, accelerating technology and climate change, as well as rising geopolitical uncertainty, GIC said.
Lim Chow Kiat, GIC chief executive, 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. In his 33-year career, he served as deputy prime minister, from 2009 to 2019, and as senior minister, from 2019 to 2025.
While he was senior minister, he was also the coordinating minister for national security 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 minister for home affairs from 2011 to 2015.
