2

GIC’s mandate is to achieve good long-term returns above global inflation, and preserve and enhance the international purchasing power of the reserves placed under our management.

2.1 Overview: Long-term Investment Performance

2.2 The GIC Portfolio

2.3 Intermediate Markers of Investment Performance

3

GIC’s investment strategy is to build a portfolio of asset classes and strategies that generates good long-term real returns, while adhering to the Client’s (the Singapore Government) risk parameters.

3.1 Overview: Our Portfolio and How We Manage It

3.2 Building the Portfolio

3.3 Investment Process

3.4 Technology-Driven Investing

3.5 Investment Implementation

3.6 Managing Risks

4

Investing sustainably is core to our mandate as a long-term investor managing the reserves for Singapore. Companies with good sustainability practices offer prospects of better risk-adjusted investment returns over the long-term.

4.1 Our Beliefs

4.2 Our Approach

4.3 Defence: Protecting our Portfolio

4.4 Offence: Capturing Opportunities

4.5 Enterprise Excellence

4.6 Partnerships

5

6

The Government, represented by The Ministry of Finance (MOF), sets the investment objective, risk parameters and investment horizon for the portfolio.

6.1 Governance Overview

6.2 GIC Board, Board Committees, and Management Committees

6.3 Organizational Structure

6.4 Board, Board Committee Members, and Advisors

6.5 Executive Management

7

GIC employees are guided by our PRIME values – Prudence, Respect, Integrity, Merit and Excellence – which serve as our organizational compass.

7.1 Our Purpose and Values

7.2 We Are OneGIC

7.3 Equipping and Nurturing Our People

7.4 Our Compensation Principles

7.5 Key Organizational Movements

7.6 Building Confident Communities to Create Greater Impact

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GIC Annual Report 2020/21 Downloads

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2020/21

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CEO's Letter

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Investment Report

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Managing The Portfolio

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Investing Sustainably

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Feature

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Governance

7

People

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  1. 1

    The global equity markets fell by over 20% in 1Q 2020, its worst quarterly performance since the Global Financial Crisis (GFC). Source: MSCI World Index.

  2. 2

    Source: Ministry of Trade and Industry, Government of Singapore

  3. 3

    The NIRC comprises up to 50% of the net investment return from the reserves under management by GIC, Monetary Authority of Singapore and Temasek, and up to 50% of the net investment income derived from past reserves from the remaining assets. It is the single largest revenue source for the Government.

  4. 4

    It is estimated that 40% of global consumption will take place in Asia by 2040.
    Source: Asia's Future Is Now Report, McKinsey (July 2019)