Jeanette Wong
As GIC Board Director
Chapter
The Government, represented by the Ministry of Finance (MOF), sets the investment objective, risk parameters, and investment horizon for the portfolio. It also ensures a competent board of directors is in place.
Sam Kim
As Chief Operating Officer
Bryan Yeo
As Deputy Group Chief Investment Officer and Director for Integrated Strategies Group
Mark Ong
As Chief Investment Officer for Public Equities
Goh Chin Kiong
As Chief Investment Officer for Real Estate
Boon Chin Hau
As Deputy Chief Investment Officer for Infrastructure
The Government, represented by the Ministry of Finance (MOF), sets the investment objective, risk parameters, and investment horizon for the portfolio. It also ensures a competent board of directors is in place.
The GIC Board is responsible for the Policy Portfolio that determines GIC’s long-term asset allocation and is accountable to the Government for the overall performance of the portfolio.
The GIC Management is responsible for formulating and executing investment strategies and for individual investments. The Management also reports to the Government on the risk and performance of the portfolio.
GIC was incorporated in 1981 under the Singapore Companies Act and is wholly owned by the Government of Singapore. It was set up with the sole purpose of managing Singapore’s foreign reserves and currently invests well over US$100 billion globally in a wide range of asset classes and instruments. As a rule, GIC invests outside Singapore.
GIC is a fund manager for the Government and does not own the assets that it manages. The sources of the Government’s assets managed by GIC, as stated by MOF, include proceeds from the issuance of Singapore Government Securities (SGS) and Special Singapore Government Securities (SSGS), Government budget surpluses, and proceeds from the Government’s land sales.
The Government does not specify to GIC the proportion of assets from each source. The Government mandates GIC to manage all assets in a single pool, on an unencumbered basis and without regard to their source, with the aim of achieving good long-term real returns. An explanation of the Government’s framework for managing its assets and liabilities is available on MOF’s website.
Each year, part of the GIC Portfolio’s return is tapped by the Government for its annual Budget and spent on key public services that improve the lives of Singaporeans. Under the Constitution, the Government is allowed to spend up to 50% of the long-term expected real return on the net assets managed by GIC and those owned by the Monetary Authority of Singapore (MAS) and Temasek Holdings in its annual Budget. The Government’s reserves therefore provide a stream of returns that benefit present and future generations of Singaporeans.
Since 1991, the Constitution of Singapore has provided for the President of Singapore to be elected directly by Singaporeans every six years. The President is independent of the Government and must not be a member of a political party.
The Constitution gives the President discretionary powers to protect the reserves not accumulated by a government during its current term of office. This is achieved using the two-key system: past reserves can be drawn down only in exceptional circumstances if the President, after consulting the Council of Presidential Advisers, agrees with the Government’s proposal to draw on the past reserves. Past reserves have been drawn to fund special Budget measures rolled out during the Global Financial Crisis and more significantly in response to the COVID-19 pandemic.
As a Fifth Schedule company – a category that comprises key statutory boards and Government companies that are listed in the Fifth Schedule under the Constitution – GIC is directly accountable in a number of key areas to the President of Singapore. The President is empowered to access any information needed to safeguard the country’s reserves and has full information about the size of the reserves. No one may be appointed to, or removed from, the GIC Board without the President’s concurrence. This additional layer of control ensures that the company appoints only people of integrity, who are competent and can be trusted to safeguard these assets.
The Government mandates GIC to manage Singapore’s foreign reserves with the aim of achieving good long-term real returns. The mandate sets out the terms of appointment, investment objectives, investment horizon, risk parameters, and investment guidelines for managing the reserves. In particular, the overall risk that the Government is prepared for GIC to take in generating long-term investment returns is characterised by the Reference Portfolio.
The Government, represented by MOF, holds the GIC Board accountable for the overall portfolio performance. It does not direct or influence GIC’s decisions on individual investments.
GIC provides monthly and quarterly reports to the Government through the Accountant-General of Singapore. These reports contain the financial statements, holdings, and bank account balances of GIC. They also provide detailed performance and risk analytics, as well as the distribution of the portfolio by asset class, country, and currency.
Once a year, the GIC Management formally meets the Minister for Finance and his officials to report on the risk and performance of the portfolio in the preceding financial year.
The Auditor-General, who is appointed by the President of Singapore, submits an annual report to the President and Parliament on the audit of the Government and other bodies managing public funds. This audit includes the Government’s portfolio managed by GIC and the main companies in the GIC Group: GIC Asset Management, GIC Real Estate, and GIC Special Investments. Other companies in the Group and the investment holding companies are audited by public accounting firms. These companies are also audited by GIC’s Internal Audit Department.
The GIC Board is responsible for GIC’s Policy Portfolio, which determines the long-term asset allocation strategy, and for the overall performance of the portfolio. GIC’s asset allocation operates within the risk constraints determined by the Government in its mandate to GIC. The Board is supported by five board committees.
1. Investment Strategies Committee
The Investment Strategies Committee reviews and evaluates management recommendations on asset allocation before they are submitted to the GIC Board for decision. The GIC Management reports to this committee on the performance of the portfolio. The committee recommends the key drivers for GIC’s return and risk outcomes and does not decide on specific deals.
2. Investment Board
The Investment Board provides oversight of GIC’s investment processes and its implementation, with particular attention to large individual investments. It is not involved in asset allocation decisions, which are the responsibility of the GIC Board. It also ensures GIC does not take on undue reputational risk in pursuit of good returns.
3. Risk Committee
The Risk Committee advises the GIC Board on risk matters and supervises the effectiveness of risk management policies and practices. It reviews GIC’s risk profile and significant risk issues arising from operations and investments.
4. Audit Committee
The Audit Committee reviews and assesses the adequacy and effectiveness of internal controls. These include financial, operational, and compliance controls, as well as risk management policies and systems. It also supervises and evaluates the effectiveness of the internal audit function. The committee reviews the integrity of the financial reporting process and other related disclosures for GIC companies, significant ethics violations, the impact of changes in the regulatory and legal environment, and issues of fraud and financial loss.
5. Human Resource & Organization Committee
The Human Resource & Organization Committee oversees organisational matters in GIC, including compensation policies, talent development, succession planning, and organisational development.
The International Advisory Board provides the GIC Board, board committees, and the GIC Management with global and regional perspectives on geopolitical, economic, and market developments. The advice and perspectives cover a range of investment-related matters; in particular, global investment trends, emerging asset classes, and new growth opportunities.
GIC Management formulates and executes investment strategies. Once the long-term asset allocation strategy – as set out in its Policy Portfolio – is decided by the GIC Board, the management seeks to add value through an overlay of active, skill-based strategies (i.e. Active Portfolio). The management comprises five committees with clear reporting lines and accountability.
1. Group Executive Committee
The Group Executive Committee is the highest management body in GIC, bringing together the Group’s functional and investment heads. The committee reviews and approves major business, governance, investment, and risk policy issues, which apply to the entire group, and oversees organisational management initiatives, business planning, and personnel matters, including succession planning, talent development, compensation, and performance management.
2. Investment Management Committee
The Investment Management Committee assists the Group Executive Committee in the review and implementation of investment policies and active strategies. It manages investment performance, within the investment framework agreed by the Group Executive Committee, through active monitoring of markets for investment themes and investible opportunities for the portfolio and managing the risk-reward of the Active Portfolio.
3. Group Risk Committee
The Group Risk Committee provides oversight for the risk management policies and practices of the GIC Group. The committee approves frameworks and policies relating to risk management in areas such as investment, credit, operations, information technology, tax, regulations, and compliance. It reviews the effectiveness of controls and monitors GIC’s risk profile across all risk types. The committee also acts as a forum for the Chief Risk Officer to solicit views on the strategic risk management issues that would enable him to carry out his duties.
4. Corporate Management Committee
The Corporate Management Committee oversees enterprise-wide business frameworks and programmes for corporate management and business planning. These include policies on human resource, corporate administration, operations, office, and technology that are applicable to the organisation.
5. Sustainability Committee
The Sustainability Committee reviews and implements GIC’s Sustainability Policy. The committee decides on matters relating to GIC’s stance on sustainability issues, drives the integration of sustainability into investment and corporate processes, coordinates GIC’s partnership with global sustainability organisations and initiatives, and monitors and responds to emerging sustainability issues. The committee reports on GIC’s sustainability profile and activities to the Group Executive Committee on a regular basis.
Table 1 summarises the accountability of the GIC Board, International Advisory Board, and board committees.
Table 1. Governance Structure Overview
Terms of Reference
GIC Board
Responsible for the Policy Portfolio, which determines GIC’s long-term asset allocation strategy, and for the overall performance of the GIC Portfolio.
Does not approve individual investments, which are the responsibilities of the GIC Management.
International Advisory Board
Provides views on market developments generally and, in particular, on the medium- to long-term outlook for investment opportunities around the world.
Board Committees
Investment Strategies Committee
Assists the GIC Board in evaluating the GIC Management’s recommendations on asset allocation and in its oversight of overall portfolio performance.
Recommends the key drivers for GIC’s return and risk outcomes.
Does not approve individual investments.
Investment Board
Assists the GIC Board in its oversight of GIC’s investment process, with particular attention to large individual investments.
Risk Committee
Oversees the effectiveness of risk management policies and practices of the GIC Group.
Audit Committee
Looks into the effectiveness of the internal control systems for safeguarding company assets and the Client’s investment portfolio.
Reviews the integrity of the financial reporting process, significant ethics violations, compliance with regulatory and legal requirements, and issues of fraud and financial loss.
Human Resource & Organization Committee
Oversees organisational matters in GIC, including compensation policies, talent development, succession planning, and organisational development.
GIC Management
Formulates and executes investment strategies.
Constructs the Active Portfolio, with an overlay of active, skill-based strategies.
Board of Directors
Board Committees
International Advisory Board
Board of Directors
Chairman
Lee Hsien Loong
Deputy Chairman
Lawrence Wong
(appointed 1 October 2023)
Directors
Heng Swee Keat
Teo Chee Hean
Lim Hng Kiang
Ang Kong Hua
Peter Seah Lim Huat
Hsieh Fu Hua
Loh Boon Chye
Gautam Banerjee
Koh Boon Hwee
Seck Wai Kwong
Jeanette Wong
(appointed 8 November 2023)
Lim Chow Kiat
Dr Jeffrey Jaensubhakij
Board Committees
Investment Strategies Committee
Chairman
Lawrence Wong
Deputy Chairman
Peter Seah Lim Huat
Members
Heng Swee Keat
Chan Chun Sing
Lim Hng Kiang
Ang Kong Hua
Advisors
Dr Martin L. Leibowitz
G. Leonard Baker Jr.
Dr Mohamed El-Erian
Carsten Stendevad
Glenn Hutchins
Dr Mark Machin
Investment Board
Chairman
Ang Kong Hua
Members
Hsieh Fu Hua
Koh Boon Hwee
G. Leonard Baker Jr.
Glenn Hutchins
Tracey Woon
Risk Committee
Chairman
Lim Hng Kiang
Members
Loh Boon Chye
Seck Wai Kwong
Jeanette Wong
Ong Chong Tee
Audit Committee
Chairman
Gautam Banerjee
Members
Loh Boon Chye
Seck Wai Kwong
Human Resource & Organization Committee
Chairman
Peter Seah Lim Huat
Members
Gautam Banerjee
Hsieh Fu Hua
Koh Boon Hwee
International Advisory Board
Chairman
Teo Chee Hean
Members
G. Leonard Baker Jr
Dr Mohamed El-Erian
Uday Kotak
Carsten Stendevad
Glenn Hutchins
Dr Mark Machin
Management Committees
Group Executive Committee
Chairman
Lim Chow Kiat
Chief Executive Officer
Members
Dr Jeffrey Jaensubhakij
Group Chief Investment Officer
Sam Kim
Chief Operating Officer
Bryan Yeo
Deputy Group Chief Investment Officer and Director, Integrated Strategies Group
Jin Yuen Yee
Chief Risk Officer
Deanna Ong
Chief People Officer
Liew Tzu Mi
Chief Investment Officer, Fixed Income & Multi Asset
Choo Yong Cheen
Chief Investment Officer, Private Equity
Tay Lim Hock
Senior Managing Director
Lim Kee Chong
Senior Managing Director
Investment Management Committee
Chairman
Dr Jeffrey Jaensubhakij
Group Chief Investment Officer
Members
Sam Kim
Chief Operating Officer
Bryan Yeo
Deputy Group Chief Investment Officer and Director, Integrated Strategies Group
Jin Yuen Yee
Chief Risk Officer
Liew Tzu Mi
Chief Investment Officer, Fixed Income & Multi Asset
Choo Yong Cheen
Chief Investment Officer, Private Equity
Ang Eng Seng
Chief Investment Officer, Infrastructure
Mark Ong
Chief Investment Officer, Public Equities
Goh Chin Kiong
Chief Investment Officer, Real Estate
Dr Prakash Kannan
Chief Economist and Director, Economics & Investment Strategy
Betty Tay
Director, External Managers Department
Jeffrey Tan
Director, Portfolio Execution Group
Tammam Mouakhar
Director, Total Portfolio Solutions
Girish Karira
Head, Integrated Strategies Group
Group Risk Committee
Chairman
Jin Yuen Yee
Chief Risk Officer
Members
Charles Lim Sing Siong
General Counsel
Dr Prakash Kannan
Chief Economist and Director, Economics & Investment Strategy
Chan Hoe Yin
Director, Finance
Elaine Chan
Director, Investment Services (Private Markets)
Leong Wing Kwan
Director, Investment Services (Public Markets)
Jeffrey Tan
Director, Portfolio Execution Group
Larry Beck
Director, Technology Group
Glien Tan Cheng Chuan
Chief Operating Officer, Public Equities
Edwin Choi
Head, Portfolio Construction & Quant Strategies, External Managers Department
Daniel Loo
Head, Portfolio Solutions & Risk, Fixed Income & Multi Asset
Cai Wenzheng
Head, Global Investments & Portfolio Strategy, Real Estate
John Tang
Co-Head, Global Investments, Strategy & Risk, Private Equity
Corporate Management Committee
Chairman
Sam Kim
Chief Operating Officer
Members
Jin Yuen Yee
Chief Risk Officer
Deanna Ong
Chief People Officer
Charles Lim Sing Siong
General Counsel
Wong Ai Chiat
Director, Corporate Administration & Infrastructure
David Kiu
Director, Corporate Affairs & Communications
Taran Khera
Director, Data Strategy Group
Shang Thong Chie
Director, Enterprise Strategy
Chan Hoe Yin
Director, Finance
Peter Goh
Director, Human Resource & Organization
Vincent Cheang
Director, Internal Audit
Elaine Chan
Director, Investment Services (Private Markets)
Leong Wing Kwan
Director, Investment Services (Public Markets)
Larry Beck
Director, Technology Group
Sustainability Committee
Chairman
Liew Tzu Mi
Chief Investment Officer, Fixed Income & Multi Asset
Members
Shang Thong Chie
Director, Enterprise Strategy
Elaine Chan
Director, Investment Services (Private Markets)
Leong Wing Kwan
Director, Investment Services (Public Markets)
Nicole Goh
Head, Infrastructure (Asia), Infrastructure
Wolfgang Schwerdtle
Head, Direct Investments Group, Latam and Co-Head, Sustainability Solutions Group, Private Equity
Ken Lim
Head, Asia Pacific Equities, Public Equities
Doe Tien Xuan
Head, Research, Public Equities
Daniel Lau
Head, Enterprise Risk & Performance, Risk & Performance Management Department
Emily Chew
Head, Sustainability Office
Hannah Garcia
Co-Head, Equities, External Managers Department
Feng Qi
Managing Director, Integrated Strategies Group
Han Hwee Chin
Managing Director, Real Estate
Rayn Ngong
Senior Vice President, Economics & Investment Strategy
Board of Directors
International Advisory Board
Board Committees
Investment Strategies Committee
Investment Board
Risk Committee
Audit Committee
Human Resource & Organization Committee
Group Executive Committee
Lim Chow Kiat
Chief Executive Officer
Dr Jeffrey Jaensubhakij
Group Chief Investment Officer
Sam Kim
Chief Operating Officer
Bryan Yeo
Deputy Group Chief Investment Officer and Director, Integrated Strategies Group
Jin Yuen Yee
Chief Risk Officer
Deanna Ong
Chief People Officer
Liew Tzu Mi
Chief Investment Officer, Fixed Income & Multi Asset
Choo Yong Cheen
Chief Investment Officer, Private Equity
Tay Lim Hock
Senior Managing Director
Lim Kee Chong
Senior Managing Director
Investment Groups
Public Equities
Mark Ong
Chief Investment Officer
Fixed Income & Multi Asset
Liew Tzu Mi
Chief Investment Officer
Private Equity
Choo Yong Cheen
Chief Investment Officer
Infrastructure
Ang Eng Seng
Chief Investment Officer
Boon Chin Hau
Deputy Chief Investment Officer
Real Estate
Goh Chin Kiong
Chief Investment Officer
Integrated Strategies
Bryan Yeo
Director
External Managers
Betty Tay
Director
Economics & Investment Strategy
Dr Prakash Kannan
Chief Economist and Director
Total Portfolio Solutions
Tammam Mouakhar
Director
Portfolio Execution
Jeffrey Tan
Director
Corporate Headquarters
Wong Ai Chiat
Corporate Administration & Infrastructure
David Kiu
Corporate Affairs & Communications
Taran Khera
Data Strategy
Shang Thong Chie
Enterprise Strategy
Chan Hoe Yin
Finance
Deanna Ong
Governance & Client Relations
Peter Goh
Human Resource & Organization
Vincent Cheang
Internal Audit
Sam Kim
Investment Insights
Elaine Chan
Investment Services (Private Markets)
Leong Wing Kwan
Investment Services (Public Markets)
Charles Lim Sing Siong
Legal & Compliance
Jin Yuen Yee
Risk & Performance Management
Emily Chew
Sustainability
Larry Beck
Technology
Global Offices
Eric Wilmes
President (Americas)
Arjun Gupta
President (Europe)
Zhang Guobin
Beijing
Pankaj Sood
Mumbai
Adam Gallistel
New York
Eric Wilmes
San Francisco
Dr Wolfgang Schwerdtle
São Paulo
Jasmine Loo
Seoul
Li Yu
Shanghai
Richard Massey
Sydney
Ken Sugimoto
Tokyo