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Chapter

Governance

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.

Highlights

New Board Appointment

Jeanette Wong

As GIC Board Director

New Senior Leadership Appointments

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

Read Chapter 6

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.

6.1 Governance Overview

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.

Source and Purpose of Funds

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.

The President of Singapore

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

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 of Singapore

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

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.

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.

International Advisory Board

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

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.

6.2 Composition of GIC Board, Board Committees, and Management Committees

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

6.3 Organisational Structure

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

6.4 Board, Board Committee Members, and Advisors

6.5 Executive Management