100%

6


2019/20

People

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

6.1

Our People and
Values

One Global Team

Our diverse workforce of over 1,700 employees come from more than 40 countries, reflecting the global nature of our work. They operate from our Singapore headquarters and offices in key financial cities – Beijing, London, Mumbai, New York, San Francisco, São Paulo, Seoul, Shanghai, and Tokyo. Our teams enable GIC to leverage local market insights, networks, and functional expertise to invest well for Singapore. Together, we are one GIC united in our mission to preserve and enhance the international purchasing power of the reserves we manage. Our work also helps to grow enterprises and communities globally.

High-performing Talent

GIC’s sustained success has been based on our ability to attract, develop, and retain high-performing talent with the right values. Beyond abilities and qualities such as innovative thinking, intellectual curiosity, and resilience, we first and foremost seek integrity.

We recruit experienced and mid-career professionals who are subject matter experts in their respective fields and can bring different perspectives to GIC. As seasoned professionals, they are expected to help enhance and add value to GIC’s current investing and business capabilities while serving as effective mentors to their colleagues.

Through our GIC Professionals Programme (GPP), we recruit fresh graduates and provide them with a strong foundation through training, apprenticeship, and rotations. Through an eight-month programme, they are exposed to GIC’s diverse investment businesses under the mentorship of seasoned professionals. At the end of their programme, GPP graduates are deployed to business areas suited to their skills and interests, and embark on their careers at GIC.

Our GIC Internship Programme (GIP) offers promising undergraduates work exposure and insights to the fund management industry, and the opportunity to pursue a career with GIC. Our interns get to expand their network and learn alongside experienced professionals during the 10-week programme.

Developing Our People

In developing our people, we emphasise continued learning and a growth mindset.

As a global fund manager invested across multiple asset classes, we tap on our extensive geographical and sectoral relationships to create development opportunities for our people. These include global office postings, rotations to different business groups, and external fund manager attachments. GIC professionals who have gained experience and depth in a region or sector are given opportunities to move to other investment areas to expand their market knowledge and further hone their investment skills. At relevant career stages, mobility across business functions can be facilitated to build adjacent skills or to develop leadership.

The GIC School, our dedicated Learning & Development academy, complements on-the-job training. It curates individual and team development programmes to expand the capacity of our people for sustained high performance in an ever-changing world, extending the range of functional competencies through continuous learning.

New hires go through an onboarding journey to help them assimilate well into GIC. Our Foundation Programme prepares employees at every stage of their career for the responsibilities and challenges at each level of appointment. GIC School also prepares emerging and experienced leaders to take on wider enterprise responsibilities through strengths-based coaching and leadership programmes that amplify influence, energy, and resilience. These programmes ensure that our leaders maximise their impact on teams and develop others in the organization.

We believe that effective teams are integral to GIC’s long-term success. Our People Manager programme provides skills-based training for supervisors to develop key managerial mindsets and behaviours to lead high-performing teams by enhancing coaching skills and cultivating psychological safety in an engaging and respectful team environment. Our Team Effectiveness programmes address the important roles of individual contributors to building a high-performing team climate and meaningful relationships to strengthen goal alignment and results.

Where our employees come from

13% 20% 3 1 2 4 9% 58%

1

Singapore

2

Asia, Australia & Africa

3

Americas

4

Europe

Years in GIC

1 4% 19% 1 1% 3 1 4 2 56%

1

≤ 5 years

2

5 to <10 years

3

10 to <15 years

4

≥ 15 years

Key Organizational Movements

Succession planning is done through systematic talent management to build a strong pipeline of next-generation leaders with GIC values and leadership traits.

This year, we welcome seven new Managing Directors: Mr Doe Tien Xuan, Mr Goh Chin Kiong, Mr Girish Karira, Mr Kau Yi Kang, Mr Li Yu, Mr Liang Jiajie and Ms Tan Hwee Loo.

Dr Chia Tai Tee stepped down as Chief Risk Officer on 31 March 2020, and Mr Jin Yuen Yee succeeded him. We thank Dr Chia for his significant contributions spanning more than 26 years with GIC across various functions. Mr Jin, as the Chief Risk Officer, will join the Group Executive Committee (GEC), the highest management body in GIC.

We also welcome three other new members to the GEC: Mr Choo Yong Cheen, Chief Investment Officer for Private Equity, Ms Liew Tzu Mi, Chief Investment Officer for Fixed Income, and Mr Bryan Yeo, Chief Investment Officer for Public Equities. Mr Choo, Ms Liew, and Mr Yeo will continue to serve as Chief Investment Officers for their respective asset classes while being GEC members.

The following Managing Directors stepped down from GIC in the past year: Mr Kim Jun Sung, Ms Jennifer Lewis, and Mr Sun Jian Jun. We thank them for their service and contribution.

Our Compensation Principles

GIC’s compensation policies and practices are governed by the Human Resource and Organization Committee, a committee of the GIC Board. Our framework is based on principles that enable us to attract and retain talent to meet our business needs in relevant markets and sectors we operate in. These principles include long-term orientation, performance accountability, and industry pay benchmarks. The compensation structure is tied to long-term portfolio performance and reinforces a prudent risk-taking culture, along with the right values. A portion of the remuneration for senior management staff is deferred and subject to clawback.

Leadership Accountability

Recognising the importance of leaders and their impact on GIC’s culture, performance, and reputation, we have articulated ‘Eight Leadership Expectations’ that define the behaviours required of all our leaders and form a vital part of our evaluation.

In particular, leaders are expected to promote openness, by proactively inviting and leveraging diverse perspectives and skills, and to share with and learn from others. They must be willing to engage in robust and respectful debate, and to draw on collective insights for better decisions. These leadership traits are part of our criteria in the appointment of new Managing Directors, and also incorporated in the 360 feedback and performance assessments of our Managing Directors and Senior Vice Presidents.

GIC leadership expectations

Live PRIME Values Drive Superior Performance Account for Our Actions Serve all of GIC Prepare for the Future Make GIC a Great Workplace Cultivate Talent Promote Openness GIC Leadership Expectations

Collaboration and Inclusion

Our long-term success has been driven by our ability to create an environment where everyone is enabled to contribute at their highest level. An inclusive culture, where our people share a common purpose in GIC’s mission and values and a sense of belonging, brings about exceptional contribution.

We embrace our diversity of skills and recognise that it goes hand in hand with inclusion as an organization. While we recruit and develop our people on merit to build a diverse talent pool globally, our inclusive culture promotes respect and active contribution to ensure our people collaborate effectively for results and thrive well in overcoming challenges as a team.

We recognise that people have important roles outside of work – whether as a partner, parent or caregiver - and we need to enable them to achieve their aspirations and potential. We provide flexible work arrangements, such as telecommuting and part-time arrangements, to help our colleagues manage personal commitments while delivering to high standards at work. Our wellness programme supports employees in leading a healthy lifestyle and caters to different needs.

We are committed to providing our employees with a safe, dignified, and non-intimidating workplace, where everyone is treated with respect. Our Dignity at Work policy sets clear expectations and provides guidance on conduct towards colleagues in the workplace, and work-related settings beyond the office. Managers are expected to be role models, and ensure that inappropriate behaviours are addressed or escalated for resolution. Employees can escalate any inappropriate behaviours to their manager or to Human Resources. Matters can also be surfaced directly to the CEO and the Chairman of the Audit Committee under our whistleblowing policy.

Making GIC a great workplace where employees are highly engaged is key in attracting and retaining our talent, and bringing out the best in them. Biannually, we invite all employees to participate in engagement surveys to provide management with a sense of the actions we can take to improve our workplace. The surveys provide insight on whether we are on the right track in cultivating drivers such as values, collaboration, career growth, and decision making. Data are analysed and progress is tracked over time to ensure actions are effective.

Building Confident Communities

Extending our long-term view on developing people beyond GIC, we are committed to developing an understanding of long-term value among Singaporeans. We focus on building confident communities in which individuals can act boldly and create a brighter future. One example is our ‘Differently Abled ’ initiative. GIC is a member of Singapore Network of Disability and mentorship programmes aimed at enhancing the employability of individuals with special needs. Our employees volunteer as mentors to students with various disabilities, and we support SG Enable’s internship programme for these students to be deployed as interns in GIC.

The belief of inclusion extends to our community programmes, which deliver long-term impact through a multiplier effect to build confident communities. GIC staff are encouraged to put PRIME values into action by volunteering their time and skills, and this effort also supports professional and personal development.

This year marks the fifth anniversary of GIC Sparks and Smiles (“GIC Sparks”), our leadership programme that empowers committed Singaporean youth from low-income households to make a difference to the community. GIC Sparks awardees receive a grant to support their studies, are trained by experienced social service professionals, engage with GIC management, and volunteer in the community. Since its launch in 2015, more than 650 students have collectively volunteered approximately 17,000 hours to mentor disadvantaged children and youth. These activities have developed the skills, confidence, and leadership of our GIC Sparks awardees, while also supporting our community partners in their outreach and bringing benefit to the wider community.

The GIC X Change is a mentorship and volunteering programme. Like-minded GIC mentors and youth mentees come together to develop community service projects that are asset-based and build on the community’s strengths. In the process, ideas are also exchanged, mentor-mentee bonds are forged, and participants gain experiences and skills that serve them in their professional and personal capacities. The aim is to achieve longer-term impact.

We also partner with The Purple Symphony, Singapore’s largest inclusive orchestra, to equip persons with special needs and disadvantaged individuals with equal access to music lessons and performing opportunities. By learning and performing, our Purple Symphony Training Award recipients hone their skills and grow in confidence. GIC’s support, through the award and employee volunteering efforts, has enabled the orchestra to pursue more performances at the national level.

To increase financial literacy among youths in Singapore, we collaborate with schools and organizations through our community outreach programmes: ‘Safehouse’ sessions and the GIC Learning Journey.

Safehouse is an experiential game of trade-offs, where players gain first-hand experience of key investing principles such as risk diversification and value-versus-price. During the GIC Learning Journey, participants learn about how Singapore became the first non-commodity based country to have a sovereign wealth fund, how GIC currently contributes to the Government budget, as well as our investment principles and processes.

Across our global offices, our employees engage directly with non-profits by contributing their time and expertise to their respective communities. We also collaborate with our business partners to organize community events, support research on key long-term issues, and contribute to humanitarian efforts globally.

6.2

Our Offices

Beijing London Mumbai San Francisco Seoul Shanghai São Paulo New York Tokyo Singapore

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