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SINGAPORE: Sovereign wealth fund GIC introduced on Monday (Sept 25) the appointment of Deputy Prime Minister and Finance Minister Lawrence Wong as deputy chairman of GIC’s board of administrators. The appointment is to take impact on Oct 1.
DPM Wong’s appointment as deputy chairman for the GIC Board of Administrators is the second position whereby he succeeded Mr Tharman Shanmugaratnam. Mr Tharman, who was elected President on Sept 1, stepped down as GIC Board deputy chairman in July to mount his presidential bid. He additionally stepped down from his position as chairman of the Financial Authority of Singapore, Singapore’s central financial institution and Mr Wong was appointed Chairman of the MAS Board of Administrators on July 8.
The announcement, posted on GIC’s web site, notes that since Nov 1, 2018, Mr Wong has served as a GIC Director, and since July 7 this yr, he has been the chairman of the fund’s Funding Methods Committee.
In Mr Wong’s position as Deputy Chairman, he’ll help the Chairman, Prime Minister Lee Hsien Loong, in main the Board in overseeing the fund’s long-term asset allocation and portfolio efficiency.
Except for being Singapore’s Deputy Prime Minister, Mr Wong can also be the nation’s Finance Minister and the Chairman of the Singapore Financial Improvement Board’s Worldwide Advisory Council, in addition to a member of the Future Economic system Council, the Analysis, Innovation and Enterprise Council and the Nationwide Analysis Basis Board, the announcement famous.
“Mr Wong started his profession as a civil servant, and held positions similar to Chief Government of the Vitality Market Authority and the Principal Personal Secretary to Prime Minister Lee Hsien Loong. He was elected a Member of Parliament in Might 2011 and subsequently held ministerial appointments in Defence, Training, Communications and Data, Tradition, Group and Youth, and Nationwide Improvement.
Mr Wong obtained his Bachelor’s and Grasp’s levels in Economics from the College of Wisconsin-Madison and the College of Michigan, Ann Arbor, respectively. He additionally holds a Grasp in Public Administration from Harvard Kennedy Faculty,” his biography web page on the GIC web site reads.
The Finance Minister is the inheritor obvious to PM Lee, saying final yr, “It’s fairly clear that we now have settled the succession problem in our group… I’m honoured by the selection,” however including that when precisely it will happen hasn’t been determined.
“The Prime Minister has stated that he would love it to be sooner and he by no means fails to remind me that that is one thing that’s on his thoughts. However I’ve additionally stated that we’ll do it at a time once we are prepared… We’ll let Singaporeans know in the end,” Yahoo!Information Singapore reported him as saying in September of final yr. /TISG
Lawrence Wong says he’s honoured by ‘succession alternative’ and sees himself as a ‘servant-leader’
– Commercial –
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