SINGAPORE – Deputy Prime Minister Lawrence Wong has been appointed as the new deputy chairman of the board of sovereign wealth fund GIC.
In a statement on Monday (25 September), GIC said the appointment will commence on 1 October.
Wong, GIC director and chairman of the Investment Strategies Committee (ISC) since 1 November 2018 and 7 July 2023 respectively, will in his new capacity, "assist the chairman to lead the board in overseeing GIC's long-term asset allocation and portfolio performance".
Previously, President Tharman Shanmugaratnam served as GIC deputy chairman from 2019 to 2023. He was elected as President on 1 September and sworn in as Singapore's ninth President on 14 September.
The chairman of GIC's board directors is Prime Minister Lee Hsien Loong.
Besides his appointment as Deputy Prime Minister, Wong is also the city-state's Minister for Finance. He is also the chairman of the Monetary Authority of Singapore, and the Singapore Economic Development Board's International Advisory Council.