SINGAPORE — Deputy Prime Minister and Finance Minister Lawrence Wong has been appointed deputy chairman of GIC’s board of directors, the sovereign wealth fund said on Monday (Sept 25).

The appointment is effective Oct 1.

Mr Wong has been a GIC director since Nov 1, 2018, and has also been serving as the chairman of its Investment Strategies Committee since July 7 this year.

“As deputy chairman, Mr Wong will assist the chairman to lead the board in overseeing GIC’s long-term asset allocation and portfolio performance,” the firm said in a news release.

The chairman of GIC’s board of directors is Prime Minister Lee Hsien Loong.

Mr Wong will succeed Mr Tharman Shanmugaratnam, who resigned from the position in July to run in the 2023 Presidential Election.

Mr Tharman, who served as GIC deputy chairman from 2019 to 2023, was elected President on Sept 1 in a landslide victory.

Mr Wong also succeeded Mr Tharman as chairman of the Monetary Authority of Singapore earlier this year. CNA

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