Lawrence Wong Named Deputy Chairman Of GIC Following Tharman’s Resignation, Tenure Starts 1 Oct

GIC Names Lawrence Wong As Deputy Chairman From 1 Oct

Singaporean sovereign wealth fund GIC has named Deputy Prime Minister Lawrence Wong its next deputy chairman starting Sunday (1 Oct).

Mr Wong, also the Minister for Finance, has held roles in the GIC since 2018. He also holds positions in other finance and business-related organisations.

This comes after Tharman Shanmugaratnam’s resignation from the post to contest in the recent Presidential Election.

Deputy chairman Lawrence Wong will assist in overseeing GIC assets & portfolio

On Monday (25 Sep), GIC shared that it has appointed Deputy Prime Minister and Finance Minister Lawrence Wong as deputy chairman in a press release.

This appointment will commence on Sunday (1 Oct).

As the deputy chairman, Mr Wong will assist the chairman, who is Prime Minister Lee Hsien Loong, to oversee GIC’s allocation of long-term assets and portfolio performance.

DPM has held various positions in the organisation since 2018

Over the last few years, Mr Wong has held various roles in the GIC.

He has been a GIC director since November 2018, and the chairman of GIC’s Investment Strategies Committee (ISC) since July 2023.

Mr Wong also currently holds these positions in other finance and business-related organisations:

• chairman of the Monetary Authority of Singapore
• chairman of Singapore Economic Development Board’s International Advisory Council
• member of the Future Economy Council
• member of the Research, Innovation and Enterprise Council
• board member of the National Research Foundation

Role previously held by Tharman Shanmugaratnam

This appointment follows Tharman Shanmugaratnam’s resignation from the GIC deputy chairman post in July.

Mr Tharman had to relinquish the position and other roles he undertook as a Minister to run for President.

Thankfully, it seems all had paid off as he subsequently had a landslide victory on Polling Day.

Having garnered 70.41% of votes from Singaporeans locally and overseas, his margin of victory is the largest ever in Singapore’s history.

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Featured image adapted from Ecosperity on Facebook.