Report on the Management of 

the Government’s Portfolio 

for the Year 2008/09



Report on the Management of

the Government’s Portfolio 

for the Year 2008/09
the gic primer

Our responsibility is to preserve and enhance 

Singapore’s foreign reserves. People and talent 

are central to what we can do. We believe 

that the results we seek are best achieved 

through a culture founded on our fi ve PRIME 

values of Prudence, Respect, Integrity, Merit 

and Excellence. 
P

R

M

I

E

We excercise prudence and sound judgement and take a considered approach 

to managing risks as we seek to deliver sustainable, superior investment 

returns, always conscious of our overriding fi duciary responsibility.

As an institution and as individuals, we conduct ourselves with good sense 

and circumspection, even as we take the best advantage of our large asset 

base, global presence, multi-asset approach and long-term orientation.

All of us are united in a common endeavour, regardless of who we are, 

where we work or what we do. We respect people as individuals, care 

for their well-being, and welcome diversity in capability and background. 

We do not tolerate behaviour that works against the interest of our clients 

or of GIC.

We stress teamwork within and across departments, and with our 

clients and business partners. We expect everyone to be free, candid and 

constructive in their comments and suggestions, and always seek to help 

our colleagues and GIC do better.

We recruit and develop our people solely on merit. We draw our talent 

from around the world and provide challenging and meaningful work. 

We grant recognition and reward based on performance and conduct 

consistent with our PRIME values. We develop our people to achieve their 

potential so that we may also perform to our potential.

We select business partners based on their capability. We believe in longterm relationships built upon high levels of performance and quality 

of service.

We are relentless in our pursuit of excellence. In all that we do, we strive 

to be the best that we can be. This demands that we plan and anticipate 

well, so that we will always be in time for the future, fully able to take 

up the challenges and opportunities that come, pursuing improvements 

where they may be found, and economies where these may be gained.

We expect everyone to do his best in every situation. We harness the 

creativity and imagination of our people and our business partners for 

sustainable, superior results.

Everything we do is founded on integrity. We expect the highest standards 

of honesty from everyone in GIC, both in our work and in our personal 

lives. This includes abiding by the laws of the countries we invest in, 

and observing our code of ethics in letter and in spirit. 

We must never jeopardise the trust others have in us and in our reputation 

for professionalism.

prudence

integrity

merit

excellence

respect

contents

Foreword by the Deputy Chairman & Executive Director 06

Message from the Group President 08

Report from the Group Chief Investment Offi cer 10

Managing the Portfolio 15

Governance 23

Our People 43
foreword 

By the Deputy Chairman & Executive Director

The market environment in 2008 was one of the most 

diffi cult faced by investors in the last 50 years. It was a 

period when losses and bankruptcies fl ooded the markets. 

Governments all over the world launched unprecedented 

rescue plans and stimulus packages. Like all large 

institutional investors around the world, GIC found its 

portfolio impacted by the severe downturn in the world’s 

economic and fi nancial markets in 2008. 

Despite the fi nancial landscape being more challenging, 

I am confi dent GIC will be able to deliver sustainable 

investment returns to the Government over the long 

term. GIC’s investment horizon of 20 years enables us to 

stay focused and not be distracted by volatile short-term 

movements. We have weathered many crises and will 

continue to stay on course to invest Singapore’s foreign 

reserves prudently and with a long-term orientation.

The deep pool of investment expertise and experience 

we have developed over the years is a critical factor in 

managing our portfolio and sustaining performance. 

In addition to the strong relationships we have built 

in the industry over time, we have established a sound 

investment infrastructure, with strong risk controls and 

well-coordinated operations. 

6
On 30 June 2009, Dr Richard Hu and Mr Lee Ek Tieng retired 

as Chairman of GIC Real Estate and Chairman of GIC Asset 

Management respectively. Dr Hu and Mr Lee will continue 

to serve GIC as advisers to the Group Executive Committee. 

I would like to express my appreciation to both Dr Hu and 

Mr Lee for ably steering GIC Real Estate and GIC Asset 

Management all these years.

I have assumed the role of Chairman of GIC Real Estate 

in addition to my existing role as Chairman of GIC Special 

Investments and Mr Lim Siong Guan has taken over as 

Chairman of GIC Asset Management. Mr Lim has also been 

appointed Group President with eff ect from 1 July 2009. He 

will lead the organizational development of these three 

subsidiaries, which are responsible for public markets, real 

estate, private equity and infrastructure investments.

GIC participated actively in developing a set of Generally 

Accepted Principles and Practices for Sovereign Wealth 

Funds (SWFs) known as the Santiago Principles. This was 

published in October 2008 by the International Working 

Group of Sovereign Wealth Funds (IWG) made up of 23 

member countries including Singapore. GIC supports 

eff orts to enhance trust and the understanding of SWFs 

as fi nancially-oriented investors. We adhere to the spirit 

of the Santiago Principles and consult the Singapore 

Government in areas where they have the prerogative as 

owner of the funds. GIC continues to support the objectives 

of the Santiago Principles through the International 

Forum of Sovereign Wealth Funds established by the IWG 

to contribute to the development and maintenance of 

an open and stable investment environment. Singapore 

is a member of the subcommittee working on recipient 

country relationships to maintain an open international 

fi nancial environment for cross-border investments. 

The past year has been extremely demanding. I would like 

to convey my deep appreciation to our dedicated staff 

for their hard work that has enabled us to ride out the 

tumultuous markets. I also wish to thank our counterparts 

and business associates for their continued support 

in a year of signifi cant market turmoil. With careful 

anticipation, we will be alert to opportunities while 

cautiously managing the risks in a changing fi nancial 

landscape. 

DR TONY TAN KENG YAM

Deputy Chairman & Executive Director

September 2009

Foreword by the Deputy Chairman & Executive Director 7
message

From the Group President

As the fi nancial crisis rocked the public and private 

markets, it was even more vital that we actively managed 

our investment, operational and administrative processes 

to weather the storm and to stand us in good stead in the 

eventual recovery. 

We initiated improvements to our structure and to the way 

we attract top talent and develop our people, as we believe 

that people, talent and good governance must be in place 

for sustainable success over the long term. 

The following summarises important recent organizational 

developments.

APPOINTMENTS

On 1 July 2009, Ms Vivien Chen was appointed Chief 

Administrative Offi cer to oversee the business functions 

across GIC. We also created two new appointments, which 

took eff ect on 1 September 2009. As President (Europe), 

Mr Lim Chow Kiat is based in London and will also cover 

the Middle East and Africa. Mr Anthony Lim, President 

(Americas), is based in New York. These appointments 

will allow us to engage more actively with policy makers, 

opinion leaders, and leading practitioners in fi nancial, 

government and non-government circles. 

We welcomed our new advisers, Sir Howard Davies on 

1 February 2009, and Dr Martin Leibowitz on 1 April 2009, to 

provide insights on global investment policy matters to our 

Board Investment Committee. 

Mr Paul Myners stepped down from the committee to take 

up his appointment as Minister in Her Majesty’s Treasury 

in the United Kingdom. We congratulate him and wish him 

the best in his new role. 

8
Dr Charles Ellis retired from the committee and was 

appointed our fi rst Adviser Emeritus in July 2009.

We would like to express our appreciation to both of them 

for their invaluable contribution to GIC.

OPERATIONS

We have consolidated fi nancial planning and management 

across the public and private markets asset classes under 

the fi nance department. This will enable the company as 

a whole to make better and faster decisions on liquidity 

and cash management, and to execute its fi nancial strategy 

across the entire portfolio more effi ciently.

Since 2001, when the technology department identifi ed 

the need to streamline and standardise all its internal 

processes and establish a quality management process, it 

has worked towards ISO certifi cation. I am proud to report 

that in July 2009, after a rigorous assessment process, the 

department was awarded the ISO 9001:2008 certifi cation for 

all its functions and IT services. This means the department 

has established clear standard operating procedures to 

ensure consistency in its service delivery, and a quality 

management system that can off er even better user 

satisfaction and excellent support for all IT applications. 

We have monitored the Infl uenza A(H1N1) situation closely 

since the beginning of the outbreak and put our business 

continuity plans into action. With the outbreak now a 

worldwide pandemic, we will remain vigilant in order to 

conduct our business eff ectively. 

PEOPLE DEVELOPMENT AND ENGAGEMENT

We recognise that to produce sustainable superior results 

over the long term, we need to enable our staff to be the 

best that they can be.

This year, we put in place training roadmaps to foster 

learning and leadership at all levels. Each grade now has a 

foundation programme to help newly-promoted staff adjust 

to the additional expectations and capabilities required of 

them. We introduced a staff suggestion scheme and project 

study teams to harness the creativity of our people and 

encourage active involvement in the development of GIC. 

Such avenues enable our people to contribute towards the 

transformation of the company. 

As we are a global company with investments in more than 

40 countries, our success depends on the ability to grow 

a talent pool that is sourced internationally. We will step 

up our eff orts to engage and develop our people with onthe-job coaching and mentoring schemes as well as work 

opportunities in our global business. To be among the best 

in the world, we will need to continuously pursue excellence 

in investment, operations, people and leadership. 

In January 2009, we launched GIC Connect, a formal 

platform to maintain contact with former colleagues. This 

allows us to stay connected and maintain our links with a 

wider network of partners. 

The global investment environment will continue to pose 

challenges to us. Imagination and enterprise can turn them 

into opportunities. With capable leaders and motivated 

staff , guided by our PRIME values, GIC can expect to always 

be in time for the future. 

LIM SIONG GUAN

Group President

Message from the Group President 9
report

From the Group Chief Investment Offi cer

OVERVIEW

The fi nancial market dislocation foreshadowed in last 

year’s report was devastating for risk assets. It was the 

sharpest stock market fall since the Great Depression of 

the 1930s. The MSCI world stock market index fell 57% in 

Singapore dollar terms from its peak in October 2007 to 

its low in March 2009. Except for gold and the sovereign 

bonds of the developed economies, almost all asset classes 

plunged together in a highly-correlated manner.

In recent years, GIC had sought to construct a diversifi ed 

multi-asset class portfolio by increasing alternative 

investments such as private equity and real estate. 

However, this diversifi cation was ineff ective in the fi nancial 

earthquake that occurred last year.

The portfolio suff ered a loss of more than 20% in Singapore 

dollar terms in the fi nancial year to 31 March 2009. This 

loss pulled down the 20-year nominal annual rate of return 

in Singapore dollar terms from 5.8% to 4.4%. The real rate 

of return, in excess of global infl ation, fell from 4.5% to 

2.6%. In US dollar terms, the 20-year nominal annual rate 

of return was 5.7% as at 31 March 2009.

Year ending 31 March

annualised rolling 20-year rate of return

of the government’s portfolio 1981–2009

0

2

4

6

8

10 %

Nominal Rate of Return in S$ terms Real Rate of Return 

2001 2003 2004 2005 2006 2007 2008 2009 2002

10
The preceding graph shows the portfolio’s performance up 

to 31 March 2009. Since then, global stock markets have 

recovered strongly. From the low in March to August 2009, 

the MSCI world stock market index rose 48% in Singapore 

dollar terms. The GIC portfolio has thus recovered more 

than half of last year’s loss.

ASSET MIX

The main development was the temporary reduction 

in public equities arising from our concern about equity 

overvaluation in the euphoric market environment of 

early 2007. We had reduced public equities by more than 

10% over the period July 2007 to September 2008. This 

precautionary strategy helped the portfolio to avoid a 

larger loss in the ensuing bear market. In early 2009, we 

decided this defensive posture was no longer warranted. 

Aggressive fi scal stimuli by governments and signifi cant 

monetary easing by central banks had averted a scenario 

of economic depression, and stock markets were generally 

fairly priced. We have thus restored public equities to 

pre-crisis levels.

The actual asset class distribution of the portfolio as of 

31 March 2009 was as follows: 

asset mix

Public Equities

Fixed Income

Alternatives

Cash & Others

31 March 2009 31 March 2008

%%%%

Public Equities Developed Markets 28 38 34 44

Emerging Markets 10 10

Fixed Income Nominal Bonds 19 24 20 26

Infl ation-Linked Bonds 5 6

Alternatives Real Estate 12 30 10 23

Private Equity, Venture Capital 

& Infrastructure

11 8

Absolute Return Strategies 3 3

Natural Resources 4 2

Cash & Others 8 8 7 7

Total 100 100 100 100

Report from the Group Chief Investment Offi cer 11
GEOGRAPHICAL DISTRIBUTION

The geographical distribution of the portfolio as of 31 March 

2009 was as follows:

americas

europe

29%

asia

24%

australasia

2%

45%

31 March 2009 31 March 2008

% %

Americas 45 40

United States 38 34

Others 7 6

Europe 29 35

United Kingdom 6 8

France 5 5

Germany 4 3

Italy 3 3

Others 11 16

Asia 24 23

Japan 11 11

North Asia* 10 8

Others 3 4

Australasia 2 2

Total 100 100

* China, Hong Kong, South Korea and Taiwan

Investments in the Americas increased from 40% to 

45%; those in Europe decreased from 35% to 29%; while 

in Asia, they increased slightly from 23% to 24%. These 

changes resulted from the normal selection of investment 

opportunities, and not the pursuit of geographical targets.

RECENT DEVELOPMENTS

The media has covered our large investments in UBS AG 

and Citigroup extensively. The investment thesis was to 

capitalise on the unique business franchises of UBS in 

global wealth management, and of Citigroup in global 

consumer and corporate banking, especially in the 

emerging economies. We invested in the two banks in early 

2008 during the initial stages of the fi nancial crisis, and built 

in some downside protection. The escalation of the crisis 

beyond the US sub-prime mortgage sector to a full-blown 

credit crunch infl icted considerable credit losses on both 

banks, which eventually required fi nancial support from 

their respective governments.

The conversion of GIC’s preferred stock holdings in Citigroup 

to common stock at a conversion price of US$3.25 a share 

has enabled us to recover the initial loss on the investment. 

The UBS investment will take longer to recover.

While both banks still face challenges in returning to 

profi tability, we maintain our confi dence in their longterm prospects.

12
OUTLOOK

GIC’s assessment is that the fi nancial crisis will bring 

fundamental changes to the investment landscape.

First, less funds will be available for leveraged investments 

as lending institutions will face more onerous capital 

adequacy requirements and asset securitisation markets 

remain impaired.

Second, regulatory intervention is likely to dampen risktaking. Investment vehicles such as hedge funds and 

private equity funds will be subject to greater disclosure of 

their activities.

Third, global economic growth will be higher in the 

emerging than the developed economies. The developed 

economies will undergo further deleveraging while the 

emerging economies will be compelled to engender 

domestic demand.

And fourth, after a prolonged period of disinfl ation 

in the global economy, there is greater risk of rising 

infl ation. Governments and central banks had recently 

injected substantial fi scal and monetary stimuli to avert a 

depression scenario. They might face political constraints 

in withdrawing such stimuli in an environment of high 

unemployment.

These changes will present both opportunities and risks 

that will require GIC to adapt its investment strategy 

accordingly. 

NG KOK SONG

Group Chief Investment Offi cer

Report from the Group Chief Investment Offi cer 13

managing the portfolio 

The investment objective is to achieve a 

reasonable rate of return above global infl ation, 

with due regard to risks, over an investment 

horizon of 20 years. The GIC Board decides on 

a policy portfolio which specifi es the allocation 

of funds to eligible asset classes. 

GIC’s investment professionals seek to add 

value, and may deviate from the policy portfolio 

within pre-determined operating ranges, to 

achieve higher risk-adjusted returns.
INTRODUCTION

The anchor of GIC’s investment activities is the policy 

portfolio. It defi nes the asset classes in which GIC invests 

and how it allocates funds to these asset classes. The 

purpose is to meet the investment return objective within 

the risk tolerance determined by the Government as owner 

of the funds.

THE POLICY PORTFOLIO

The policy portfolio is the result of both quantitative 

analysis and judgement. Quantitative analysis of historical 

data generates an initial set of assumptions for key variables 

such as the expected long-term return and risk of various 

asset classes and their correlations with one another. These 

assumptions must then be evaluated qualitatively. They 

are adjusted for perceived structural changes in the global 

environment and capital market behaviour, taking into 

account operating constraints such as liquidity and market 

capacity, and the probability of extreme risk events. Then 

the portfolio is stress-tested to ensure it complies with the 

risk parameters that have been set out.

The aim is to optimise distribution of investment funds 

to the asset classes. Operating ranges are specifi ed to 

accommodate acceptable deviations arising from shortterm market volatility and technical causes, and to 

give management some latitude to operate tactically in 

response to changes in market conditions.

managing the portfolio

16
MANAGING PERFORMANCE

The investment process starts with the design of the 

policy portfolio. Under the direction of the group chief 

investment offi cer, staff in the investment policy and 

strategy department and the economics and strategy 

department undertake the analyses and groundwork. Their 

recommendations are presented to and discussed with 

the Board Investment Committee. Once endorsed, these 

recommendations are submitted to the Board for approval. 

The policy portfolio is kept under review but is not changed 

frequently. 

Managers are fully accountable for the performance 

of their portfolios. Their decisions must comply with 

prescribed guidelines and limits to ensure that they 

keep within the Investment Mandate. As an investment 

management company, we evaluate our performance in 

three ways: whether we achieve a reasonable rate of return 

above global infl ation for the total portfolio; how each 

investment professional or team performs against specifi c 

market benchmarks or absolute return targets; and how 

our managers’ results compare with those of their peers in 

the industry.

Implementation

GIC’s three asset management companies, namely GIC 

Asset Management, GIC Real Estate and GIC Special 

Investments, implement the policy portfolio and translate 

the asset class allocations into actual investments. Together, 

these companies manage a diversifi ed portfolio in more 

than 40 countries. We may invest in all countries except 

Singapore and those the United Nations Security Council has 

imposed sanctions against. We will also exercise ownership 

rights in the investments, as appropriate, to protect the 

fi nancial interests of the assets under our management.

Public Markets

GIC Asset Management invests in publicly-traded markets, 

including public equities in both developed and emerging 

markets, fi xed income, natural resources, absolute return 

strategies (hedge funds), cash and currencies. It manages a 

well-diversifi ed portfolio to produce superior risk-adjusted 

performance. 

Equities and fi xed income make up the bulk of the 

portfolio’s investments in public markets. In equity 

investing, an established team of in-house research 

analysts and experienced portfolio managers has 

developed a comprehensive network of corporate and 

industry contacts. In managing fi xed income investments, 

portfolio managers employ diff erent investment strategies 

spanning yield curve analysis, credit, interest-rate duration 

and currency management, to add value to the portfolio.

In public markets, our investment decisions are based on an 

assessment of fundamentals consistent with the portfolio’s 

long-term orientation. 

Decentralised risk ownership, robust risk management 

and specialisation, with clear accountability at every level, 

characterise the investment process. The aim is to ensure 

that the risks taken are consistent with investment goals. 

A risk-budgeting discipline allocates capital to investment 

professionals according to their track records of securing 

good returns from higher-risk investments. The budget 

is monitored continuously to ensure that risk is properly 

diversifi ed and managed.

We evaluate the performance of our investment 

professionals against relevant market benchmarks such 

as the MSCI and Barclays Capital Global Aggregate Bond 

indices.

Managing the Portfolio 17
Real Estate

GIC Real Estate manages investments covering traditional 

private real estate (such as brick-and-mortar assets), 

public equities (such as real estate operating companies), 

real estate investment trusts and real estate-related 

debt instruments. The real estate assets span multiple 

property sectors, including offi ce, retail, residential, 

industrial and hospitality.

The investment approach is governed by guidelines covering 

countries and regions, property asset types and sectors, 

to ensure the portfolio meets both investment and risk 

objectives. Asset-specifi c conditions and risks are among 

the factors that infl uence investment decisions. In this 

team-based approach, an appropriate range of real estate 

and capital market skills is applied to each investment.

Assets are actively managed to generate income and to 

enhance market value through tenant management, 

market positioning, leasing and capital improvements. 

Private Equity and Infrastructure

GIC Special Investments deals with investments in private 

equity and infrastructure. Its private equity universe 

includes buyouts, venture capital, and special situations 

such as mezzanine debt, growth capital and secondary 

fund investments. Its infrastructure interests include userdemand assets such as airports, seaports and highways; 

regulated assets such as those in water and power 

distribution; and competitive assets such as power plants.

In private equity, the strategy is to identify and invest 

with outstanding private equity and venture capital funds 

globally and grow with them in the long term. For the 

infrastructure group, the primary strategy is to invest 

directly in mature, operating assets with a high degree 

of cashfl ow visibility in regulated environments. These 

comprise mature, low-risk assets in developed markets, 

complemented by investments with higher growth 

potential in developing markets.

The investment team adds value to the boards and 

management of the investee companies by providing 

advice and access to a global network of business links.

18
External Managers

We invest in a variety of funds managed by external fund 

management institutions, including real estate funds, 

private equity funds, bond funds, index funds and hedge 

funds. We also place out discretionary mandates to 

external fund managers in a wide range of asset classes 

such as global fi xed income and global equities. While 

they are responsible for their mandates, GIC remains fully 

accountable for the overall performance of the portfolio.

The external managers are selected for their proven 

track records in generating superior returns, as well as 

investment processes that diff erentiate them from their 

competitors. Managers must be able to steer the portfolio 

in varying investment environments, and preserve capital 

in diffi cult times, while endeavouring to capture positive 

value-add in stable markets.

Some external managers are chosen for their ability to 

exploit investment opportunities beyond GIC’s current 

skillset and to complement our internal management 

capability. Their performance is assessed continuously 

relative to expected risk and return, and on their compliance 

to investment guidelines.

MANAGING RISK

Identifying and managing risk is a clear and integral part 

of management responsibility at all levels in GIC. The 

risk management framework sets the accountability and 

responsibility for risk taking. In addition to the Board and its 

Risk Committee, diff erent bodies and groups are specifi cally 

charged with the task of identifying, analysing, monitoring, 

reporting and on-the-ground managing of risks. 

We approach risk management in three key aspects: 

managing portfolio risk to ensure appropriate and effi cient 

risk taking; managing process risk so that investment 

decisions are implemented well; and managing people risk. 

Managing Portfolio Risk

The Board approves the operating bands for asset classes 

to contain portfolio volatility within the risk parameters 

specifi ed by the Government. Such volatility may result 

from tactical decisions, market movements and deviations 

from the policy portfolio. A group-wide investment 

authorisation framework ensures that GIC invests within 

the policy portfolio and operating bands. 

GIC adopts a risk-budgeting discipline for public market 

asset classes to construct an effi cient portfolio of 

active investment strategies. Risk capital is allocated to 

investment strategies according to the track records of the 

portfolio managers and their potential to generate riskadjusted returns. 

Managing the Portfolio 19
The risk and performance management department 

independently sets and monitors performance and riskreview thresholds to ensure that risk is properly diversifi ed 

and managed. Portfolio managers and senior management 

use attribution tools to derive timely feedback. They 

conduct stress tests in a variety of scenarios to determine 

how potential changes in market conditions or the 

occurrence of risk events impact the portfolio.

For private market asset classes, investment teams 

conduct extensive due diligence. These include studying 

the physical, legal and fi nancial aspects of the transactions, 

how investment partners are selected, holding structures 

to be used and exit strategies. They use operational and 

fi nancial controls to manage the measurement and 

operational risks associated with the performance of 

private market assets.

Managing Process Risk

All managers are required to identify, evaluate, manage 

and report risks in their own areas of responsibility, 

and comply with established risk policies, guidelines, limits 

and procedures. 

New investment products or strategies are subject to a 

risk identifi cation and assessment process conducted by a 

cross-functional group. This ensures that risks associated 

with the new product or activity are identifi ed and analysed 

before the new investment is taken on. Part of this process 

is ensuring that the people and infrastructure required, 

including systems, procedures and controls, are in place to 

manage these risks. 

The company adopts a strong control orientation in 

managing counterparty credit risks. GIC trades only 

with fi nancially sound and reputable counterparties. 

We have a stringent selection and approval process for 

the appointment of counterparties. We monitor our 

counterparty exposure against set limits and report our 

counterparty profi le to senior management regularly. 

Other measures to mitigate credit risk include using netting 

agreements and programmes requiring counterparties to 

pledge collateral. 

We continuously monitor a set of key risk indicators 

pertinent to our business, in order to manage risk of loss 

resulting from possible slippages in GIC’s operations. 

Indicators such as late transaction processing, late report 

releases, stale prices and system downtime highlight 

potential risk areas to be addressed in a timely manner. 

Our business continuity plan is tested and reviewed regularly 

to ensure that our procedures and infrastructure can 

support operations should there be a business disruption. 

This enhances corporate resilience and safeguards the 

group’s operations.

Year round, internal and external auditors scrutinise 

all operations and business processes. The defi ciencies 

identifi ed are required to be addressed within agreed time 

frames and reported to senior management.

20
Managing People Risk 

We pay competitively to attract and retain talent. Consistent 

with our long-term orientation, our remuneration policies 

and practices support and reinforce a culture of prudence 

in risk-taking, and recognise and reward our people on the 

basis of sustainable results.

We require our staff to observe GIC’s code of ethics, 

maintain exemplary conduct, and comply with laws and 

regulations, including prohibitions against insider trading 

and other unlawful market conduct. These are among the 

guidelines set out in our compliance manual. Staff must 

protect confi dential information and handle material 

non-public information with due care. The manual also 

addresses issues relating to management of confl icts of 

interest, gifts and entertainment, copyright rules, personal 

investments and whistle blowing. 

In managing the company’s fi duciary risk, it is critical that 

our people adhere to compliance procedures. We provide 

regular training to all staff to keep them current with 

compliance requirements. Trading and front-offi ce staff 

also receive training on exchange regulations relevant to 

their responsibilities.

People are at the heart of our business. Our PRIME values 

are the compass in our management of the people, process 

and portfolio. This is the reason these values are part of our 

staff appraisals.

Managing the Portfolio 21

governance 

The Ministry of Finance, representing the 

Government, sets the investment objective, 

risk parameters and investment horizon for the 

portfolio. It ensures that a competent board of 

directors is in place. 

The Board assumes ultimate responsibility for 

asset allocation and the performance of the 

portfolio. Management executes investment 

strategies, is responsible for all investment 

transactions and reports regularly to the Board 

and the Government. 
GIC

GIC was incorporated in 1981 under the Singapore 

Companies Act and is wholly owned by the Government of 

Singapore. It was set up with the sole purpose of managing 

Singapore’s foreign reserves. GIC invests well over US$100 

billion internationally in a wide range of asset classes and 

instruments. It invests only outside Singapore.

SOURCE AND PURPOSE OF FUNDS

Sustained balance of payments surpluses and accumulated 

national savings are the fundamental sources of the 

Singapore Government’s funds. The portfolio has grown as 

a result of good investment returns.

With no natural resources to keep the country going in times 

of crisis or severe economic dislocation, these reserves are 

a nest egg, a safeguard against unforeseen circumstances, 

and a means to mitigate shocks that may hit Singapore’s 

small and open economy. The reserves also provide a 

stream of returns that can be spent or invested for the 

benefi t of present and future generations. The Government 

is allowed to spend part of the investment returns on its 

reserves. The company’s mission is thus to preserve and 

enhance the purchasing power of these reserves. 

governance

24
The Constitution of Singapore stipulates a spending rule 

that determines how much of the investment returns on 

its reserves the Government can spend. The spending rule 

allows up to 50% of the long-term expected real return 

on the reserves managed by GIC and those owned by the 

Monetary Authority of Singapore, to be taken into the 

Government’s annual budget.

THE GOVERNMENT

An Investment Mandate from the Government to GIC sets 

out the terms of appointment, investment objectives, 

investment horizon, risk parameters and investment 

guidelines for managing the portfolio. The Government, 

which is represented by the Ministry of Finance in its 

dealings with GIC, neither directs nor interferes in the 

company’s investment decisions. It holds the GIC Board 

accountable for the overall portfolio performance.

GIC provides monthly and quarterly reports to the 

Accountant-General. These reports list the investment 

transactions executed, as well as the holdings, bank 

accounts and balances. The reports provide detailed 

performance and risk analytics as well as the distribution 

of the portfolio by asset class, country and currency. Once a 

year, GIC management meets the Minister for Finance and 

his offi cials formally to report on the risk and performance 

of the portfolio in the preceding fi nancial year. 

THE PRESIDENT OF SINGAPORE

Since 1991, the Constitution of Singapore has provided 

for the President of Singapore to be elected directly by 

Singaporeans every six years and to exercise discretionary 

powers to protect the reserves not accumulated by a 

government during its current term of offi ce. Singapore’s 

President is independent of the Government and must not 

be a member of any political party. This system aims to 

ensure that the government of the day cannot spend more 

than what it has earned during its term of offi ce, or draw 

on past reserves, without the approval of the President.

GIC is accountable in various key areas to the President of 

Singapore as a Fifth Schedule company. The Constitution 

empowers him to obtain information to enable him to 

safeguard the country’s reserves. No one may be appointed 

to or removed from the GIC Board without his concurrence. 

This additional layer of control ensures that the company 

appoints only people of integrity who are competent and 

who can be trusted to safeguard these assets.

THE AUDITOR-GENERAL OF SINGAPORE

The Auditor-General who is appointed by the President 

of Singapore, submits an annual report to the President 

and Parliament on his audit of the Government and other 

bodies managing public funds. In addition to being audited 

by GIC’s internal audit, the main companies in the GIC 

group and the Government’s portfolio managed by GIC are 

independently audited by the Auditor-General of Singapore. 

Other companies in the group and the investment holding 

companies are audited by public accounting fi rms.

Governance 25
THE GIC BOARD

The Board is ultimately responsible for asset allocation and 

for the performance of the portfolio under management. 

It is accountable to the Government for the eff ective 

management of the reserves in accordance with the 

Investment Mandate. The Board meets at least twice a year.

BOARD COMMITTEES

Board committees oversee three critical areas: investment 

policy, risk and staff remuneration. External advisers with 

global experience in the investment industry serve on 

the investment and risk committees to provide external 

perspectives and ideas from their areas of expertise.

Board Investment Committee

This committee meets at least four times a year to review 

and critically evaluate management’s recommendations 

on asset allocation and new asset classes before the 

proposed changes are presented to the Board for approval. 

Management reports every quarter to this committee on 

the performance of the portfolio. The committee does 

not decide on specifi c deals nor on how policies should 

be implemented. 

Risk Committee 

The risk committee meets every quarter to advise the Board 

on risk matters and provides broad supervision on the 

eff ectiveness of risk management policies and practices. It 

reviews GIC’s risk profi le as well as signifi cant risk issues 

arising from operations and investments.

Remuneration Committee

This body approves major remuneration policies and the 

compensation of senior management.

BOARDS OF ASSET MANAGEMENT COMPANIES

All three asset management companies are wholly-owned 

subsidiaries responsible for investing the portfolio within 

the guidelines set out in the Investment Mandate. Their 

boards oversee investments and business operations and 

meet at least twice a year. 

GIC MANAGEMENT 

The management structure is relatively fl at, with clear 

reporting lines and accountability.

Group Executive Committee

Dr Tony Tan, deputy chairman and executive director, 

heads the senior management team and chairs the group 

executive committee, the highest management body in 

GIC, which brings together the group’s functional and 

investment heads. It deliberates on management proposals 

for investment and risk issues before these are submitted 

to the relevant board committees and the GIC Board. This 

committee also reviews and approves major personnel and 

business policies that apply to the entire group.

26
Group Management Committee

Chaired by the group president, this committee 

oversees organizational development, business, and 

personnel matters including succession planning, talent 

development, performance management process and 

compensation issues.

Group Investment Committee

Under the chairmanship of the group chief investment 

offi cer, the committee oversees and co-ordinates the 

investment activities of the group. It focuses on changes 

to asset allocation and reviews the risk and performance of 

the various asset classes. It studies business and investment 

initiatives, develops broad investment strategies and 

deploys the teams with the appropriate investment skills 

to implement these strategies.

Group Risk Committee

The chief risk offi cer chairs this committee, which guides 

and oversees the development and implementation of risk 

management policies and practices. This forum allows 

members across the group to identify and assess strategic 

risk management issues that carry major implications 

for the company’s investment strategies and operations. 

Issues are referred, where necessary, to the group executive 

committee. The group risk committee is the umbrella 

body for in-house risk review and control panels such 

as the operational risk, credit risk, IT risk and regulatory 

compliance committees, and the compliance review panel. 

It also provides inputs on legal and regulatory compliance 

and business continuity matters.

Governance 27
BOARDS OF GIC GROUP

GOVERNMENT OF 

SINGAPORE INVESTMENT

CORPORATION

BOARD OF DIRECTORS

Chairman

Lee Kuan Yew

Deputy Chairman

Lee Hsien Loong

Deputy Chairman 

& Executive Director

Dr Tony Tan Keng Yam

Directors

Lim Hng Kiang

Tharman Shanmugaratnam

Raymond Lim Siang Keat

Dr Richard Hu Tsu Tau

Ang Kong Hua

Peter Seah Lim Huat

Chew Choon Seng

Hsieh Fu Hua

Lim Siong Guan

Ng Kok Song

Dr Teh Kok Peng

Dr Seek Ngee Huat

Quah Wee Ghee

GIC ASSET MANAGEMENT 

BOARD OF DIRECTORS

Chairman

Lee Ek Tieng 

(retired 30 June 2009)

Lim Siong Guan 

(from 1 July 2009)

Directors

Ng Kok Song

Quah Wee Ghee

Vivien Chen Vui Wen

GIC REAL ESTATE

BOARD OF DIRECTORS

Chairman

Dr Richard Hu Tsu Tau

(retired 30 June 2009)

Dr Tony Tan Keng Yam 

(from 1 July 2009) 

Directors

Lim Hng Kiang

Lee Seng Wee

Léon Bressler

Steven J Green

Lim Siong Guan

Ng Kok Song

Dr Seek Ngee Huat

GIC SPECIAL INVESTMENTS

BOARD OF DIRECTORS

Chairman

Dr Tony Tan Keng Yam

Directors

Ang Kong Hua

Peter Seah Lim Huat

G Leonard Baker Jr

Jonkheer Otto van der Wyck

Lim Siong Guan

Ng Kok Song

Dr Teh Kok Peng

Dr Charles D Ellis (retired 30 June 2009)

Dr Robert B Litterman

Ho Tian Yee

Paul Myners (resigned 3 October 2008)

Sir Howard J Davies (appointed 1 February 2009)

Dr Martin L Leibowitz (appointed 1 April 2009)

Dr Charles D Ellis (appointed 1 July 2009)

ADVISERS TO THE GIC 

BOARD OF DIRECTORS

ADVISER EMERITUS

28
GROUP COMMITTEES

GROUP EXECUTIVE 

COMMITTEE

Chairman

Dr Tony Tan Keng Yam 

Deputy Chairman 

& Executive Director

Deputy Chairman

Lim Siong Guan 

Group President

GROUP MANAGEMENT 

COMMITTEE

Chairman

Lim Siong Guan 

Group President

GROUP INVESTMENT 

COMMITTEE

Chairman

Ng Kok Song 

Group Chief Investment Offi cer

GROUP RISK 

COMMITTEE

Chairman

Dr Sung Cheng Chih 

Chief Risk Offi cer

Members

Ng Kok Song, Group Chief Investment Offi cer

Dr Teh Kok Peng, President, GIC Special Investments

Dr Seek Ngee Huat, President, GIC Real Estate

Quah Wee Ghee, President, GIC Asset Management

Dr Sung Cheng Chih, Chief Risk Offi cer

Vivien Chen Vui Wen, Chief Administrative Offi cer

Aje Kumar Saigal, Director, Investment Policy & Strategy

Advisers

Dr Richard Hu Tsu Tau

Lee Ek Tieng

Members

Ng Kok Song, Group Chief Investment Offi cer

Dr Teh Kok Peng, President, GIC Special Investments

Dr Seek Ngee Huat, President, GIC Real Estate

Quah Wee Ghee, President, GIC Asset Management

Vivien Chen Vui Wen, Chief Administrative Offi cer

Members

Lim Siong Guan, Group President

Dr Teh Kok Peng, President, GIC Special Investments

Dr Seek Ngee Huat, President, GIC Real Estate

Quah Wee Ghee, President, GIC Asset Management

Aje Kumar Saigal, Director, Investment Policy & Strategy

Members

Chua Lee Ming, General Counsel

Kwok Wai Keong, Global Head, Asset Management, Real Estate

Ng Kin Sze, Global Head, Strategy & Risk Management,

Special Investments

Ong Hian Leong, Director, Technology

Joyce Tan Siew Pheng, Director, Investment Operations

Deanna Ong Aun Nee, Director, Finance

Pang Wai Yin, Deputy Director, Risk & Performance Management

Choy Siew Kai, Head, Investment Services, Equities

Leong Wing Kwan, Head, Risk & Operations,

Fixed Income Currency Commodities

Governance 29
profi les

LEE KUAN YEW

Chairman

Born in 1923, Lee Kuan Yew studied in Raffl es Institution and 

Raffl es College (Anderson Scholar, 1940). A graduate of Fitzwilliam 

College, Cambridge University, he was a barrister of the Middle 

Temple in 1950. He practised law until 1959 when he became 

Singapore’s fi rst Prime Minister. He won seven successive terms 

before resigning in 1990 and was appointed Senior Minister by 

Prime Minister Goh Chok Tong. He was appointed Minister 

Mentor by Prime Minister Lee Hsien Loong in 2004. He has been 

chairman of GIC since its inception in 1981.

LEE HSIEN LOONG

Deputy Chairman

Lee Hsien Loong has been Prime Minister since 2004. Prior to 

that, he was Deputy Prime Minister with responsibilities for 

economic and civil service matters. He has also held ministerial 

appointments in Trade and Industry, Defence and Finance, 

and chaired the Monetary Authority of Singapore from 1998 to 

2004. Before entering politics, he was a Brigadier-General in the 

Singapore Armed Forces. He studied at Cambridge University 

and the Kennedy School of Government, Harvard University.

DR TONY TAN KENG YAM

Deputy Chairman and Executive Director

A banker before becoming a politician, Dr Tony Tan Keng Yam 

was the chairman and CEO of OCBC Bank from 1992 to 1995. 

In his political career, he has held the Education, Trade and 

Industry, Finance and Defence portfolios. In 2005, he retired 

from the Cabinet as Deputy Prime Minister and Co-ordinating 

Minister for Security and Defence. In the same year, he was 

appointed deputy chairman and executive director of GIC, and 

chairman of Singapore Press Holdings. A graduate of the former 

University of Singapore, Massachusetts Institute of Technology 

and the University of Adelaide, he also chairs the board of the 

National Research Foundation.

LIM HNG KIANG

An engineering graduate of Cambridge University, Lim Hng 

Kiang spent nine years in the Singapore Armed Forces where 

he held both command and staff positions. In 1985, he earned a 

master’s degree in Public Administration at Harvard University 

and returned to serve as the deputy secretary in the Defence 

and National Development ministries before entering politics in 

1991. He held Cabinet posts in National Development, Health, 

Foreign Aff airs, Finance and the Prime Minister’s Offi ce before 

his appointment as Minister for Trade and Industry in 2004.

30
THARMAN SHANMUGARATNAM

Tharman Shanmugaratnam has spent his professional and 

political years in the fi elds of economic/fi nancial policy and 

education. He was chief executive of the Monetary Authority of 

Singapore before he entered politics in 2001. He has held various 

positions since then, including serving as Minister for Education 

for fi ve years. He was appointed Minister for Finance in 2007. 

He obtained his undergraduate and master’s degrees from the 

London School of Economics and Cambridge University, and a 

master’s degree in Public Administration from Harvard University, 

where he received the Lucius N Littauer Fellow Award.

RAYMOND LIM SIANG KEAT

Raymond Lim Siang Keat was a law lecturer and journalist 

before joining the fi nancial industry where he held various 

senior positions including chief economist for Asia of ABN 

AMRO Asia Securities and chief executive offi cer of DBS 

Securities. He entered politics in 2001 and held ministerial 

appointments in Foreign Aff airs, Trade and Industry, Finance 

and the Prime Minister’s Offi ce. He was appointed Minister 

for Transport, while continuing to serve as Second Minister for 

Foreign Aff airs in 2006. A Colombo Plan and Rhodes Scholar, 

he studied at the University of Adelaide, Oxford University and 

Cambridge University. 

DR RICHARD HU TSU TAU

Dr Richard Hu Tsu Tau was chairman and chief executive of 

the Shell group of companies in Singapore from 1977 to 1983. 

He entered politics in 1984 and was Minister for Finance 

from 1985 to 2001. He has also held Cabinet posts in National 

Development, Trade and Industry and Health. He retired from 

government in 2001. Prior to his current appointment as adviser 

to GIC’s Group Executive Committee, he was chairman of the 

GIC Real Estate from April 1999 to June 2009. He is also currently 

chairman of CapitaLand, Fullerton Financial Holdings and 

chancellor of Singapore Management University. A chemical 

engineer by training, he obtained his PhD from the University 

of Birmingham. 

ANG KONG HUA

CEO of NatSteel for 28 years, Ang Kong Hua was instrumental 

in its transformation from a steel mill into one of Singapore’s 

largest industrial conglomerates. He started his career at 

the Economic Development Board after graduating from the 

University of Hull in the UK. Subsequently he joined DBS Bank 

at its inception in 1968. As a pioneer in the bank, he established 

the bank’s fi rst investment banking division and now serves on 

its board of directors. He is a former chairman of Singapore 

Telecommunications and Singapore Post. 

Governance 31
LEE SENG WEE

Lee Seng Wee was chairman of OCBC Bank from 1995 to 2003 

and is currently a board member of the bank, a position he has 

held since 1966. He is vice chairman of Lee Rubber Co. and a 

director of Great Eastern Holdings. He is also a director of the Lee 

Foundation, a charitable foundation which funds programmes 

for education and other philanthropic works. He served as a 

member of the GIC Board from 1984 to 2003 and was appointed 

to the board of GIC Real Estate in 1999.

PETER SEAH LIM HUAT

Chairman of Singapore Technologies Engineering and SembCorp 

Industries, Peter Seah Lim Huat serves on the boards of many 

commercial enterprises in Singapore and overseas such as 

Singapore Technologies Telemedia and Bank of China. A 

graduate of the former University of Singapore, he held several 

senior positions in his 24-year career with the Overseas Union 

Bank before retiring as its vice chairman and chief executive 

offi cer in 2001. He was president and chief executive offi cer of 

the Singapore Technologies Group, from 2001 to 2004. 

HSIEH FU HUA

CEO of the Singapore Exchange since 2003, Hsieh Fu Hua’s career 

has been in merchant banking and capital markets in Asia. He 

joined Morgan Grenfell Asia Holdings in 1974, after graduating 

from the former University of Singapore, and rose to become its 

chief executive before he left in 1993 to form PrimePartners, a 

corporate advisory fi rm. He was also group managing director of 

BNP Prime Peregrine Group in Hong Kong, a joint venture Asian 

investment banking arm of BNP founded by PrimePartners.

CHEW CHOON SENG

Chew Choon Seng became CEO of Singapore Airlines in 2003. He 

joined Singapore Airlines in 1972, undertook senior assignments 

in Tokyo, Rome, Sydney, Los Angeles and London, and has 

headed the planning, marketing and fi nance arms at corporate 

headquarters. He is the deputy chairman of SIA Engineering 

Company, and a director of the Singapore Exchange. He is 

a member of the Board of Governors of the International Air 

Transport Association. An engineer by training, he graduated 

from the former University of Singapore and Imperial College, 

University of London.

32
JONKHEER OTTO VAN DER WYCK

Chairman of Salland Ltd, an investment advisory company, 

Jonkheer Otto van der Wyck is also chairman of Alpinvest 

Partners NV, a leading private equity investment manager, 

and Climate Change Capital, a specialist investment bank. He 

founded BC Partners and Citicorp Venture Capital, two leading 

European private equity fi rms. He was appointed to the board 

of GIC Special Investments in 2002. 

G LEONARD BAKER JR

A partner since 1973 in Sutter Hill Ventures, Silicon Valley’s 

oldest venture capital fi rm, G Leonard Baker Jr is also a director 

of a number of early stage companies. He is a trustee of Yale 

University, chairs Yale’s fi nance committee, and serves on the 

university’s investment committee and the advisory board 

of the School of Management. He is a board member of the 

Environmental Defense Fund. He is a former member of the 

Advisory Council of the Stanford Graduate School of Business. He 

was appointed to the board of GIC Special Investments in 2001.

DR CHARLES D ELLIS

Dr Charles D Ellis is the chairman of the Whitehead Institute for 

Biomedical Research, and the founder and director of Greenwich 

Associates. He served on Yale University’s investment committee 

for 17 years. Formerly a chairman of the CFA Institute, he has 

taught investment management at Harvard Business School, 

the Yale School of Management, and the AIMR workshop 

at Princeton. He has written many books and articles on 

institutional investing. He retired from GIC’s Board Investment 

Committee on 30 June 2009 after serving six years as its adviser. 

Dr Ellis was named Adviser Emeritus in July 2009.

DR ROBERT B LITTERMAN

Advisory director and chairman of the Quantitative Investment 

Strategies Group of Goldman Sachs Asset Management, 

Dr Robert B Litterman co-developed the Black-Litterman Global 

Asset Allocation Model with the late Fischer Black. A graduate 

of Stanford University and the University of Minnesota, he has 

headed the fi rm’s risk department and was also co-director in 

fi xed income research. He received the Nicholas Molodovsky 

Award from the CFA in 2008, and was also the recipient of the 

2008 International Association of Finance Engineers, Financial 

Engineer of the Year award. He was appointed adviser to the GIC 

Board Investment Committee and the Risk Committee in 2004. 

Governance 33
STEVEN J GREEN

Steven J Green is chairman and CEO of Greenstreet Partners, a 

private merchant bank, and chairman and CEO of k1 Ventures 

Limited, an investment company in Singapore. He serves on 

the boards of the University of Miami and the US Chamber of 

Commerce, and is Singapore’s Honorary Consul-General in 

Miami. He was chairman and CEO of the Samsonite Corporation 

from 1988 to 1996, and US Ambassador to Singapore from 1997 to 

2001. He was appointed to the board of GIC Real Estate in 2008.

HOWARD J DAVIES

Prior to his current appointment as Director of the London 

School of Economics and Political Science, Howard J Davies was 

chairman of the UK Financial Services Authority from 1997 to 

2003. A graduate of Merton College and the Stanford Graduate 

School of Business, he had previously served as Director General 

of the Confederation of British Industry for three years and 

as Deputy Governor of the Bank of England for two years. He 

serves as a non-executive director on the board of Morgan 

Stanley and Paternoster. He was appointed adviser to the GIC 

Board Investment Committee in February 2009. 

LÉON BRESSLER

Léon Bressler is a partner of Perella Weinberg Partners, a 

private fi nancial services fi rm providing asset management 

and corporate advisory services. He was chairman and CEO 

of Unibail, a leading French publicly-listed property company 

from 1992 to 2006. From 1984 to 1989, he served as chairman of 

the executive board of Midland Bank SA, and was a managing 

partner of Worms & Cie from 1991 to 1996. He was appointed to 

the board of GIC Real Estate in 2007. 

HO TIAN YEE

Ho Tian Yee is managing partner of Pacifi c Asset Management. 

His experience in global fi nancial markets includes 19 years at 

Bankers Trust Company in foreign exchange trading. As regional 

head for South East Asia, he was responsible for all businesses 

in the region. He sits on the boards of publicly-listed companies 

including the Singapore Exchange. He was appointed to the GIC 

Risk Committee in 2004. 

34
LIM SIONG GUAN

Lim Siong Guan, group president, joined GIC in 2007. He was the 

Chairman of the Economic Development Board from October 

2006 to June 2009. A former head of the Singapore Civil Service, 

he was Permanent Secretary in the ministries of Defence, 

Education and Finance and in the Prime Minister’s Offi ce, 

and led various major government agencies. He is an adjunct 

professor at the Lee Kuan Yew School of Public Policy at the 

National University of Singapore (since March 2005), instructing 

on leadership and change management in the public sector, 

and is a Senior Fellow of the Civil Service College. 

DR MARTIN L LEIBOWITZ 

A managing director with Morgan Stanley Research’s global 

strategy team, Dr Martin L Leibowitz was vice chairman and chief 

investment offi cer of TIAA-CREF from 1995 to 2004. A graduate of 

the University of Chicago with a PhD from the Courant Institute 

of New York University, he has received wide recognition for 

his writings and his contribution to the fi nancial industry. He 

currently serves on the investment advisory committees of the 

Harvard Management Corporation, Rockefeller Foundation, 

the International Monetary Fund, Carnegie Foundation, and 

Institute for Advanced Study. He was appointed adviser to the 

GIC Board Investment Committee in April 2009. 

LEE EK TIENG

After a distinguished and much decorated career in public 

service, Lee Ek Tieng retired in 1999 as head of the Civil Service 

and Permanent Secretary (Special Duties), Prime Minister’s 

Offi ce. He was chairman of the Public Utilities Board from 

1978 to 2000 and managing director of the Monetary Authority 

of Singapore from 1989 to 1998. He was responsible for the 

development and growth of GIC as its group managing director 

from 1989 until he stepped down in September 2007. He was 

the chairman of GIC Asset Management from September 2007 

to June 2009. He was appointed adviser to the Group Executive 

Committee of GIC in July 2009. 

NG KOK SONG

Ng Kok Song, group chief investment offi cer of GIC, has been 

involved with the investment of Singapore’s foreign reserves 

for over 35 years, beginning with the Ministry of Finance (1970–

1971), then the Monetary Authority of Singapore (1972–1986) and 

at GIC since 1986. He was the founder chairman of the Singapore 

International Monetary Exchange in 1983, which is now part 

of the Singapore Exchange. He is also the founder chairman 

of the Wealth Management Institute, a board member of the 

Singapore Labour Foundation, and an adviser to Agency France 

Tresor and the International Capital Markets Association.

Governance 35
DR SUNG CHENG CHIH

Prior to his appointments as chief risk offi cer in 2007 and 

director of the risk and performance management department 

in 2002, Dr Sung Cheng Chih had worked in various capacities 

in investment management, quantitative research, business 

management and corporate planning within GIC since 1993. 

In addition to his core risk responsibilities, he has been actively 

involved in shaping GIC’s investment processes and improving 

its operational capabilities. A graduate of the University of 

Waterloo, he obtained his PhD in Pure Mathematics from the 

University of Minnesota. Between 2001 and 2005, he was a 

member of the Investment Performance Council of AIMR. 

QUAH WEE GHEE

Prior to joining GIC, Quah Wee Ghee worked in IBM after 

graduating from the National University of Singapore. He 

started his career in GIC as an investment offi cer and became 

director of the fi xed income department in 1996. He was also 

tasked with setting up the technology department in 1998. He 

assumed responsibility for managing the equities department 

in 2003. Concurrent with his position as the director of the 

equities department, he was appointed president of GIC Asset 

Management in 2007. He is currently a board member of the 

Central Provident Fund Board.

DR SEEK NGEE HUAT

Dr Seek Ngee Huat, president of GIC Real Estate, was a senior 

partner with Jones Lang LaSalle in Sydney before joining GIC. He 

was the founder chairman of the Property Council of Australia 

Property Index. He serves on the advisory boards of real estate 

programmes at the National University of Singapore, his alma 

mater, Harvard University and Cambridge University and is also 

a member of the International Advisory Council, Guanghua 

School of Management, Peking University. He holds a master’s 

degree from the University of British Columbia, and a PhD from 

the Australian National University. 

DR TEH KOK PENG

Prior to his appointment as president of GIC Special Investments 

in 1999, Dr Teh Kok Peng was concurrently the deputy managing 

director of GIC and the Monetary Authority of Singapore. An 

economics graduate of La Trobe University with a PhD from 

Nuffi eld College, Oxford University, he began his career with 

the World Bank. He serves as a board member of the Lee Kuan 

Yew School of Public Policy, the Institute of Policy Studies and 

the Urban Redevelopment Authority. He is on the board of the 

China International Capital Corporation, and is a member of the 

Trilateral Commission. 

36
AJE KUMAR SAIGAL

Aje Kumar Saigal joined GIC at its inception in 1981 as a portfolio 

manager responsible for Japanese and U.S. equities, before 

becoming head of the North American equities division in 1987. 

Currently director of investment policy and strategy, he was the 

chief investment offi cer of global equities, responsible for the 

group’s global equities investments, from 1990-2003. A graduate 

of the University of Tasmania and the Sloan Program at Stanford 

University, he sits on the boards of the Sim Kee Boon Institute 

of Financial Economics, the Capital Group Emerging Markets 

Growth Fund and the MSCI Barra Editorial Advisory Board.

LIM CHOW KIAT 

After graduating with fi rst class honours in accountancy from 

the Nanyang Technological University, Lim Chow Kiat joined 

GIC in 1993 as a portfolio manager. He built up GIC’s investment 

capability in corporate bonds, and was appointed as head of 

the fi xed income, currency and commodities department and 

deputy president of GIC Asset Management. In addition, he 

was responsible for several cross-market eff orts, including 

Global Opportunity Portfolio and Credit Co-ordination Group. 

In September 2009, he was appointed president (Europe). Based 

in London, he is GIC’s senior representative in Europe, Africa 

and the Middle East.

ANTHONY LIM WENG KIN

Anthony Lim Weng Kin joined GIC as its president of the London 

offi ce in 1998. In September 2009, he was appointed president 

(Americas), based in New York, as GIC’s senior representative in 

North, Central and South America. Prior to joining GIC, he was 

a senior managing director at Bankers Trust Company, where 

he held various management and trading positions in the global 

markets division in Singapore and London from 1987 to 1998. 

Before Bankers Trust, he was with the Monetary Authority of 

Singapore (MAS), where he spent three years in their New York 

offi ce. His last position at the MAS was as Head of the Foreign 

Exchange, Gold, and Liquidity Division.

VIVIEN CHEN VUI WEN

A graduate of the London School of Economics and a chartered 

accountant, Vivien Chen Vui Wen has worked with Price 

Waterhouse in London, Singapore and San Francisco. After 

completing the Sloan Program at Stanford University, she 

took up the appointment of company secretary of GIC in 1986, 

a position she continues to hold today. She was responsible 

for GIC’s investment operations prior to her appointment as 

director of corporate aff airs and planning in 2004. In July 2009, 

she was appointed the chief administrative offi cer, with the 

responsibility of overseeing business functions across GIC.

Governance 37
gic management

DR TONY TAN KENG YAM

Deputy Chairman & Executive Director

Chairman, Group Executive Committee

GROUP EXECUTIVE COMMITTEE

LIM SIONG GUAN

Group President

Deputy Chairman, Group Executive 

Committee

NG KOK SONG

Group Chief Investment Offi cer

DR TEH KOK PENG

President, GIC Special Investments

DR SEEK NGEE HUAT

President, GIC Real Estate

QUAH WEE GHEE

President, GIC Asset Management

DR SUNG CHENG CHIH

Chief Risk Offi cer

VIVIEN CHEN VUI WEN

Chief Administrative Offi cer

AJE KUMAR SAIGAL

Director, Investment Policy & Strategy

38
TAN KIM KWANG

Director, Administration 

& Personnel 

YEOH LAM KEONG

Director, Economics & Strategy

DEANNA ONG AUN NEE

Director, Finance

WONG WEI

Director, Internal Audit

JOYCE TAN SIEW PHENG

Director, Investment Operations 

AJE KUMAR SAIGAL

Director, Investment Policy 

& Strategy

CHUA LEE MING

General Counsel, Legal 

& Compliance

DR SUNG CHENG CHIH

Director, Risk & Performance 

Management

ONG HIAN LEONG

Director, Technology

LIM CHOW KIAT

President (Europe)

ANTHONY LIM WENG KIN

President (Americas)

CORPORATE HEADQUARTERS

QUAH WEE GHEE

President

LIM KEE CHONG

Head, Developed Markets 

Equities

RICHARD CHAN HIANG NGEE

Head, Asia Pacifi c Equities

CHEN SOON BIN

Head, Emerging Markets 

Non-Asia Equities

TUNG SIEW HOONG

Deputy Head, Fixed Income 

Currency Commodities

ADELENE TAN MUI LI

Head, External Managers

LIM TEOW BENG

Chief Administrative Offi cer

LIM CHOW KIAT

Adviser, Fixed Income Currency 

Commodities

ANTHONY LIM WENG KIN

Adviser, External Managers

GIC ASSET MANAGEMENT

DR SEEK NGEE HUAT

President

KWOK WAI KEONG

Global Head, Asset 

Management

Regional Head, Asia

MICHAEL CARP

Global Head, Investments

Regional Head, Americas

CHRISTOPHER MORRISH

Regional Head, Europe 

LIM SWE GUAN

Global Head, Corporate 

Investments

DAVID DICKINSON

Global Head, Research 

& Strategic Planning 

DEANNA ONG AUN NEE

Director, Finance

TAN CHOR HWA

Global Head, Administration 

& Corporate Aff airs

GIC REAL ESTATE

DR TEH KOK PENG

President

ANG ENG SENG

Global Head, Direct Investments

Global Head, Infrastructure

TAY LIM HOCK

Global Head, Funds 

& Co-Investments

KUNNASAGARAN CHINNIAH

Global Head, Portfolio Group

NG KIN SZE

Global Head, Strategy 

& Risk Management

FLORENCE TAN SIEW ENG

Global Head, Human Resources 

& Finance

GIC SPECIAL INVESTMENTS

Governance 39
group executive 

committee

From left to right:

DR SEEK NGEE HUAT President, GIC Real Estate

NG KOK SONG Group Chief Investment Offi cer

DR SUNG CHENG CHIH Chief Risk Offi cer

DR TONY TAN KENG YAM Deputy Chairman & Executive Director

AJE KUMAR SAIGAL Director, Investment Policy & Strategy

LIM SIONG GUAN Group President

DR TEH KOK PENG President, GIC Special Investments

QUAH WEE GHEE President, GIC Asset Management

VIVIEN CHEN VUI WEN Chief Administrative Offi cer

40 Governance 41

our people 

GIC is a global organization with eight offi ces 

worldwide. While we are headquartered in 

Singapore, foreign nationals make up one-third 

of our total staff strength. 
GLOBAL TALENT

We have a staff strength of over 1,000. Coming from more 

than 20 countries, our people are almost as diverse as our 

investments. Every other investment professional who 

works at GIC is a foreign national.

Where they come from 31 March 2009 (%)

Singapore 46

Asia, Australasia & Africa 24

Americas 15

Europe 15

Total 100

Some members of our senior management have been 

with GIC since its inception. They are complemented by 

seasoned industry professionals and young talent honing 

their skills in the organization.

Years in GIC 31 March 2009 (%)

< 5 years 58

5 to < 10 years 17

10 to < 15 years 16

 15 years 9

Total 100

MANAGING DIRECTORS

Just over a year ago, GIC created the rank of managing 

director as the senior-most professional grade and 

appointed a group of managing directors across all 

functions in the company. These are senior people respected 

for their competence in their respective fi elds. They make 

up 5% of the staff . Beyond their functional roles, they are 

responsible for people management, succession planning 

and corporate development – all areas critical to GIC.

our people

44
Managing Directors of GIC (31 March 2009)

Ang Eng Seng Muk Kin Yau

Eugene Boehringer Ng Kin Sze

Michael Carp Ng Kok Song

Chan Hoe Yin Deanna Ong Aun Nee

Richard Chan Hiang Ngee Ong Hian Leong

Chang Siew Khang Pang Wai Yin

Chen Soon Bin Bernard Phang Sin Min

Vivien Chen Vui Wen Quah Wee Ghee

Chia Tai Tee Aje Kumar Saigal

Kunnasagaran Chinniah Seek Ngee Huat

Choy Siew Kai Michael Simcock

Chua Lee Ming Soong Hee Sang

David Dickinson Sung Cheng Chih

Kent Goodwin Adelene Tan Mui Li

Ho Li Wen Tan Chor Hwa

Wan Hamdan Ismail Florence Tan Siew Eng

Kwok Wai Keong Joyce Tan Siew Pheng

Leong Wing Kwan Tan Kim Kwang

Anthony Lim Weng Kin Tay Lim Hock

Lim Chow Kiat Teh Kok Peng

Lim Kee Chong Tung Siew Hoong

Lim Siong Guan Eugene Wong Yau Kee

Lim Swe Guan Wong Wei

Lim Teow Beng Woo Tuck Kan

Tia Miyamoto Yeoh Lam Keong

Christopher Morrish

ORGANIZATIONAL EXCELLENCE

Organizational excellence stems from recruiting the right 

people, inculcating the right values, and identifying future 

leaders. As people are central to our pursuit for excellence, 

we believe in developing the potential of our people, 

motivating them, and rewarding them on merit. 

The objective of our learning and development policies is to 

create, reinforce and sustain a pro-learning environment in 

the organization. We are committed to providing resources 

and infrastructure to support the development of our staff 

at all levels.

The GIC School, established in 2007, works in partnership 

with staff and their departments to facilitate demanddriven learning and development opportunities that cater to 

staff needs. The school oversees the one-year training that 

both scholars and new recruits in the Young Professionals 

Programme have to complete. The training includes job 

rotations in investment and corporate functions, and 

mentoring by managing directors to guide them in their 

fi rst year in the company.

Staff from diff erent levels of the organization manage 

the GIC Recreation Club, which facilitates bonding 

through social activities. It also promotes corporate 

social responsibility and seeks to develop a spirit of public 

service. Staff readily participate in a range of activities 

including outreach programmes to the less privileged, 

sports and games.

GIC is on a continuous excellence journey, not only in 

investments, but also in producing superior performance 

in all other areas. We believe the building blocks for 

excellence lie in the areas of leadership, eff ectiveness, 

teamwork, innovation, learning, planning and wellness. 

With everyone working together on a shared mission, we 

will enhance our capability to anticipate challenges and 

more importantly, be in a position to exploit opportunities. 

Our ambition, always, is to be the best we can be.

Our People 45
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our offi ces



GOVERNMENT OF SINGAPORE

INVESTMENT CORPORATION PTE LTD

168 Robinson Road

#37-01 Capital Tower 

Singapore 068912 

Tel: +65 6889 8888

Fax: +65 6889 8722

Website: www.gic.com.sg
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