SINGAPORE – Deputy Prime Minister Lawrence Wong is set to step into his new role as the deputy chairman of the sovereign wealth fund GIC, effective from 1 October.
This move follows the vacancy left by Mr Tharman Shanmugaratnam in July when he stepped down from his official appointments and resigned from the People’s Action Party to run as a presidential candidate in the Presidential Election 2023.
Mr Tharman subsequently won the presidential race and was inaugurated as Singapore’s ninth president on 14 September, succeeding Madam Halimah Yacob.
Mr Wong, who has served on the GIC board since November 2018, will work alongside the chairman, Prime Minister Lee Hsien Loong. Together, they will shoulder the responsibility of guiding the board in its monitoring of GIC’s long-term asset allocation and portfolio performance.
It’s worth noting that in July, following Mr Tharman’s departure from the position, Mr Wong was named the chairman of GIC’s investment strategies committee.
Beyond these responsibilities, Mr Wong has witnessed a significant expansion of his leadership roles in recent months. He succeeded Mr Tharman as the chairman of the Monetary Authority of Singapore (MAS) in July. This appointment is slated to last until 31 May 2026.
In addition to these pivotal financial roles, Mr Wong holds the position of Finance Minister and chairs the Economic Development Board’s International Advisory Council.
He is also a member of the Future Economy Council, the Research, Innovation and Enterprise Council and the National Research Foundation Board.
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