DPM Lawrence Wong to be appointed chairman of MAS and committee in GIC

SINGAPORE - Deputy Prime Minister and Finance Minister Lawrence Wong will succeed Senior Minister Tharman Shanmugaratnam as the chairman of both the Monetary Authority of Singapore (MAS) and a committee in the GIC.

The MAS announced on Monday that Mr Wong’s appointment will take effect on July 8 and run till May 31, 2026. Mr Wong has been the

central bank’s deputy chairman since June 2021,

and a board member from June 2011 to August 2016.

Mr Tharman, who is the Coordinating Minister for Social Policies, has

served as MAS chairman since May 2011,

and will step down on July 8.

Trade and Industry Minister Gan Kim Yong will be appointed deputy chairman from July 8 to May 31, 2026.

Separately, the GIC announced on Monday that Mr Wong will be appointed the chairman of its investment strategies committee from July 7. This follows Mr Tharman’s resignation as GIC deputy chairman and the committee’s chairman.

Mr Wong has been a GIC board director since November 2018 and a member of the investment strategies committee since August 2017.

Mr Tharman had been GIC’s deputy chairman since 2019 and the committee’s chairman since 2011.

The committee assists the GIC board in evaluating its management’s recommendations on asset allocation, and its oversight of overall portfolio performance.

GIC did not announce who would succeed Mr Tharman as its deputy chairman.

On June 8,

Mr Tharman announced that he was stepping down

from all his positions in the Government and that he will be putting himself forward as a candidate for the upcoming presidential election.

The election has to be called before the

end of incumbent President Halimah Yacob’s six-year term,

which expires on Sept 13.