Teo Chee Hean to succeed Lim Boon Heng as Temasek chairman

SINGAPORE: Temasek Holdings said on Friday (Jun 6) that former Senior Minister Teo Chee Hean will succeed Mr Lim Boon Heng as its fifth chairman.

Mr Teo, who retired from politics in April and did not contest in the recent General Election, will first join Temasek’s board as deputy chairman on Jul 1.

He will take over as chairman on Oct 9 from Mr Lim, 77, after the conclusion of Temasek’s third-quarter board meeting, the state investor announced alongside other changes to its board.

In its press release, Temasek said Mr Teo had advanced Singapore’s interests in key areas such as geopolitics, as well as navigated complex challenges both in Singapore and abroad during his 53 years in public service.

Mr Teo, 70, served as the chief of navy prior to entering politics. 

He made his political debut in 1992 when he was part of a People’s Action Party team that contested and won a by-election in Marine Parade GRC. He then moved to contest Pasir Ris GRC during the 1997 polls and was subsequently re-elected in Pasir Ris-Punggol GRC five times.

During his time in government, Mr Teo helmed the home affairs, defence, education and environment ministries, among other roles. A core member of Singapore’s third-generation leadership team, he later served as deputy prime minister between 2009 and 2019 before being appointed as senior minister.

The political veteran also held the role of coordinating minister for national security from 2011 and oversaw other portfolios, such as the Smart Nation and Digital Government Group and the National Climate Change Secretariat, until he stepped down from politics.

“He guided Singapore’s agencies to adopt a coordinated, whole-of-government approach to address complex issues such as population matters and climate change, including the formulation of practical decarbonisation and net-zero goals,” Temasek said.

“In a rapidly changing world, his wealth of experience and strategic insights will bring valuable perspectives to Temasek as it continues to evolve and grow as a global investment company,” it added.

In a separate statement, Prime Minister Lawrence Wong said: “I thank Mr Lim for his dedicated service at Temasek. Under his stewardship, Temasek has expanded its global presence, strengthened its governance processes, and established itself as a leader in sustainable development.”

“I also welcome Mr Teo as the incoming chairman. With his extensive experience in public service and deep understanding of Singapore’s strategic priorities, I am confident he will build on Temasek’s strong foundations and steer its continued success in an increasingly complex global environment,” added Mr Wong, who is also finance minister.

LIM BOON HENG GUIDED TEMASEK’S GLOBAL EXPANSION

His predecessor, Mr Lim, has been chairman of Temasek since 2013, when he took over from former Cabinet minister S Dhanabalan.

Mr Lim himself held several key Cabinet positions in the government from 1993 to 2011, including second minister for trade and industry and minister in the Prime Minister’s Office. He was also the secretary-general of the National Trades Union Congress from 1993 to 2006.

He retired from politics in 2011 and joined Temasek as a director the following year.

Temasek said it established itself as a global investor under Mr Lim’s chairmanship.

Its net portfolio value grew from S$223 billion (US$174 billion) in March 2014 to S$389 billion in the last financial year.

Since 2014, it also expanded its footprint into developed markets across Europe and the United States, which are now home to nearly half of its 13 offices around the world. Its portfolio exposure to these developed markets has since doubled.

Among his other contributions, Mr Lim paid close attention to talent renewal, especially when it came to increasing Temasek’s international representation, the firm said. 

He also guided Temasek through its leadership transition in 2021, when Mr Dilhan Pillay took over from Madam Ho Ching as Temasek’s CEO.

Temasek noted that Mr Lim has been an advocate of good corporate governance and sustainability in its portfolio companies through engagement forums like the annual Temasek Roundtable and its flagship Ecosperity conference which started in 2014.

Mr Lim also guided Temasek’s various community contributions, especially during the COVID-19 pandemic when it led response efforts that included distributing essential supplies and medical equipment.

Mr Lim championed tripartism through the Temasek Tripartite Conversations and also helped shape Temasek’s T2030 strategy in 2019, which served as its 10-year road map to construct a resilient and forward-looking portfolio, among other contributions.

Reflecting on his 13 years at Temasek, Mr Lim said he has been “privileged to work with a capable, dedicated team unified by a strong sense of purpose and commitment to excellence”.

“I am always inspired by my colleagues’ collective conviction that, like generations before us, we must always act today with tomorrow clearly in our minds,” he said.

He added that he is pleased that Mr Teo will guide Temasek into its next chapter of growth. 

“His remarkable depth of experience in public service, combined with his seasoned wisdom on both local and global affairs, makes him the right helmsman for Temasek as we navigate increasingly choppy waters while remaining true to our purpose to ensure every generation prospers,” said Mr Lim.

Speaking about his new appointment, Mr Teo thanked Mr Lim for his service to Temasek.

He said that in the current era of deepening global uncertainty, Singapore must “remain clear-minded on critical matters such as international relations, security and climate change”.

“As a key Singapore institution with a global investment footprint, Temasek understands that its long-term success requires both addressing today’s risks and opportunities and anticipating tomorrow’s trends,” said Mr Teo. 

“I look forward to working with Temasek’s board, management team and members of the wider Temasek family to build on the achievements of Temasek and chart a path for its continued success in the new global environment.”

Mr Pillay said Mr Lim has been an inspirational figure and “exemplifies what it means to be a steward leader”. 

“Benefitting from his strong moral compass and wise counsel, we have strengthened our position as a globally recognised investment company, while remaining true to our Singapore roots and values,” said the Temasek CEO. 

He added that Mr Lim’s championing of the Temasek Tripartite Conversations has been particularly meaningful, as these dialogues have built “important bridges between Temasek, (its) portfolio companies and union representatives”. 

Doing so has created “a culture of trust and collaboration that fortifies the ecosystem with greater resilience”, he added.

Mr Pillay also welcomed Mr Teo, saying that the state investor is privileged to benefit from his perspectives and extensive experiences.

“We look forward to his stewardship as we navigate the opportunities and challenges ahead.”

Temasek also announced three other retirements from its board.

Deputy chairman Cheng Wai Keung and board director Stephen Lee will be retiring on Jun 30 after nearly 14 years and 8 years of service respectively.

Director Bobby Chin will also retire on Jul 31 after serving for 11 years. 

“As respected business leaders with diverse expertise, they have guided the company’s investment and portfolio management deliberations,” Temasek said.

“Their global perspectives on industry developments, tripartism, governance and risk management have been instrumental in upholding Temasek’s reputation for sound stewardship and accountability.”

Temasek, which marked its 50th anniversary last year, was first formed as a holding company for the government’s assets, such as DBS and Singapore Airlines.

From an initial Singapore-based portfolio made up of 35 companies valued at S$354 million, Temasek has since grown into a global investor with a multibillion-dollar portfolio.