SINGAPORE —The Monetary Authority of Singapore (MAS) announced on Monday (3 July) that Deputy Prime Minister and Minister for Finance, Mr Lawrence Wong, will take on the role of Chairman of the MAS Board of Directors from July 8, 2023, until 31 May 2026.
This appointment comes after Mr Wong served as Deputy Chairman of MAS since June 1, 2021, and previously as a member of the MAS Board from June 2011 to August 2016.
Mr Wong’s appointment marks the end of a twelve-year tenure by Tharman Shanmugaratnam, Senior Minister and Coordinating Minister for Social Policies, who has held the position of Chairman of MAS since May 2011.
According to the MAS statement, Mr Tharman will officially step down from his role on 8 July.
Additionally, Mr Gan Kim Yong, Minister for Trade and Industry, will join the MAS Board from 8 July 2023 until May 31, 2026.
Alongside this appointment, he will also assume the position of Deputy Chairman of the MAS Board.
In a separate announcement made on Monday, the Government of Singapore Investment Corporation (GIC) revealed that Mr Wong will become the Chairman of its investment strategies committee, effective 7 July.
This follows Mr Tharman’s resignation as GIC’s deputy chairman and the committee’s chairman.
Having served as a GIC board director since November 2018 and a member of the investment strategies committee since August 2017, Mr Wong brings valuable expertise to his new role within GIC.
Mr Tharman, who has been the deputy chairman of GIC since 2019 and the chairman of the investment strategies committee since 2011, will be succeeded by an as-yet-unannounced candidate as GIC’s deputy chairman.
The investment strategies committee plays a crucial role in evaluating GIC’s management recommendations regarding asset allocation and overseeing the overall performance of its portfolio.
On 8 June, Mr Tharman officially declared his intention to run for the presidency of Singapore, and informed Prime Minister Lee Hsien Loong of his plans to retire from politics and resign from all his positions in government, including his membership in the People’s Action Party.
His resignation is expected to take effect on 7 July.
The upcoming presidential election has to be called by the end of President Halimah Yacob’s term on 13 September.