SG sovereign wealth fund GIC names two new board directors

GIC Board of Directors
Photo: Reuters

Singapore’s sovereign wealth fund GIC has appointed Lawrence Wong and Seck Wai Kwong to its board, effective this month, according to a statement.

Wong, who is the current Singapore Minister for National Development and the Second Minister for Finance, joined the GIC board on November 1.

Seck, the Chief Executive Officer of Asia Pacific at State Street Bank and Trust Company, will take on his new role as GIC board director from November 9.

Both Wong and Seck are not newcomers to the sovereign wealth fund.

Wong has been a member of the GIC Investment Strategies Committee since August last year. The committee oversees GIC’s performance and risk profile and makes appropriate recommendations to the board on investment policy, according to the statement.

Wong has previously served in trade and finance roles, among others, GIC CEO Lim Chow Kiat said.

Seck, on the other hand, served on the GIC Risk Committee from 2010 to 2016. He was also a GIC director from September 1985 to January 1995, according to his LinkedIn page.

He was CEO for Asia Pacific at State Street Bank & Trust Co from September 2011. Prior to that, he was senior executive vice president and chief financial officer at Singapore Exchange for eight years.

Seck was also an assistant director at the Monetary Authority of Singapore from January 1981 to November 1989.

The GIC board assumes ultimate responsibility for asset allocation and performance for the fund’s total portfolio. Its management executes investment strategies and regularly discusses overall portfolio performance with the board.

The board is chaired by Singapore Prime Minister Lee Hsien Loong and is composed of 16 directors, including Wong.

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