Appointment of Chairman for Temasek Holdings

Mr Lim Boon Heng will succeed Mr S Dhanabalan as Chairman of Temasek Holdings with effect from 1 August 2013.

2. Mr Dhanabalan, 75, has been the longest serving Chairman of Temasek, having helmed the Temasek Board since 30 September 1996. He will retire with effect from 1 August 2013. Prior to joining the Temasek Board, Mr Dhanabalan contributed significantly to the transformation of Singapore through decades of public service, and later on in his political career which included appointments as Minister in various Ministries such as Foreign Affairs, Culture, Community Development, National Development and Trade and Industry.

3. During his 17-year tenure on the Temasek Board, Mr Dhanabalan oversaw a period of active regional and international growth of major Singapore companies in the Temasek portfolio. He also shaped the transformation of Temasek, guiding its growth from a S$70 billion portfolio in March 1997, to S$215 billion as at 31 March 2013. Mr Dhanabalan has accepted the Temasek Board’s request to continue after his retirement in an honorary advisory role with Temasek Holdings.

4. Mr Lim, 65, joined the Temasek Board, as Director, on 1 June 2012, after a career spanning both the private and public sectors. Mr Lim was Secretary-General of the National Trades Union Congress (“NTUC”) from 1993 to 2006, and held several Cabinet positions in the Singapore Government from 1993 to 2011, including as Second Minister for Trade and Industry, and as Cabinet Minister in the Prime Minister’s Office, representing the interest of unions.

5. The Ministry of Finance would like to place on record its deep appreciation to Mr Dhanabalan for his many years of contributions as Chairman of Temasek, and welcomes Mr Lim Boon Heng as Temasek’s fourth Chairman.

6. Deputy Prime Minister and Minister for Finance, Mr Tharman Shanmugaratnam said “Under Mr Dhanabalan’s leadership over the past two decades, Temasek has seen significant transformation. It has developed in its role as an active, value-oriented investor, and has delivered good, long term returns. Having known and worked with Mr Dhanabalan for more than 20 years, I know his intellect, humility and deep sense of integrity will leave a permanent legacy at Temasek.”

7. “I would also like to welcome Mr Lim Boon Heng as the incoming Chairman. I am confident that Mr Lim, who has had a strong track record of leadership in varied roles, will capably succeed Mr Dhanabalan in leading Temasek as it charts the course for its next phase of development in an evolving and challenging global environment.”

Issued by Ministry of Finance Singapore
22 July 2013