Temasek Holdings

Singapore's Temasek names Zoellick to board as fund opens US office

PUBLISHED : Friday, 02 August, 2013, 12:00am
UPDATED : Friday, 02 August, 2013, 4:32am

Temasek appointed former World Bank president Robert Zoellick to its board of directors as Singapore's state-owned investment company looks to start its first office in the US.

Zoellick, 60, will take up the position from August 15, Temasek said in a statement on its website yesterday. Zoellick was president of the World Bank from July 2007 through to June last year and also served as the US trade representative in 2001 to 2005, during which time Singapore and America signed their free trade agreement, according to the statement. The new appointment comes as former minister Lim Boon Heng takes over from S Dhanabalan as Temasek's chairman yesterday.

The state-owned company may add more foreigners to its board, The Straits Times newspaper had cited Dhanabalan as saying. Zoellick's appointment "comes at an opportune time, as Temasek sets out to establish its first US office in the near future", Lim said in the statement.

"Bob's insights will be especially helpful as we continue to explore opportunities in USA, Europe and also in the various growth markets."

The value of Temasek's holdings increased by 8.6 per cent to a record S$215 billion (HK$1.3 trillion) in the year ended March 31, the investment company said in its annual report on July 4. Total shareholder return, which includes dividends, widened to 8.9 per cent from 1.5 per cent in the previous year.