Who could fill Tony Tan's shoes at GIC?

Who could fill Tony Tan's shoes at GIC?
By Leong Wee Keat, TODAY | Posted: 23 June 2011 0640 hrs
Dr Tony Tan (TODAY)
SINGAPORE: Dr Tony Tan's possible candidacy in the coming Presidential Election could leave the door wide open for a new executive director at the Government of Singapore Investment Corporation (GIC).
Dr Tan is understood to be collecting application forms for an eligibility certificate on Thursday to contest the presidency. He will have to resign from the GIC if he is elected.
No names were readily offered as a possible replacement for Dr Tan at GIC by most of the GIC watchers whom TODAY spoke to.

However, they noted that the person should possess a long-term view managing Singapore's reserves, have experience managing sizeable financial assets and be well-versed with the financial and banking industry.
NRA Capital executive chairman Kevin Scully, who named Temasek Holdings Chairman S. Dhanabalan - a former Cabinet Minister - as a possible replacement, said: "It has to be someone of Ministerial rank, who's got a macro view, with a finance background and who will match the long-term liabilities of the Government and the expected returns (on investments)."
Mr Scully added: "For GIC and Temasek, there is a certain nationalistic view that it must be run by a Singaporean because it is not for short-term gains but for long-term returns."
Other watchers did not have any names in mind.
CIMB regional economist Song Seng Wun felt any successor could come from within the GIC. "This will give the Government the most comfort zone, given that it is such an important role for the institution," he said.
In 2005, Dr Tan was appointed to the then newly-created post of executive director when he retired from politics. Mr Lim Siong Guan, who was formerly head of the Civil Service, is currently the No 2 man at GIC.
Earlier this month, GIC announced the most wide-ranging changes to its senior leadership since 2007, which will take effect next Friday.
The changes include the stepping down of the Presidents of GIC Asset Management, GIC Special Investments and GIC Real Estate. Mr Quah Wee Ghee, Dr Teh Kok Peng and Dr Seek Ngee Huat will be appointed as chairmen of business groups focusing on the emerging markets.
The GIC board of directors is headed by Prime Minister Lee Hsien Loong. The board consist of four other Cabinet Ministers - including Deputy Prime Ministers Teo Chee Hean and Tharman Shanmugaratnam - and former Cabinet Ministers Richard Hu and Raymond Lim.
With GIC's "sizeable war chest" and "high profile", Mr David Cohen, Director of Asian Economic Forecasting at Action Economics, felt that GIC would not have difficulty in attracting interest in the role.
The possible candidate should be "someone with familiarity" with Asia given the region's growth, he added.
While interest may be high, Mr Song felt that the pool of candidates may be "limited". Pointing to Dr Tan's banking experience - he was chairman of OCBC Bank from 1992 to 1995 - Mr Song said:"It can't be just a person who has superficial knowledge of the global banking system. It (the search) is not going to be easy, but at the end of the day, it is going to be a person who has the full confidence of the Government." - TODAY
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1136687/1/.html

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