Lawrence Wong appointed Deputy Chairman of MAS board of directors, Ong Ye Kung steps down as member

Lawrence Wong previously served on the MAS Board from 2011 to 2016. The previous Deputy Chairman was former Trade & Industry Minister Lim Hng Kiang.

Jason Fan | May 28, 2021, 05:32 PM

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Minister for Finance Lawrence Wong has been appointed to the Board of Directors for the Monetary Authority of Singapore (MAS), from June 1, 2021 to May 31, 2024.

This is not Wong's first stint in MAS, as Wong had previously served on the MAS Board from June 10, 2011 to Aug. 29, 2016.

In the same announcement, Minister for Health Ong Ye Kung will step down as a member of the MAS Board, after serving as a member since Aug. 29, 2016.

Two members appointed to MAS Board

According to a press release from MAS, there are two new members appointed to the MAS Board.

The first is Wong, who has also been appointed Deputy Chairman of the MAS Board, replacing the current Deputy Chairman Lim Hng Kiang, although Lim will remain a member of the Board.

Lim, the former Trade and Industry Minister and former Member of Parliament for West Coast GRC, served on the MAS Board for 23 years, and has been its Deputy Chairman since 2006.

The second appointee is Deborah Ong, a recently retired partner of PricewaterhouseCoopers LLP Singapore.

She is also a board member and chair of the Audit and Risk Committees of SkillsFuture Singapore, Workforce Singapore, the Lee Kong Chian School of Medicine at the Nanyang Technological University, and the Council for Estate Agencies, as well as a board member of SATS Ltd.

Tharman Shanmugaratnam remains Chairman of MAS Board

Senior Minister and Coordinating Minister for Social Policies Tharman Shanmugaratnam has been reappointed as Chairman of the MAS Board for a further term of three years, from June 1, 2021 to May 31, 2024.

The following individuals have also been re-appointed as members of the MAS Board for a period of one to three years:

  1. Heng Swee Keat, Deputy Prime Minister and Coordinating Minister for Economic Policies
  2. Peter Ong, Chairman of Enterprise Singapore
  3. Tan Chorh Chuan, Chief Health Scientist, Ministry of Health and Executive Director, MOH Office for Healthcare Transformation
  4. Quek See Tiat, President of the Council for Estate Agencies and Chairman of the Singapore Accounting Standards Council
  5. Ravi Menon, Managing Director of MAS

Other members include Lucien Wong, Attorney-General and Chaly Mah, Chairman of NetLink NBN Management Pte Ltd

In addition, Quek Gim Pew, Senior R&D Consultant at the Ministry of Defence, has been re-appointed to the Risk Committee for a further term of three years, as a non-Board member.

Top image via Lawrence Wong/FB and MCI.