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On May 12, the Monetary Authority of Singapore (MAS) announced that Emeritus Senior Minister Goh Chok Tong will be stepping down from his position as Senior Advisor to MAS.

At the same time it announced that Ravi Menon would be re-appointed as its Managing Director as well as a member of its board for a further two year term, along with three other three members of the MAS board.

Former Chairman

Former prime minister and Emeritus Senior Minister Goh Chok Tong will be stepping down from his position as Senior Advisor from May 21.

He was appointed to this role in May 2011, where he has advised the MAS board and "lent his expertise" across a wide range of matters.

Prior to that, he served as MAS's Chairman from August 2004 until May 2011.

Managing director

Ravi Menon was also reappointed as MAS's Managing Director and a member of its board for a further two year term.

In the MAS press statement, it said "Mr Menon will serve as Managing Director until 31 May 2025 or his retirement from the Singapore Public Service, whichever is earlier."

Menon has been in the role since April 2011, taking over from current Deputy Prime Minister Heng Swee Keat.

It was speculated in April by Bloomberg that Menon would be leaving MAS before the end of 2023, but this re-appointment seems to contradict that prediction.

This re-appointment will add to his time as MAS's longest serving managing director, Bloomberg notes.

It also pointed out that Singapore's minimum retirement age was 63, and that Menon was 59.

Three more years

Two other members of MAS' board were also-reappointed for a further three years.

They were Lucien Wong, the Attorney-General; and  Chaly Mah, Chairman of Netlink NBN Management Pte Ltd, were re-appointed for a three year term from Jun. 1 2023 until May 31 2026.

Mah will also be re-appointed as Chairman of the Audit Committee for the same duration.

The Audit Committee provides and independent assessment of MAS’ internal controls and financial reporting processes.

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Top image via the Institute of Policy Studies, NUS & Kane Goh